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Wednesday , December 13 2017
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UAE

New taxes on the cards in UAE, no delay in VAT

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DUBAI: Following the announcement of the introduction of value-added tax (VAT) from January 2018 and imposition of excise taxes from October 2017, the UAE’s Ministry of Finance is considering new taxes to be imposed in the future in order to increase its revenue. However, it ruled out any tax on individual income. A statement distributed by the Ministry of Finance on Monday ... Read More »

EGA signs port facility agreement with Abu Dhabi Ports

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ABU DHABI: Emirates Global Aluminium, the largest industrial company outside oil and gas, has signed a long-term port facility agreement with Abu Dhabi Ports to use some of the world’s largest bulk cargo vessels to import raw materials through Khalifa Port. With this agreement, Abu Dhabi Ports will be able to develop the port to become the first in the ... Read More »

UAE Government taken aback for appearing in EU tax blacklist

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DUBAI: The UAE government Thursday expressed surprise at its presence on the European Union’s black list of countries considered tax-havens, although it aligns with the block’s transparency standards. EU countries Tuesday published a list of 17 countries, including the United Arab Emirates (UAE), Bahrain and Tunisia, which promote tax avoidance. Countries on the black list could face tough EU’s restrictions ... Read More »

UAE looks to increase US LNG imports

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DUBAI: Energy heads from the UAE and United States discussed further collaboration, including the possibility of liquefied natural gas imports from the North American country. The UAE energy minister and 2018 Opec president, Suhail Al Mazrouei, met with Rick Perry, the US energy secretary, on Tuesday to “move forward joint cooperative efforts”. “The two ministers noted that the growing US ... Read More »

EU puts UAE, Bahrain and Tunisia on tax haven blacklist

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DUBAI: The European Union (EU) has released a blacklist of 17 countries, including the United Arab Emirates(UAE), Bahrain and Tunisia, which it says are tax havens. The bloc said on Tuesday that the countries on the list, made public after months of screening of tax policies, were not doing enough to deal with offshore avoidance schemes. They will face restrictions in receiving EU funding ... Read More »

UAE upbeat on trade prospects with Lanka

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DUBAI: The two countries have to consolidate the already strong bilateral relations. A number of joint venture trade projects are being implemented between both countries,” announced Ambassador of the United Arab Emirates to Sri Lanka Abdulhamid Abdulfattah Kazim Al- Mulla on December 1 addressing the 76th National Day Celebrations of UAE in Colombo on 1 December at Shangri-La Hotel. “There ... Read More »

UAE’s travel, tourism sector proves mettle amid tough times

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DUBAI: Despite the challenging conditions that affected markets across the globe, the UAE’s travel and tourism sector remained resilient in 2017, buoyed by an increase in Chinese and Indian visitors. “The UAE continues to be one of the fastest-growing tourism regions in the world,” Khaled Sharabassy, general manager of Tilal Liwa Hotel, told Khaleej Times. “Despite the ever-increasing and unpredictable economic ... Read More »

Exports between UAE, Saudi Arabia will be subject to VAT at 5% rate

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DUBAI: Exporters based in Saudi Arabia and the United Arab Emirates will be required to pay value-added tax (VAT) on goods transported between the two Gulf neighbours from next year, with the tax collected in the country where the products are exported to, according to taxation experts and business executives. All six Gulf Cooperation Council (GCC) countries, including Saudi Arabia, the UAE, Kuwait, Oman, ... Read More »

Fuel prices increase in UAE for December 2017

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DUBAI:The Ministry of Energy has announced on Tuesday, November 28, new petrol prices for December in the UAE. The per litre prices are Super 98 at Dh2.15 (up from Dh2.03); Special 95 at Dh2.04 (from Dh1.92 in November) ; E Plus-91 at Dh1.97 (up from Dh1.85 last month). And diesel price has been fixed at Dh2.20 per litre, an increase ... Read More »

Taxi drivers who tried to smuggle heroin between UAE and Qatar are jailed

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DUBAI: Three men have been sentenced to 10 years in jail each for attempting to smuggle heroin from the UAE into Qatar. Dubai Criminal Court said the men were caught with 2.2 kilograms of the drug. They had been paid about 400,000 rupees (Dh22,754) by a dealer in Pakistan. The Pakistani men, aged between 35 and 47, were arrested on ... Read More »

UAE Clarifies VAT rules for real estate

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DUBAI: The Federal Tax Authority (FTA) of the United Arab Emirates (UAE) on November 18 released regulations clarifying the value-added tax treatment of residential and commercial real estate purchases and sales. VAT is being introduced in the UAE from January 1, 2018. The FTA explained that the supply of commercial real estate (sale or lease) will be subject to the ... Read More »

New taxes need not affect UAE’s ease of doing business: expert

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DUBAI: The United Arab Emirates’ position in the annual Paying Taxes rankings compiled by the World Bank and PwCwill not be impacted by the introduction of new forms of taxation if they are implemented smoothly, according to an expert . Speaking at the launch of the 2018 World Bank Group / PwC Paying Taxes report, which took place in Dubai on Tuesday, ... Read More »

DDF eyes tobacco gains following UAE excise tax intro

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  DUABAI: Dubai Duty Free (DDF) is emphasising the value proposition of its tobacco business after the UAE’s excise tax on tobacco, energy drinks and soft drinks began on 1 October. As reported, the President of the UAE issued Federal Decree-Law No. 7 earlier this year that placed a tax on goods consumed inside the country, including all the country’s ... Read More »

UAE MoF organises workshop for avoidance of double taxation agreements

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  DUBAI: The workshop was held in the presence of Yousuf Mohammed bin Hajar, Deputy Director of International Financial Relations Department at MoF, and more than 60 representatives from the MENA region, and related local and federal entities. Yousuf Mohammed bin Hajar welcomed the attendees and highlighted the importance of their participation in the training workshop on international avoidance of ... Read More »

Emirates SkyCargo signs MoU with Dubai CommerCity

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  DUBAI: Emirates SkyCargo, the freight division of Emirates, has signed an MoU with Dubai CommerCity- the first free zone dedicated to e-commerce in the Middle East and North Africa region located in Dubai. The MoU was signed in the presence of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive Officer, Emirates airline and Group, by ... Read More »

UAE, Sri Lanka sign deal for customs cooperation

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  DUBAI: The UAE and Sri Lanka have signed an agreement to accelerate customs cooperation and mutual assistance in addition to a memorandum of understanding (MoU) to establish a joint consular committee. The agreement and MoU were signed by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Sri Lankan Foreign Minister Tilak Janaka Marapana, ... Read More »

UAE transfers $707m in customs fees to GCC countries over two years: FCA

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  DUBAI: The total value of customs fees transferred by the UAE to other GCC countries on goods entering through the UAE’s customs ports has reached AED2.6 billion. This amount was transferred during the first two years, through a direct automatic transfer system for customs fees between GCC countries, from end of October 2015 to the end of October 2017. ... Read More »

UAE: Union Properties posts Dh116m revenue in Q3

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  DUBAI: Real estate developer Union Properties reported on Tuesday revenues of Dh116 million fort he third quarter of 2017, compared with Dh253 million for the same 2016 period. While the third quarter saw Union Properties diversify its operations with two new subsidiaries, its operating expenses in the same period fell to Dh161million, compared with Dh221 million in the same ... Read More »

Colombia, UAE sign agreement on double taxation, investments

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  DUBAI: Colombia and the United Arab Emirates signed on Sunday two agreements on double taxation and investment promotion in the framework of the visit of the Colombian President Juan Manuel Santos to the Arab country. The reciprocal investment protection and promotion agreement aim at providing a stable legal environment for the investment of UAE companies in the South American ... Read More »

Abu Dhabi hosts key workshop on VAT regulations

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  ABU DHABI: The Department of Finance (DoF) – Abu Dhabi recently held a workshop to discuss the latest developments on financial systems and regulations related to government procurement frameworks, and introduce different government entities to the updates on VAT and tax regulations. More than 500 representatives from 70 government entities in the emirate attended the event. Riyad Abdulrahman Al ... Read More »