Saturday , February 24 2018
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5 arrested for smuggling, promoting drugs in UAE Amira Agarib


DUBAI: Five Asians were arrested by the anti-narcotic department of the Dubai Police for smuggling and promoting drugs among residents. Major-General Khalil Ibrahim Al Mansouri, assistant commander-in-chief of the Dubai Police for criminal investigation affairs, explained that the five defendants were arrested after the police received information about the drugs. A team was formed in coordination with the Sharjah Police ... Read More »

Dubai Customs foils 1,628 smuggling bids in 2017


DUBAI:Dubai Customs made 1,628 seizures during 2017 compared to 1,347 seizures in 2016, which means a 21% increase over 2016.The Department of Passenger Operations at the airport had the lion’s share with 859 seizures, followed by Land Customs Centers Management with 699 seizures, Air Customs Centers Management with 58 seizures, Jebel Ali Customs Centers with 9 seizures, and Coastal Customs ... Read More »

UAE firms prepare to file the first VAT return


ABU DHABI: During the first 100 days of VAT in the UAE, organisations have to navigate various complexities in order to ensure they have a compliant reporting process embedded in the business, said experts at a recent event in Abu Dhabi. Business leaders from the UAE gathered together at event organised by the Association of Chartered Certified Accountants (ACCA) in ... Read More »

VAT not eating into UAE residents eating out pot


ABU DHABI: UAE residents have not cut down spending on food and beverages following the implementation of five per cent VAT from January 1 as sales remain robust, retailers and distributors said. Speaking on the first day of Gulfood at Dubai, senior retail industry executives said that most – if not all – of retailers absorbed VAT in order to ... Read More »

India, UAE ditch US Dollar; sign pact to trade in INR & Dirham directly


DUBAI: In a historic decision, India and UAE have decided to stop using US Dollars for all trade-related activities and directly trade in INR and Dirham, which is the official currency of UAE. Businesses involved in export and import of goods and services between these two countries are expected to benefit hugely due to this agreement. Traditionally, export and import ... Read More »

GCC’s food, beverage sector to reach $196b by 2021


DUBAI: The food and beverage sector in the GCC states is expected to continue to grow at a healthy 7.1 per cent annually, reaching $196 billion by 2021, from the current $130 billion, according to Mena Research Partners, a leading research company in the region. Saudi Arabia alone accounts for more than half of the market share, followed by the ... Read More »

UAE border police catch 22 people hiding inside concrete mixer


DUBAI: Border authorities have captured 22 people who tried to enter the United Arab Emirates hiding inside a concrete mixer loaded on a truck, the country’s WAM news agency reported. The agency said that the Federal Customs Authority in the Emirate of Sharjah were able to stop the people smugglers at the customs center of the border shipping. Capturing the ... Read More »

22 illegal immigrants caught trying to enter UAE in cement mixer, police say


DUBAI: A cement mixer driver was caught trying to smuggle 22 illegal immigrants into the country at the Khatam customs centre, police said on Tuesday. Last week, the federal customs authority and Sharjah Police discovered the stowaways, who included a girl of African origin and 21 Asians, hiding in the cement mixer of the vehicle. Customs were tipped off about ... Read More »

No VAT, excise tax increase over next five years in UAE


DUBAI: The UAE has ruled out increasing value-added tax (VAT) and excise tax over the next five years, said Obaid Al Tayer, UAE’s Minister of State for Financial Affairs. The UAE, along with Saudi Arabia, implemented five per cent VAT and increased excise tax by 50 per cent on energy and carbonated drinks and doubled on tobacco products. Speaking on ... Read More »

UAE’s tax authority launches four-step guide to filing VAT returns


DUBAI: The Federal Tax Authority (FTA) in the United Arab Emirates has produced a guide advising companies on the process for filing tax returns online, following last month’s introduction of value-added tax (VAT). The authority said its campaign will feature on digital, social and other media channels and is aimed at introducing its new online tax returns system, which went ... Read More »

UAE gold jewellery demand falls to historic low


ABU DHABI: Demand in the UAE received a small boost in December as consumers rushed to make their purchases before a five per cent Value-Added-Tax (VAT) was imposed in January. But the 16 per cent year-on-year gain in Q4 demand failed to rescue the market from a fourth consecutive annual decline: 2017 demand was down two per cent to a ... Read More »

VAT clouds UAE’s commercial real estate market in 2018


DUBAI: The introduction of VAT in the UAE may impact parts of the real estate market in 2018, in particular the retail and office segments as softer conditions force landlords to absorb extra costs, said property consultancy JLL. “It can’t be a positive [market influencer] so if anything it’s going to be a negative, but not a big negative,” Craig ... Read More »

UAE gold jewellery demand falls to 20-year low


DUBAI: Gold jewellery demand in the UAE fell for the fourth consecutive year in 2017, falling two per cent to a 20-year low, according to World Gold Council data. “Demand in the UAE received a small boost in December as consumers rushed to make their purchases before a five per cent Value-Added-Tax (VAT) was imposed in January. But the 16 per ... Read More »

UAE private sector strong in January despite new tax


ABU DABHI: Growth of the United Arab Emirates’ non-oil private sector was strong in January despite the introduction of a 5 per cent value-added tax during that month, which raised costs and may have hit consumption, a survey showed on Monday. The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index, which covers manufacturing and services, fell to 56.8 last month ... Read More »

Levarht plans vertical salad farm for UAE


ABU DABI: Levarht has revealed plans to establish sustainable production of lettuce, babyleaf salad and herbs in Al Ain, in the United Arab Emirates, by harnessing new technology and suitable varieties. Together with its business partner GrowGroup, the company said it wanted to mix vertical and traditional ‘horizontal’ methods of farming to produce crops in a modern, efficient and pesticide-free ... Read More »

UAE’s non-oil trade reaches Dh1.17tr


DUBAI: The value of the UAE’s non-oil foreign trade in the first nine months of 2017 reached Dh1.17 trillion, staying almost flat from the Dh1.16 trillion registered in the same period in 2016. According to data from the UAE’s Federal Customs Authority (FCA), imports to the UAE amounted to Dh708.2 billion in the first nine months of the year, with ... Read More »

Sharjah Police arrest Asian smuggling gold


SHARJAH: Sharjah Police have arrested an Asian who attempted to smuggle gold pieces worth Dhs100,000 through Sharjah International Airport. The police suspected the existence of a big can of food supplement formula, which the traveller had concealed in-between his clothes.  The police decided to open the can to see what was inside it.  The officers were shocked to find pieces ... Read More »

UAE construction expert warns of VAT cashflow issues


DUBAI: Proactive measures should be taken to help protect suppliers from cashflow issues as a result of the introduction of VAT (value-added tax) this year, warned a leading UAE-based construction industry expert. “The construction sector is particularly prone to cashflow challenges due to the extended value chain and cash intensive nature of the industry. With cashflow already a major issue, ... Read More »

UAE’s FTA says logistics sector adapting well to VAT


DUBAI: Federal Tax Authority (FTA) officials in the UAE have said that the country’s shipping, customs clearance and logistics sectors have showed a high level of responsiveness and cooperation in the implementation of value-added tax (VAT). The comments came during a VAT awareness workshop attended by nearly 670 stakeholders from the wider land and maritime logistics sectors in the UAE, ... Read More »

VAT, customs tax on high-cost items from abroad deter UAE’s online shoppers


DUBAI: Ordering products online from abroad is no longer the go-to option for shoppers seeking cheaper alternatives to often marked-up prices found in the UAE. This week the Federal Tax Authority said all purchases made through online shopping portals are subject to the same 5 per cent VAT as other purchases nationwide. The confirmation laid to rest any doubts that international ... Read More »