Analysis Tax Oman delays introduction of personal income tax Oman’s plan to introduce personal income tax for high earners has been put on hold following a meeting on Wednesday of the sultanate’s State Council. Under the initial draft bill, first introduced in 2022, foreign nationals in Oman who earn over $100,000 would be taxed between 5 to 9 percent from 2026. Omani citizens would […] December 13, 2024
Analysis Tax Doubt surrounds e&’s earnings as UAE tax rise looms There is uncertainty over whether e&, the UAE’s former telecom monopoly, will pay more of its profit in taxes after the federal government announced it would raise corporate tax for multinational companies operating in the country from 2025. Emirates Telecommunications Group, which rebranded as e& but is better known under its previous name Etisalat, is […] December 12, 2024
Tax UAE to introduce 15% tax on large multinationals The UAE is to increase corporate tax on large multinational enterprises (MNEs) to 15 percent from January 1 2025, the Ministry of Finance has announced. MNEs currently pay 9 percent of their profits in the Emirates. The domestic minimum top-up tax (DMTT) will apply to multinational enterprises with consolidated global revenues of €750 million ($793 […] December 9, 2024
Food & Drink Dubai to reintroduce 30% alcohol tax Dubai will reintroduce the 30 percent sales tax on alcohol in January, according to an email sent by a local alcohol distributor to venues in the city. The correspondence sent by MMI, which also operates off licences in the city, said: “Please note, Dubai Government have informed us the 30 percent municipality tax on alcoholic […] December 5, 2024
Analysis Tax Buoyant property market puts billions in Dubai’s coffers Dubai authorities have recorded a five-fold surge in the sums they earn from fees related to real estate transactions over the past five years to almost $4 billion, as the emirate’s property market grows stronger and prices rise sharply, AGBI has calculated. The transfer fee, payable to the Dubai Land Department (DLD) upon a sale, […] November 8, 2024
Opinion Tax Labour’s painful budget could fuel wealth exodus to Gulf The UAE could attract more UHNWIs seeking to shield their wealth from UK taxes November 7, 2024
Analysis Tax Turkey targets butchers, bakers and tax law breakers Ankara has opened a new front in its war on tax avoidance, as the Turkish finance minister flags a crackdown on small and medium-scale businesses to help balance the budget and increase transparency. Just weeks after announcing a major offensive against tax avoiders in the corporate world, with hundreds of state auditors to be deployed […] October 30, 2024
Construction Aldar Properties reports ‘strong pickup’ for London projects Aldar Properties remains bullish about London’s property market despite high interest rates and fears that tax rises will be announced in the UK budget on Wednesday. The government-owned Abu Dhabi company bought British developer London Square in a deal worth AED1.07 billion ($291 million) last year – its first acquisition outside the Middle East and […] October 29, 2024
Video length: 02:32 Analysis Tax UK faces tech talent drain to UAE as budget tax rises loom A talent drain of thousands of tech entrepreneurs from the UK to the UAE could be on the way due to tax rises the new Labour government is expected to introduce on Wednesday in its first budget. More than four in five company founders and investors say they will consider relocating, according to a survey […] October 29, 2024
Finance High interest rates cause slump in Turkish VC startup funding Turkey has recorded a sharp drop off in venture capital activity so far in 2024, and a leading analyst says investors are exercising patience and being selective in the startups they buy into. There has been a general slowing of funding for new projects and deals being done in emerging markets in the region, Dubai-based […] October 17, 2024
Trade Tech startups drive rise in Ireland’s exports to UAE Exports from Ireland to the UAE rose by 21 percent last year, driven by Irish technology and healthcare companies. The trade agency Enterprise Ireland says exports to the GCC increased 13 percent last year, reaching €532.5 million ($580 million). Qatar had the region’s fastest growth in exports from Ireland last year, with a rise of […] October 16, 2024
Economy Turkey ramps up taxes to spend on defence tech Turkey’s government has proposed a raft of taxes on everything from credit cards to watches in order to fund increased spending on defence research and development. The ruling Justice and Development Party tabled draft legislation for the levies with parliament’s finance committee on October 11. In recent years Turkey has made a priority of developing its […] October 15, 2024
Economy Turkey using AI in crackdown on corporate tax evaders Turkey is to unleash hundreds of auditors and artificial intelligence technology on the country’s leading companies to identify those that are avoiding paying tax on earnings or that are downplaying their revenue to escape higher payouts. Up to 500 inspectors will be deployed in the first stage of a long term programme to stamp out […] October 15, 2024
Logistics Saudi special logistics zone signs deals to stimulate growth Saudi Arabia’s Special Integrated Logistics Zone Company (SILZ) has signed three memoranda of understanding (MoUs) to develop ‘Riyadh Integrated’, the country’s first special logistics zone. The company hopes the MoUs, signed during the inaugural Global Logistics Forum in Riyadh, will stimulate industrial growth, economic diversification and job creation. The first agreement was signed with […] October 15, 2024
Manufacturing Turkey hits major Asian steel exporters with tariffs Turkey’s decision to introduce tariffs on cheap foreign imports of steel has been welcomed by domestic industry experts. Ankara last week moved to protect its domestic steel industry against cheap imports from Asia by imposing taxes on hot rolled steel (HRS) produced in China, India, Japan and the Russian Federation. The tariffs range from 6 […] October 14, 2024
Economy Kuwait needs to push reforms for economic growth, says IMF Kuwait must accelerate the introduction of fiscal and structural reforms that are needed to increase private sector-led growth and diversify its economy away from hydrocarbons, the International Monetary Fund said on Friday. Kuwait’s economy will contract by 3.2 percent this year because of an Opec+ oil production cut, but will grow by 2.8 percent in 2025 […] October 11, 2024
Banking & Finance Crypto giant OKX bullish on UAE launch Cryptocurrency exchange company OKX has launched operations for retail and institutional investors in the UAE. UAE residents will be able to deposit and withdraw AED from all Emirates bank accounts and trade more than 280 cryptocurrencies and 480 trading pairs. The Seychelles-based crypto trading platform has more than 50 million customers in 200 international markets according […] October 10, 2024
Finance ‘Serious money laundering shortcomings in Kuwait’, says watchdog Kuwait faces “serious shortcomings” in delivering effective measures to combat money laundering and terrorist financing, the world anti-money laundering watchdog has warned. The Paris-based Financial Action Taskforce (FATF) is a global body dedicated to setting standards to prevent money laundering and terrorist financing. On Tuesday it said: “Kuwait has an adequate legal and supervisory framework […] October 10, 2024
Banking & Finance UAE VAT exemptions to boost funds, crypto and FDI New exemptions by the UAE on value added tax for investment funds and digital or crypto-related services will strengthen the Gulf state’s position as a financial hub and help attract more foreign business, experts have said. The Federal Tax Authority’s amendments announced this week exempt the management of investment funds from 5 percent VAT from […] October 9, 2024
Banking & Finance ADIA’s new office in India to fast-track investments Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, is accelerating its India investment plans after starting operations from the special economic zone in Prime Minister Narendra Modi’s Gujarat home state. “India is one of the world’s fastest growing economies and has been a key focus for our investment activities for a number […] October 8, 2024
Analysis Banking & Finance Omani banking sector ripe for further mergers Oman’s banking sector has more than doubled in size since 2013 but may lack the scale to meet state financing needs. Lenders are already stretched in terms of their loan-to-deposit ratios, and further sector consolidation is probably needed along with borrowing on international bond markets. Bank Muscat is Oman’s largest with assets of OMR13.7 billion […] October 7, 2024
Analysis Banking & Finance Omani banks look to state spending to boost credit growth Lower interest rates should increase borrowing demand in Oman although the sultanate’s banks are waiting for a meaningful expansion in government infrastructure spending for credit growth to accelerate. Bank Muscat is Oman’s largest bank, reporting a 2023 net annual profit that was greater than those of the next four commercial banks combined, S&P Global data […] October 4, 2024
