The Gupta family sought advice on how to move tens of billions of rands to the United Arab Emirates, revealing the enormous size of their empire, according to a report by the Sunday Times. The treaty which came into effect in March this year, stops the South African Revenue Service...
The UAE Ministry of Finance (MoF) signed a final agreement for the avoidance of double taxation with the Republic of Cameroon at the Ministry’s premises in Dubai today. The agreement comes in line with the ministry’s strategy to strengthen bilateral trade and economic relations between the two countries, in order...
Brazil, Greece, Argentina, China among the top 10 most complex Cayman Islands, Hong Kong, BVI, UAE the easiest places in the world for Accounting and Tax LONDON–(BUSINESS WIRE)–Turkey is the most complex place in the world for Accounting and Tax compliance, followed by Brazil, Italy, Greece and Vietnam – according...
Denton warns people of the long-term implications of stripping down their pension A new double tax treaty (DTA) between the UK and the UAE, which becomes effective April 6, will allow UAE residents to access their UK pension free of UK income tax, according to an expert. David Denton, Head...
Value added tax is likely to be an irrecoverable cost, negatively affecting margins for the banking sector Dubai: The UAE and GCC banks that are facing increased regulatory burden from Basel III capital requirements and International Reporting Standards 9 (IFRS 9) are expected to face further pressure in terms of...
Dubai,, till now considered a tax haven , has decided to share information of the bank accounts in the UAE with the Indian government starting next year. This has sent jitters among several Indians, who are rushing to hide their undeclared wealth stashed abroad. From January 2018, the UAE will...
ABU DHABI, 16th February, 2017 (WAM)–The Ministry of Finance, MoF, has signed two final agreements on the avoidance of double taxation and the protection and promotion of investment with Burundi. The agreements came as part of the Ministry’s strategy to expand its international relations and to protect and promote Emirati...
The signing of a double taxation agreement between the UK and the UAE in April 2016 was undoubtedly much anticipated and marks a new milestone in the successful expansion of the UAE’s international tax treaty network. Following ratification of the agreement by the two countries reacting parties, it came into...
According to unofficial estimates, more than $2 billion has flowed into Dubai real estate from Pakistanis every year for the past three years. Last week, account holders in a major UAE bank began receiving letters alerting them that soon they would be required to furnish information “with a view to...
Expats in the UAE has been advised that banks and other financial institutions will be contacting some of their customers to collect information about their tax status in early 2017, reports local newspaper Gulf News. CRS requires countries to exchange information about individual and expat bank accounts, as well as...
MUSCAT -The Double Taxation Agreement (DTA) between Switzerland and Oman aiming to increase economic ties officially came into force last month, according to the Swiss government. Its provisions will be applicable from January 1, 2017, according to the government. The agreement was originally signed on May 22, 2015 before going...
The UAE’s Ministry of Finance and the Central Bank of the UAE are working with banks and other financial services companies in the country to prepare for the Common Reporting Standard (CRS), which will come into effect starting 2018. The CRS is a system developed by the Organisation for Economic...
94 countries have committed to implement the joint disclosure system by 2017 and 2018 Abu Dhabi: The Ministry of Finance (MoF) has announced that the UAE will begin implementing the standards of joint disclosures and the exchange of information for tax purposes set out by the G20 and Organisation for...
UAE, represented by the Ministry of Finance (MoF) signed an agreement with the Republic of Ecuador on the avoidance of double taxation on income, in the Ministry’s premises in Dubai. The agreement was signed by Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs; and Fausto Herrera, Minister...
The UAE has signed an agreement on the avoidance of double taxation with Argentina with the aim of boosting expanding joint economic partnerships. The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and visiting Argentina’s Vice President Gabriela Michetti, in the presence of Fernando...
Historically, the Middle East and North Africa (MENA) region has been perceived as a region where taxation and transfer pricing initiatives are not high up on government agendas. Although this has been the case for a significant period of time, recent changes in the region such as decreases in global...
Creating of a Federal Tax Authority is the logical next step in seeing it through Within the span of month the UAE took two bold steps with the aim to develop a proper legislative and legal structure for the post-oil period. The first was to launch the Bankruptcy Law and...
The Armenian Parliament has ratified today two agreements to avoid double taxation and prevent tax evasion with respect to taxes on property and income with Serbia and Slovakia. According to Deputy Minister of Finance Armen Hayrapetyan, the document on the mutual avoidance of double taxation on property and income with...
The European Commission has put nine Middle Eastern and North African countries on notice that they are at risk of measures being taken against them to deter tax avoidance. The nine countries (see table below) are Bahrain, Israel, Jordan, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, and the United Arab Emirates...
Top officials from India and Mauritius will meet in Port Louis this week to discuss revival of free trade agreement (FTA) negotiations that were suspended three years ago by New Delhi. The talks were suspended to build pressure on Mauritius to expedite the double taxation avoidance agreement. Deliberations on two-way...
The international tax landscape has been changing rapidly and the Organisation for Economic Co-operation and Development (OECD) has agreed on a base erosion and profit shifting (Beps) action plan that could affect businesses operating in the UAE. The plan addresses the issue of artificial shifting of profits and its proposals...
The UAE Ministry of Finance has signed an agreement with Abu Dhabi Global Market (ADGM) on the automatic exchange of information for tax purposes in its premises. This step follows the ministry’s commitment to exchange tax information according to international requirements and sign agreements on the avoidance of double taxation....
In its fight against black money stashed abroad, India has signed a protocol with European Union member nation Slovenia to make changes to the Double Taxation Avoidance Convention between the two countries, an official statement said in New Delhi on Thursday. The protocol, for avoidance of double taxation and preventing...
It’s not just the Indian banks that business tycoon Vijay Mallya has taken for a ride. The chairman of United Breweries (UB) group and promoter of now defunct Kingfisher Airlines also concealed in his election affidavit, filed before the Rajya Sabha, his business interests in offshore tax havens elsewhere. dna...
The federal government of Nigeria and Qatar have signed an agreement for the avoidance of double taxation on income and capital gains for investments between the two countries. In addition to the elimination of double taxation on business income, similar treaties between Nigeria and other countries provide for a lower...
Deputy head of the US Financial Advisory and Audit Firm (USFAAF) Jim O’Neill said US citizens and green card holders in Egypt and Arab countries are obligated to comply with the US Foreign Account Tax Compliance Act, commonly known as FACTA, to avoid paying fines or imprisonment. According to O’Neill,...
RIYADH — Madawy Bint Saud Bin Musaed Bin Abdulaziz Al Saud has praised the efforts of the US Financial Advisory & Audit Firm (USFAAF) for solving the growing problems of the Saudi nationals holding the American passports regarding the tax payment and the importance of submitting the tax return on...
The oil price slide is driving tax reforms across the region as Arabian Gulf economies seek to shore up a potential US$700 billion deficit. All six Arabian Gulf states are planning to introduce Value Added Tax (VAT) collectively. Various other tax reforms are also underway. The IMF warned in October...
Abu Dhabi Commercial Bank (ADCB), today announced the launch of “ADCB Private” , a new private banking proposition providing globally sophisticated banking and wealth management solutions for high-net-worth customers, delivered from the UAE. Wealthy clients in the region and the UAE have historically had to seek international banking and investment services...
If Swiss banking secrecy laws gave Switzerland the world banking capital status, Monaco’s residence policy gives its realtors a thriving business. What is common between the Canadian Raonic who lost in the Australian Open semifinals and the Serbian Djokovic who won it? Well, they are both residents of Monaco, and...
ABU DHABI // Pakistani expatriates have been reassured that new taxation laws will not apply to them. Anti-corruption campaign group Transparency International (TI) said Pakistanis residing in the UAE need not worry about double taxation laws. Syed Gilani, former chairman of TI, said that Pakistani laws state that anyone working...
The UAE is one of the few places in the world where expats can live, earn and keep those well-earned dirhams, as income tax is still not in sight. This benefit has earned the country many rankings as one of the best immigration destinations in the world. Apart from good...
As part of the ongoing visit by President Muhammadu Buhari to the United Arab Emirates (UAE), both countries today signed six agreements on Trade, Finance and Judicial Matters; Avoidance of Double Taxation; Trade Promotion and Protection; Judicial Agreements on Extradition, Transfer of Sentenced Persons; Mutual Legal Assistance on Criminal Matters;...
LAHORE: Nearly 40% of Pakistan’s companies that provided IT services have moved their business to the United Arab Emirates, largely due to the 8% additional tax on revenues levied by the government in 2015-16, said Sajjad Syed, chief executive officer of Excellence Delivered (ExD) Private Limited . ExD outsources non-core...
JEDDAH: Saudi Arabia has maintained third in the global ranking for ease of tax payment, according to the latest release of the Paying Taxes report by the World Bank and PwC. With the least demanding tax framework, well below the world average, the Kingdom has a total tax rate of...
SAS and DataGear implement tailor-made FATCA solution within Al Baraka Bank Dubai, UAE – Al Baraka Bank Egypt , a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG) , partnered with SAS®, the leader in analytics, and Data Gear, a Business Intelligence (BI) software & services provider, to...
This is apropos a Business Recorder news item ‘Investment in Dubai real estate: NAB asks FBR to verify claims of Transparency International-Pakistan ‘. According to the report, the National Accountability Bureau (NAB) has asked the Federal Board of Revenue (FBR) to verify claims of Transparency International-Pakistan on a huge investment...
Effective Jan. 1, 2016, the IRS will compile a list of Americans in violation of new rule It is possible that the United States expats could have their passports revoked next month if they fail to comply with their tax and financial obligations under the Foreign Account Tax Compliance Act...
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday received Robert Fico, Prime Minister of Slovakia, and members of the accompanying delegation at Zabeel Palace. During the meeting, Sheikh Mohammed accepted an invitation from the Slovak prime minister...
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, received a delegation from Ethiopia at the Ministry of Finance headquarters in Abu Dhabi. The meeting was held to discuss investment opportunities and economic cooperation between UAE and Ethiopia. The agreement on the avoidance of double taxation on income signed...
CF Industries (CF – Analyst Report) and Netherlands-based fertilizers and industrial chemicals producer – OCI N.V. – said that they have amended their merger agreement originally announced in Aug 2015. Under the modified agreement, the jurisdiction of incorporation and tax residency of the new combined company has been changed to...
American expats could have their passports revoked next month if they fail to comply with their tax and financial obligations. American expats could have their passports revoked next month if they fail to comply with their tax and financial obligations under the Foreign Account Tax Compliance Act, or Fatca, a...
NEW DELHI: India is close to signing collaborative jurisdictional agreements with three countries – Singapore, the United Arab Emirates and Hong Kong – for dealing with challenges related to the siphoning of black money, said the Central Board of Direct Taxation (CBDT). A spokesperson of the CBDT told ANI in...
It is possible that the United States expats could have their passports revoked next month if they fail to comply with their tax and financial obligations under the Foreign Account Tax Compliance Act (FATCA). This was revealed by Mr. Jim O’Niell, Vice President of US Financial Advisory & Audit Firm...
American citizens risk losing passports if they do not report foreign income, bank accounts Dubai Americans must comply with tax law changes coming into effect in the new year and report income earned abroad and foreign-held bank accounts over $10,000 (Dh36,700) or else they risk losing their passports, a US...
When purchasing a real property overseas, there are situations when it may prove advantageous or even necessary to do so through an offshore corporation, rather than owning the property individually. It is crucial to understand that this can also have significant US tax consequences for US persons. Fortunately, “checking the...
(MENAFN – Khaleej Times) Sultan bin Saeed Al Mansouri Minister of Economy discussed ways to boost economic and trade cooperation with Saleh Attya Ambassador of Algeria to the UAE. Held in the Ministry of Economy’s offices in Abu Dhabi the meeting was attended by Jamal Al Jarwan secretary-general UAE Companies...
There are a variety of benefits to moving offshore, yet few would argue the assertion that tax neutrality is paramount among them. As anyone familiar with the phrase “tax haven” would surely recognize, many countries offer strongly favorable tax terms as an incentive to draw new business. Written by CT...
KUWAIT CITY, Nov 29: “The world of taxation has changed tremendously impacted by FATCA, transfer pricing, Base Erosion and Profit Sharing, and others which require dramatic changes in existing operating models and structures,” remarked Fouad Douglas, PwC Country Senior partner, at a tax seminar organised by the PwC in conjunction...
The Governments of the United Arab Emirates and Republic of South Africa have signed an agreement for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and capital gains, and its annexed protocol. Inked by Hamad Hareb Al Habsi, UAE Ambassador to South...
