Category: Dubai

VAT and CRS to add to costs and regulatory burden of banks

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...

Offshore tax evasion: compliance and penalties – part 1

Sometimes it can be hard to keep up with the avalanche of government announcements on tax avoidance and evasion. In the first of a two part series, Jason Collins, a member of the CIOT’s management of taxes sub-committee and partner at Pinsent Mason, provides an overview of the rapidly changing...

HSBC discloses tax evasion probes in India, other countries

Global banking giant HSBC has disclosed being probed by tax authorities in India and several other countries, including against its Swiss and Dubai units, for allegedly abetting tax evasion of four Indians and their families. Besides, the bank has been approached by the regulatory and law enforcement agencies of various...

Black money across the border: Why Pakistan’s elite are quivering as UAE demands tax information

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...

Global fight against tax-evaders sets eyes on UAE

The United Arab Emirates’ tax-free perks could soon come to an end as the OECD group of wealthy nations lays down the pressure to tackle global tax-evaders. The Gulf state’s hesitation to sign up to a world treaty to assist in the exchange of information on tax evaders is a...

The Implementation of Automatic Exchange of Information for Tax Purposes Moves a Further Step Forwards in Singapore

On 9 May 2016, Singapore passed the Income Tax (Amendment No. 2) Act 2016 (Amendment Act). This is a first step towards the implementation of the Common Reporting Standards (CRS) developed by the Organisation for Economic Cooperation and Development (OECD) into Singapore law. The legislation sets up the legal framework...

Will new tax treaty with Mauritius turn India into a fund management hub?

The new tax treaty between India and Mauritius may achieve what last year’s budget tried to do, albeit unsuccessfully—encourage offshore fund managers to relocate to India, in the process making the country a fund management hub, much like London, Dubai or Singapore. With the new agreement restoring parity between domestic...

Greater transparency significant change for UAE-based multinationals: KPMG

Dubai: UAE-based multinationals will start to feel the impact of the OECD Base Erosion and Profit Shifting (BEPS) proposals that come into effect this year, a KPMG seminar on international tax developments has revealed. The BEPS proposals are focused on mitigating tax planning strategies that exploit gaps and mismatches in...

Budget 2016: 9% tax rate regime for India’s first International Financial Centre

The pet project of Prime Minister Narendra Modi – the International Financial Services Centre (IFSC) – housed in the Gujarat International Finance Tec City – has received a boost in the Union Budget 2016/17. The long pending tax issue has been decided with 9 per cent minimum alternate tax (MAT),...

India’s Axis Bank seeks Gulf expansion with branch in Sharjah

Axis Bank, India’s third-largest private bank by assets, is aiming to open branches in Sharjah and Bahrain by March next year as part of plans of increasing its presence in the Arabian Gulf region, a senior executive said. Axis Bank has nine overseas offices: branches at Singapore, Hong Kong, Dubai-DIFC,...