Category: UAE

UAE’s largest lender buys RBS offshore loan book in India

National Bank of Abu Dhabi (NBAD), the largest lender by assets in the United Arab Emirates, bought Royal Bank of Scotland’s offshore loan book in India for 3 billion dirhams ($816.8 million) in October, the bank’s chief executive Alex Thursby said in a conference call on Wednesday. The bank is… – Continue reading

Expo 2020 will bring world to Dubai to learn and share ideas: Mohammed

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, today received at Zabeel Palace, Nikola Gruevski, Prime Minister of Macedonia, and his accompanying delegation. At the beginning of the meeting, which was attended by Sheikh Maktoum bin Mohammed bin Rashid… – Continue reading

UAE and Mauritania sign agreements on preventing double taxation and boosting investment

NOUAKCHOTT 22nd October 2015 (WAM) — The UAE and Mauritania yesterday signed two agreements preventing double taxation and protecting and promoting investment between the two countries. The agreements were signed by H.H. Sheikh Abdullah bin Zayed Al Nahyan Foreign Minister and Hamadi Ould Baba Ould Hamadi Mauritanian Minister for Foreign… – Continue reading

EY: Four out of 10 Czech businessmen asked for bribe; Czech police reveal corruption in driving licenses for Germans; No. of Czech firms with owners in tax havens up in Q3

EY: Four out of 10 Czech businessmen asked for bribe Four out of 10 Czech entrepreneurs have been explicitly asked for a bribe and up to six out of 10 have encountered the possibility of gaining an advantage in their business in exchange for a bribe, according to a survey… – Continue reading

NBR to sign deal with Bhutan to avoid double taxation

Bangladesh is set to sign an agreement with Bhutan to avoid double taxation to boost investments, trade and facilitate information exchange between the two Saarc nations, the National Board of Revenue said in a statement. A team led by NBR Chairman Md Nojibur Rahman is now in Thimpu to take… – Continue reading

US Has World’s Third-Highest Corporate Tax Rate

Not only does the United States retain the dubious distinction of having the highest corporate tax rate in the Organisation for Economic Cooperation and Development country grouping, it now has the third-highest rate of corporate tax in the world, according to the Tax Foundation. The non-partisan tax policy think tank… – Continue reading

UAE expats and offshore banking: All you need to know

An offshore bank account is a must for many internationally mobile expats operating in the UAE and Middle East. But finding the right bank with the right extras as well as high service standards isn’t easy. There are plenty of big names to choose from, including the global operators Barclays,… – Continue reading

Boston University professor tapped as S. Korean arbitrator in Hanocal case

SEOUL/SEJONG, Oct. 1 (Yonhap) — A professor of international business law at Boston University has been tapped to represent South Korea in a tax dispute case involving a Netherlands-based company, the government said Thursday. Hanocal Holding B.V., a Dutch paper company belonging to the International Petroleum Investment Company (IPIC) of… – Continue reading

Malta – the optimum choice for private equity

Malta provides an outstanding opportunity for private equity and venture capital managers. It has a flexible LP structure, an extensive network of double tax treaties, a favourable local tax regime and experienced service providers who can provide a cost-effective solution,” comments Felicity Cole (pictured), Head of the Funds Department at… – Continue reading

Use of Estonia in U.S. International Tax Planning

According to recent estimates, Estonia, which is situated halfway between Stockholm and St. Petersburg, currently has more than 350 start-up technology companies – one for every 3,700 citizens – and the government expects this number to reach 1,000 by the year 2020. This makes Estonia the number one start-up technology… – Continue reading

Britain’s non dom crackdown could affect UAE expatriates

In his summer budget the first exclusively Conservative one in 19 years British Chancellor George Osborne outlined several key changes for non-domiciled individuals or non-doms, reports MENAFN. These major modifications coming into effect in April 2017 arguably represent the biggest shake-up to the non-dom status since it was first introduced… – Continue reading

Britain’s non dom crackdown could affect UAE expatriates

In his summer budget the first exclusively Conservative one in 19 years British Chancellor George Osborne outlined several key changes for non-domiciled individuals or non-doms, reports MENAFN. These major modifications coming into effect in April 2017 arguably represent the biggest shake-up to the non-dom status since it was first introduced… – Continue reading

Khalifa ratifies UAE agreements

ABU DHABI: President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued a number of federal decrees with respect to ratifying agreements between the UAE and a number of friendly countries and transferring, appointing and promoting a group of diplomatic corps members. The decrees have been published in the… – Continue reading

UAE: FATCA Reporting Deadline Set

The Ministry of Finance of the United Arab Emirates (UAE) announced that the Foreign Account Tax Compliance Act (FATCA) reporting deadline is set on 30 July 2015. In addition, on 6 July 2015, the Ministry of Finance issued the first set of guidance notes for implementing the FATCA Agreement. The… – Continue reading

Banking on Asia: Fund distributor with HSBC

HSBC Global Asset Management head of internationals Mark Newsam explains why he identifies Asia as potentially the strongest future growth opportunity for the group’s offshore business. How big is HSBC Global Asset Management within the inter-national space? HSBC Global Asset Management is the investment management business of the HSBC Group,… – Continue reading

UAE to draft laws on corporate tax and VAT

Draft laws bringing corporate tax and value-added tax (VAT) to the United Arab Emirates are expected to be completed later this year, Gulf News has reported. “The draft of the corporate tax law and the value-added tax law has been discussed with the local and federal governments,” said Younis Haji… – Continue reading

Dubai: Shrinking western banks prompt DIFC to shift east

The Dubai International Financial Centre spent the first 10 years of its existence looking to banks in the West. It’s planning to spend the next decade looking East, reports the Gulf Times. DIFC, as the tax-free business park is called, became the Middle East’s biggest financial centre by attracting the… – Continue reading

Top 10 countries with best residence-by-investment schemes

The UAE ranked 15th in an index rating countries’ residency-in-return-for-investment programmes As global economic growth slackens, a number of countries are offering citizenship or residency permits in return for investment in their markets. According to the latest Global Residency Programme Index by Henley & Partners, Portugal topped the list with… – Continue reading

UAE-UK partnership highlighted

DUBAI: This week the UK’s National Crime Agency (NCA) published their 2015 National Strategic Assessment. The Assessment presents a comprehensive picture of the threat to the UK from serious and organised crime, and helps to inform the work of the NCA and their international partners, including in the UAE. Some… – Continue reading

Switzerland faces competition from Asian booking centers

Dubai: Switzerland remained the leading offshore asset booking centre in 2014, but with the rising new wealth generation in the Asia-Pacific region and its proximity to booking centres such as Hong Kong and Singapore, the country is expected to face increasing competition. Switzerland booked $2.4 trillion (Dh8.8 trillion) in wealth… – Continue reading

UAE signs intergovernmental agreement with the U.S. on the Foreign Account Tax Compliance Act (FATCA)

Abu Dhabi, 20 June 2015: The UAE, represented by the Ministry of Finance (MoF), has announced today the signing of the agreement to facilitate implementation of the Foreign Account Tax Compliance Act (FATCA). HE Younis Haji Al Khoori, Undersecretary of MoF, and Barbara A. Leaf, U.S. Ambassador to the UAE,… – Continue reading

Offshore accounts of UAE expats: All you need to know

Dubai: The word offshore banking often evokes quite a number of unsavoury connotations. It’s associated with tax evasion, money laundering and high-level of secrecy, but the truth is that anyone can open an offshore bank account and it’s completely legal. Most expatriates set up a bank account offshore to protect… – Continue reading

UAE firm sues Korea over taxation

A state-run United Arab Emirates (UAE) company and its Dutch subsidiary filed a request for arbitration Thursday, seeking compensation from the Korean government over taxation worth US$170 million five years ago, a civic group said Friday, reports the Korea Times. The Lawyers for a Democratic Society said the Abu Dhabi-based… – Continue reading

Georgia seeks broader economic ties with Poland

Georgia and Poland held negotiations in Warsaw this week over an agreement on avoiding double taxation on income and capital. At the bilateral meeting the sides initialed the renewal agreement, which is based on the OECD Model Convention 2014 and envisages the introduction of new standards of cooperation in taxation… – Continue reading

Tax evasion: FBR probing Axact’s foreign assets, transactions

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to launch an investigation into Axact Pakistan (Pvt) Limited’s assets in foreign countries, including the United Kingdom and the United Arab Emirates, bank accounts, credit card transactions and internet marketing in and outside Pakistan. FBR’s subsidiary Directorate General Intelligence & Investigation… – Continue reading

DFSA and DIFC Registrar of Companies co-host FATCA Outreach Workshop

The Dubai Financial Services Authority (DFSA) and the Dubai International Financial Centre (DIFC), Registrar of Companies (RoC), jointly hosted an outreach workshop last week regarding the Foreign Account Tax Compliance Act (FATCA). FATCA is extra-territorial US legislation that affects Financial Institutions (FIs), particularly those which have accountholders who are US… – Continue reading

Unnerved by tax demands on capital gains, foreign funds flee for safety

The minimum alternate tax row has damaged the credibility of government promises to enforce an investor-friendly tax regime and made the Indian stock market Asia’s worst performer this year New Delhi/Mumbai: Castleton Investment Ltd, a unit of GlaxoSmithKline Plc (GSK), in 2012 asked an arm of the Indian finance ministry… – Continue reading

HE Obaid Humaid Al Tayer receives British Ambassador to the UAE to discuss bilateral relations between the two countries

HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, received HE Philip Parham, UK ambassador to the UAE at the Ministry of Finance (MoF) premises in Abu Dhabi. The two parties discussed the bilateral economic relations between the countries and the latest development regarding the rounds of negotiations… – Continue reading

MoF holds 2015 consultative meeting on double taxation avoidance and the protection and promotion of investment agreements

The Ministry of Finance (MoF) recently organised a consultative meeting at its premises in Abu Dhabi; which was attended by key UAE foreign investment partners at a federal and local level. The meeting covered future plans to grow the UAE’s network of double taxation avoidance as well as protection and… – Continue reading

Setting standards

Shayne Nelson, Chief Executive Officer of Emirates NBD, muses how corporate governance, risk and compliance have changed beyond recognition since he first came to the region. Shayne Nelson has seen a lot of change in his extensive banking career, which has spanned several continents. With roles including Chairman of Standard… – Continue reading

MoF and RAK Investment Authority signed MoU on international standards of transparency and exchange of information for tax purposes

Dubai – The Ministry of Finance (MoF) recently signed a MoU with Ras Al Khaimah Investment Authority (RAKIA). This MoUhas been signed to ensure the implementation of international standards of transparency in the exchange of information for tax purposes, as per Organisation for Economic Cooperation and Development (OECD) regulations and… – Continue reading