UAE MoF reviews Federal Decree Law No. (8) of 2017 on VAT

The UAE has completed all legislative requirements to ensure that the implementation of its tax system is the best globally. The Ministry of Finance has also authorised the issuance of tax-related legislation and policies, as well as the establishment of ... ( read original story ...)

ADNOC Distribution IPO values retail business at $8.5bn

In a note to investors on its website, ADNOC noted that the IPO “creates a new platform and route for further value creation.” “This important and strategic offering represents a unique opportunity for investors to own a stake in the UAE’s number ... ( read original story ...)

Bank accounts must for Pakistani expats to remit money

Dubai: The Pakistan government will soon make it mandatory for all expatriates from the country to open bank accounts back home to be able to send remittances, an official has said. The move will curb illegal transfers and money laundering. “The Pakistan ... ( read original story ...)

Adnoc Distribution prices the largest Abu Dhabi IPO in 10 years

Dubai: State-owned energy giant Abu Dhabi National Oil Co (Adnoc ... Adnoc is listing 10 per cent of its fuel distribution business, pricing its initial public offering (IPO) at Dh2.50 at the mid-range price, according the company. According to the ... ( read original story ...)

UAE ‘surprised’ at inclusion in EU tax-haven blacklist

The UAE government said it's “surprised and disappointed” to be included on a European Union list of non-compliant tax jurisdictions, according to Undersecretary of Finance Yousef Haji Al-Khouri. The UAE government said it's “surprised and ... ( read original story ...)

9 tips for safer online shopping in the UAE

“Providing a seamless customer experience and secure banking environment are the two key challenges facing financial institutions today,” says Som. Growth in e-commerce comes as digital becomes the future in the UAE. Mobile phone penetration is now at ... ( read original story ...)

A Fintech spinoff looks to change the way we bank and eat

First reason is the growth of Islamic banking. A recent survey from Emirates Islamic Bank showed that about 52 per cent of UAE consumers have an Islamic banking product now, compared to 47 per cent consumers in 2015. “The results of this year’s Islamic ... ( read original story ...)

Mashreq Bank Appoints New Group Head of Risk Management

Mashreq Bank, the UAE’s leading financial institution, announced the joining of Arif Usmani as the Group Head of its Risk Management. A graduate of the Imperial College of London, Usmani started his banking career in 1981 and spent more than three ... ( read original story ...)

UAE’s Federal Tax Authority announces full VAT supplies list

The UAE Cabinet is expected to issue a decision to identify the government bodies and non-profit organisations that are not subject to VAT. The below table outlines all supplies that will be subject to the 5% Value Added Tax, as well as zero-rated supplies ... ( read original story ...)