According to Undersecretary of MoF Younis Haji Al Khoori, the UAE Ministry of Finance announced on Tuesday that it was still in the process of preparing the executive regulation of VAT, in coordination with the concerned authorities. The Emirates News …
( read original story …)
UAE yet to determine VAT rates on goods
The UAE government is still in the process of preparing the executive regulation for value-added tax (VAT) and the rates on supply of goods and/or services and exports are yet to be determined, said a top Ministry of Finance official. The UAE MoF is …
( read original story …)
Taxation is Coming to the Tax Free United Arab Emirates: Dubai
Products covered by the new regulations include cigarettes and alcohol. Moreover, the UAE Ministry of Finance had also announced that a Value Added Tax on non-essential goods will take effect in January 2018. The implementation rate will be at 5 percent …
( read original story …)
No VAT on sale and purchase of shares in UAE
On Tuesday, Dubai Financial Market saw 451.2 million shares changing hands worth Dh525.2 million. Abu Dhabi Securities Exchange witnessed 62.8 million shares trading worth Dh100.6 million. As part of the wider Gulf Cooperation Council agreement …
( read original story …)
The Debt Panel: ‘I left the UAE without paying Dh170,000 in loans but the banks won’t help me return’
On this panel this week: Kunal Malani, head of customer value management, UAE and Mena at HSBC Middle East; Keren Bobker, an independent financial adviser with Holborn Assets and Michael Routledge, the founder of the debt advice site savememoney.ae.
( read original story …)
Dubai Financial Market : Deyaar’s stock hits highest level in 3M early Tuesday
Dubai – Mubasher: Deyaar Development’s stock on Tuesday registered its highest level in three months, or since 20 July’s trading session by 11:00 am UAE time. The stock rose 1.12% to AED 0.541 after 23.68 million shares were exchanged, through 188 …
( read original story …)
Dubai Financial Market : Mashreq Bank’s stock inches up 0.14% on DFM early Tuesday
Dubai – Mubasher: Mashreq Bank’s stock increased 0.14% to reach AED 74, after 22,560 shares were exchanged, through two transactions, with a turnover of AED 1.66 million on the Dubai Financial Market (DFM) on Tuesday by 11:15 am UAE time. The stock of …
( read original story …)
UAE MoF issues statement on VAT regulations
The UAE MoF is committed to working with the highest levels of transparency and disclosure principles, and will collaborate with the Federal Tax Authority upon issuing the executive regulation. Al Khoori stressed that the Ministry’s website and that …
( read original story …)
Lawyers report low take-up of UAE bankruptcy law
The UAE’s long-awaited bankruptcy law has yet to be applied … It provides traders with three options when in financial crisis – restructuring, preventative composition and (declaring) bankruptcy. However, it does not decriminalise bounced cheques …
( read original story …)
VAT items ‘yet to be determined’, says UAE finance ministry
Tax rates on goods and services are yet to be formally set, the UAE Ministry of Finance has said, ahead of the planned introduction of VAT on January 1. Undersecretary Younis Haji Al Khoori said the ministry is still in the process of preparing the …
( read original story …)
UAE Oil Giant Seeks Partnership For Possible IPO
Even though the UAE’s oil firm ADNOC is seeking partnerships and exploring a possible IPO of minority stakes in some of its services units, at the holding company level ADNOC will remain wholly owned by the Abu Dhabi Government, ADNOC group CEO Sultan …
( read original story …)
Former Goldman executive is raising money for quant hedge fund
Dubai: Ronald Hua, a former Goldman Sachs Group Inc. executive … The duo is raising money as more hedge funds and asset managers start quantitative strategies to adapt to a challenging environment for stock pickers. Active managers are trying to find …
( read original story …)
UAE’s finance ministry yet to fix VAT rate on goods, services
The UAE’s Ministry of Finance is still in the process of fixing the value added tax (VAT) rates for goods and services, it announced on Monday. The ministry is currently developing the executive regulations of VAT, said Younis Haji Al Khouri, under …
( read original story …)
UAE Food Bank opens 2nd location in Dubai
The second operational site of the UAE Food Bank was launched on Monday at Al Bada area near Canadian University under the patronage of Easa Saleh Al Gurg Charity Foundation. The UAE Food Bank also signed cooperation agreements with three other charity …
( read original story …)
Dubai’s Mashreq posts 12% rise in net profit
Mashreq’s CEO, AbdulAziz Al Ghurair, said: “It has been a period of muted growth for the UAE banking system with the banking sector gross credit growing by only 0.3 percent as of August. However at Mashreq we have been successful in increasing our loan …
( read original story …)
Second food bank site opens in Dubai
Labourers queued up to collect food packages which were being distributed at the launch of the second food bank site in Dubai on Monday, which is also World Food Day. More than 1,000 construction workers, cleaning and maintenance staff stood in lines for …
( read original story …)
Dubai Islamic Bank : UAE banks set for resilient third quarter results
Dubai: The UAE banking sector performance is expected to be resilient in the third quarter of this year despite a slowdown in economic growth resulting in modest balance sheet growth across the banking sector. Analysts expect no major surprises except the …
( read original story …)