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Tag Archives: economic reforms

Non-Saudis to get 23% of Aramco IPO

Non-Saudi investors were allocated 23% of the institutional tranche of Saudi Aramco’s initial public offering (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday. Wassim Al Khatib, head of investment banking at National Commercial Bank (1180.SE) also said the …

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Egypt planning major overhaul of VAT law

Egypt will form a committee to amend its value-added tax law, Finance Minister Mohamed Maait told reporters on Monday, without specifying what the changes may be. The VAT law is part of a reform program that formed the basis of a $12 billion, three-year loan agreed with the International Monetary …

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Abu Dhabi National Exhibitions Company licenses VAT waiver

Abu Dhabi National Exhibitions Company, ADNEC, today announced that it has obtained the Federal Tax Authority, FTA, License for waiver from Value Added Tax, VAT, for all international companies and organisations participating in or holding shows and conferences at its venues across the UAE with effect from 1st June, 2019. …

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Bahrain parliament approves VAT agreement

Bahrain is set to become the third Gulf Cooperation Council (GCC) to implement the unified agreement on Value Added Tax (VAT) on goods and services. On Sunday, the kingdom’s bicameral parliament, holding an extraordinary session upon a royal order issued last week, approved VAT at the rate of five per …

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Saudi Arabia denies cancelling Aramco IPO

audi Arabia on Thursday rejected reports that Aramco’s planned initial public offering had been scrapped. “The government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum,” Energy Minister Khalid Al Falih said in a statement. The plan to float around …

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Fuel prices in UAE for August 2018

The Ministry of Energy and Industry announced fuel prices for August and the price includes VAT. The per-litre prices are Super 98 at Dh2.57 (from Dh2.56 in July and Dh2.63 in June) and Special 95 at Dh2.46 (from Dh2.45 in July and Dh2.51 in June). Diesel price has been fixed at Dh2.63 per litre (from …

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Mohammad announces new economic stimulus plans

Dubai on Saturday announced new economic initiatives, including setting up a consultative council that will include international companies, to boost the emirates’s economy. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, tweeted that the stimulus plans also include proposals …

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Saudi Women and the Economy

by Mohammad Zayed* — In a historic step towards economic and social reforms following the falling of oil prices by more than 50%, Saudi Arabia’s King Salman bin Abdulaziz has recently declared the lifting of the long-standing ban on women driving in the kingdom (the only country in the world that …

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UAE mulls cancelling energy subsidies

The UAE is considering removing all forms of gas and electricity subsidies in the future, the energy minister said on Monday. Speaking during a panel discussion on the Global Energy Transformation at the Abu Dhabi Sustainability Week conference in the capital, Suhail Mohammad Faraj Al Mazroui, Minister of Energy and …

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VAT: Abu Dhabi cracks down on overcharging businesses

Abu Dhabi’s Department of Economic Development (DED) is cracking down on businesses that are overcharging customers in the name of VAT (Value Added Tax), a senior Abui Dhabi official from the department said  on Tuesday. “We issued some fines in the first week either for collecting tax when businesses are …

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Effects of VAT on individuals minimal: Ministry of Finance

The Ministry of Finance stated that adopting value-added tax (VAT) in the UAE will have a positive effect on its development and competitiveness — and will contribute to building a sustainable knowledge-based economy for future generations, as the tax will provide additional financial resources and enable the UAE government to …

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Tax authority warns residents of rumours on VAT

The Federal Tax Authority (FTA) calls on citizens and residents to be wary of uninformed and unreliable sources of information who are circulating misleading information around the introduction of VAT in the country. The FTA emphasizes on the importance of referencing and checking accurate sources of information, such as the …

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Telecom firms clarify on VAT for recharge cards

Don’t pay extra when buying mobile phone prepaid recharge cards, telecom companies told customers on Wednesday. The five per cent value-added tax (VAT) introduced in the UAE on January 1 is applied on goods and services that come under the purview of VAT law. Telecom companies are charging five per …

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