Washington, United States - The White House unveiled almost $20 billion in new grants and loans Wednesday to support Intel's US chip-making facilities, marking the Biden administration's largest funding announcement yet as it tackles China's dominance of the crucial technology. President Joe Biden's decision to make the announcement during a trip...

Islamabad, Pakistan - Pakistan reached a tentative deal to unlock a $1.1 billion tranche of an International Monetary Fund (IMF) bailout deal, the global lender said Wednesday, giving much-needed respite to the South Asian nation. Last summer, cash-strapped Pakistan sketched a $3 billion deal with the IMF as it battled a...

The law issued by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum exempts the foreign banks licensed to operate in the Dubai International Financial Centre. Besides all foreign banks operating in Dubai, the law applies to special development zones and free zones.

Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the UAE. The agreement aims to establish an electronic link between the two entities, enabling the Authority to directly access credit reports provided by the Bureau, using them to strengthen compliance...

Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a report on Arab Economic Competitiveness Index released by the Arab Monetary Fund (AMF). UAE's sustained progress across crucial sectors, including its economy and investment environment are said to be the...

Beijing, China - China's central bank and several government agencies unveiled 25 new measures Monday to support private economy. These initiatives aim to diversify financial avenues for private businesses, marking a continued effort to bolster the sector crucial for the country's economic progress. According to Global Times, these measures represent...

Paris, France - Tax havens are blamed for lower public revenues elsewhere as they lure away multinational firms but a study published on Tuesday showed that tax breaks in high-rate countries are also heavily exploited. Half the profits booked by multinationals benefiting from low tax rates were from countries that have...

Riyadh, Saudi Arabia -- Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) and Korea Customs Service have signed a memorandum of understanding regarding mutual recognition of the Authorized Economic Operator (AEO) Program. ZATCA Governor Eng. Suhail bin Mohammed Abanmi and Korea Customs Service Commissioner Kwanghyo Ko signed the MoU, which...

Paris, France - Irish regulators on Friday handed out a 345-million-euro ($369-million) fine to TikTok over data breaches, part of a battle between the European Union and big tech firms on issues from tax avoidance and hate speech to data privacy and monopolistic practices. Here is a summary of the tussles...

Wall Street's three main indexes ended a volatile August on a tepid note Thursday after data showed the Fed's preferred gauge of inflation -- the personal consumption expenditures index -- ticked a little higher in July.

Riyadh, Saudi Arabia - Saudi authorities have issued a clear warning to businesses operating within the country: settle your outstanding taxes promptly or brace yourself for substantial fines. The call comes from Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA), which has taken a strong stance on enforcing tax compliance....

ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. The penalties will be imposed on Taxable Persons, whether an individual or a legal entity, who do...

Opponents have accused Netanyahu, who is on trial on corruption charge he denies, of trying to use the reforms to quash possible judgements against him. The prime minister has rejected the accusation.

The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop to historically-normal levels for a sustained period. The Energy Profits Levy, introduced after Russia's invasion of Ukraine sent oil and gas prices surging, increased tax on profits from North Sea...

Despite reaching an agreement in principle last October on a bailout package worth nearly $2 billion, talks with the IMF have stalled for months over demands to restructure public bodies and lift subsidies on basic goods. Saied said during a meeting with Prime Minister Najla Bouden that the current subsidy...

DOHA, QATAR- Thousands of cryptocurrency industry developers have left the United States because of its negative stance towards the sector, the head of one of the pioneer exchanges told an international forum on Thursday. Despite a "wild year" of scandal and failure in 2022 when the FTX exchange and a...

The convicts were found guilty of engaging in economic activity using the provision of credit facilities through points of sale (POS) without obtaining a license from competent authorities. The court sentenced four accused, who were present during the trial and others at large in absentia to prison ranging from five...

Sanjay Shah was arrested in the United Arab Emirates' financial hub in June upon request by Danish authorities who accuse him of helping companies fraudulently claim tax refunds. Shah was accused of running the scheme for three years starting in 2012, in which foreign firms pretended to own shares in...

Abu Dhabi, UAE -- The UAE Ministry of Finance has issued a decision on conditions under which a "person may continue or cease to be deemed an exempt person,”. An official statement said the decision clarifies rules to ensure that businesses remain eligible for a corporate tax exemption if they...

DUBAI, UAE- DIFC Academy announced a collaboration with PwC’s Academy to offer a globally recognized diploma program aimed at upskilling tax practitioners in the UAE. Under the deal, DIFC Academy will offer the UAE Corporate Tax Diploma Program in collaboration with PwC’s Academy, becoming the first institution alongside PwC’s Academy...

According to the China Association of Automobile Manufacturers, electric vehicles made up 25 percent of car sales in the country in 2022, a year-on-year increase of 94 percent.

BAGHDAD, IRAQ - A former Iraqi religious official convicted of corruption has escaped police custody, prompting the arrest of more than two dozen officers suspected of helping him flee, the government said Wednesday. Saad Qambash was once head of Iraq's Sunni Waqf, the state body overseeing religious and civilian properties for...

Dubai, UAE – UAE’s Ministry of Finance has announced a decision on Small Business Relief (SBR), which is aimed at supporting startups and other small or micro businesses by reducing their corporate tax burden and compliance costs. The Ministry’s decision stipulates that taxable residents of the UAE can claim SBR...

The Senate report "describes legacy issues, some from a decade ago," which the bank has sought to address by implementing extensive enhancements "to root out individuals who seek to conceal assets from tax authorities," it said.

Riyadh, Saudi Arabia - Saudi Zakat, Tax and Customs Authority (ZATCA) has identified the criteria for selecting the establishments targeted in the third group of the “connectivity and integration” phase of e-invoicing. The authority said the third group includes all the establishments that generated more than SAR250 million ($67 million)...

Doha, Qatar--Qatar's General Tax Authority (GTA) has extended the deadline for submitting the tax return for 2022 for all entities subject to the income tax law for one additional month to end on May 31, 2023. Excluded from this extension are companies operating in the field of petroleum operations and...

Salameh had been summoned to appear at Beirut's justice palace on Wednesday morning but objected to the session and instead sent a legal representative, the judicial official told AFP on condition of anonymity as they are not authorized to speak to the media.

Most of the MEPs who signed are from Green or left-wing parties. They were joined by non-governmental organizations, including Oxfam, supported by a dozen economists and by 20 millionaires. The signatories claimed that in 2018 Tesla owner Elon Musk, "then the second-richest man in the world, did not pay a...

Lebanon opened its probe following a request for assistance from Switzerland's public prosecutor probing more than $300 million in fund movements by Riad Salameh and his brother. Last month, Swiss media reported that 12 banks in the European country had received a large part of the money Salameh is alleged...

Doha, Qatar--Egypt and Qatar have signed an agreement to eliminate double taxation on income and prevent tax evasion and avoidance, according to a statement by the Cabinet on February 27. The agreement comes within the framework of bolstering bilateral economic relations and shoring up cooperation in several fields. It is...

It, however, posted a jump in revenue to $15.7bn.

Just weeks after the BBC aired a documentary examining Indian Prime Minister Narendra Modi's role in deadly 2002 sectarian riots, tax inspectors descended on the broadcaster's offices. Modi's party says the two are not connected, but rights groups say the BBC raids this week show the parlous state of press...

The majority of the EU's response involves repackaging already existing funds, a stop-gap measure that has earned much criticism. German MEP Markus Ferber described the proposals on Wednesday as "old wine in new bottles" and "predictably disappointing".

Jerusalem, Undefined - Israeli Prime Minister Benjamin Netanyahu removed a top minister from office Sunday following a Supreme Court ruling against Aryeh Deri's appointment which has shaken the nascent cabinet. "It is with a heavy heart, with great sorrow and with an extremely difficult feeling that I am forced to transfer...

Public resistance to a carbon tax has prevented many nations from establishing carbon pricing via taxation, but taxation is not the only way to deter emissions, she highlights, while pointing out to numerous barriers that have impeded the flow of private capital to decarbonization projects around the world.

DUBAI, UAE - UAE Ministry of Finance (MoF) Tuesday signed a Memorandum of Understanding (MoU) with the Dubai Free Zones Council (DFZC) on the exchange of information for tax purposes. This comes in line with the ministry’s continuous efforts to ensure that  commitment of various government entities in the UAE...

Dubai, UAE: The United Arab Emirates ranks fourth on the list of 63 economies around the world in the Tax Policy category of the World Competitiveness Yearbook 2022 Peer Group. Published by Switzerland-based International Institute for Management Development (IMD), the World Competitiveness Yearbook assesses and ranks 63 economies around the...

Tunis, Tunisia - Dozens of Tunisian lawyers protested on Thursday against newly imposed taxes on legal services, part of a 2023 budget that seeks to boost revenues to the cash-strapped treasury. Led by Bar Association head Hatem Mziou, lawyers gathered outside the Palais de Justice in Tunis as well as other...

DUBAI, UAE - A Dubai court Thursday authorized the extradition of a British national wanted over an alleged 1.7 billion euro tax fraud in Denmark, the suspect's defense team said, ahead of a further ruling by a higher court. Hedge fund trader Sanjay Shah was arrested in Dubai in June,...

The state, saddled with a crippling public wage bill and politically sensitive subsidies, is set to take in around 46.4 billion dinars ($14.8 billion), Boughdiri said. It will need to borrow some 23.5 billion dinars to cover state needs for the coming year, she added. To find the cash, it...

The introduction of new laws regarding the ownership structure of mainland companies may boost the Gulf country's economy in 2023 as it is expected to attract more investors.

Mumbai, India - India's central bank governor warned Wednesday that cryptocurrency markets risked causing the next global financial crisis, saying the recent collapse of FTX was proof of the sector's "inherent risks". The comments close out a challenging year for India's millions of crypto owners, who are already reeling from a...

Emmanuel Macron said France had been pushing the idea for more than four years. The global minimum tax is only one part, known as Pillar Two, of the OECD agreement. The first pillar, which provides for the taxation of companies where they make their profits to limit tax evasion, primarily...

Abu Dhabi, UAE---The UAE has issued a decree on the Taxation of Corporations and Businesses, the Corporate Tax Law, under which businesses will become subject to UAE corporate tax from the beginning of their first financial year that starts on or after 1 June 2023. The UAE’s Corporate Tax regime will...

Move comes UK imposes windfall tax on energy firms.

Saudi Arabia's Zakat, Tax and Customs Authority has extended the period of Cancellation of Fines and Exemption of Penalties Initiative for taxpayers

Appealing to guilty parties to hand themselves in and return all the money, the prime minister of Iraq has revealed that the country has recovered part of $2.5 billion in public funds fraudulently withdrawn from a government account. A wealthy businessman implicated in the theft had given back $125 million.

Abu Dhabi, UAE---The Federal Tax Authority (FTA) has called on registered taxpayers to benefit from the decision to re-determine administrative penalties on taxes, which are 30 percent of the total outstanding amount of penalties that were not paid before 28 June 2021. They have also been asked to ensure they...

Britain unveiled a painful budget with $65 billion of tax hikes and spending cuts despite confirming its economy was in recession. A day after official data showed UK inflation rocketing to a 41-year high above 11 percent, Finance Minister Jeremy Hunt triggered an era of austerity following the calamitous tenure...

Paris, France - The European Union threatened Monday to take retaliatory measures against the United States for electric car subsidies that favor domestic manufacturers. The 27-nation bloc is upset about Washington's "Inflation Reduction Act", which will see vast spending on green energy initiatives and includes tax breaks for US-made electric...