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...

It posted a net profit of $1.36bn in H1.

BP, flush with cash, revealed a $2.5 billion share buyback.

His comments came days after oil giants ExxonMobil and Chevron reported bumper earnings, reflecting how a surge in crude prices after Russia's invasion of Ukraine has boosted the industry. Natural gas costs have also risen, due to Europe's mobilization to offset lost imports from Russia.

Bank to pay fine on money laundering, tax fraud charges.

The authority said that digital tax stamps are distinctive marks in the form of a physical label or digital code containing encrypted data.

Local media published a tax authority document showing the funds were withdrawn between September 2021 and August this year, transferred to the accounts of five companies using 247 cheques, and then immediately withdrawn.

Britain, however, relies on gas to create a large proportion of electricity and is therefore particularly exposed to the soaring prices in the wake of Russia's attack on Ukraine. Gas-fired power plants produce just over 40 percent of Britain's electricity requirements.

The failure to flesh out her economic plan failed to calm the jittery markets, however, and the pound slid 2.01 percent against the dollar, falling to as low as $1.1241 after her address.

The court dismisses appeal over $270m import tax bill.

Dubai, UAE - A Dubai court on Monday rejected Denmark's extradition request for a Briton accused of robbing the Danish state of 1.7 billion euros ($1.72bn) through tax fraud, one of his lawyers told AFP. Hedge fund trader Sanjay Shah was arrested in June by Dubai police on Denmark's request....

The Chairman of the Ajman Chamber of Commerce and Industry (ACCI) recently received an economic delegation from the Russian Federation to discuss prospects for developing relations between business owners from the two countries.

German ministers vowed to reexamine a planned gas surcharge imposed on consumers after it emerged that some energy companies seeking a share of the levy were in fact posting billion-euro earnings.

Net profit for H1 2022 reaches $60 million.

The firm will invest $40bn by the end of the decade.

Senate Finance and Economic Committee has approved a slew of amendments to the Jordanian General Sales Tax Law 2021, referred to them by the Lower House. The amendments are designed to reduce tax evasion in the kingdom.

The sum withheld, around $176m, would balance the amount the Palestinian Authority paid to the families of militants as financial support last year, under legislation dating back to 2018.

Financial sanctions covers banks’ failures to achieve appropriate compliance regarding required due diligence and reporting procedures and standards. All banks operating in the UAE were allowed ample time by the CBUAE to implement the CRS.

Speaking at the NATO summit in Madrid, Johnson said the "very, very tight labor market" and difficult "balance of our energy mix" add to inflationary pressures.

Joe Biden pitched a temporary fuel tax break Wednesday to help American drivers face the highest inflation in four decades, but critics called it window dressing by an unpopular US president ahead of difficult midterm elections.

Qatar has entered into an agreement with the Czech Republic to avoid double taxation on income tax and to prevent tax evasion.

A 52-year-old Briton has been arrested in Dubai over a $1.7 billion dividend-tax fraud case in Denmark, the Gulf emirate's police said Friday. "Dubai police have arrested Sanjay Shah, a suspect in a 12 billion Danish krone ($1.7 billion) dividend-tax fraud case in Denmark," the police tweeted.

A 52-year-old Briton has been arrested in Dubai over a $1.7 billion dividend-tax fraud case in Denmark, the Gulf emirate's police said Friday. "Dubai police have arrested Sanjay Shah, a suspect in a 12 billion Danish krone ($1.7 billion) dividend-tax fraud case in Denmark, with the aim of subsequent extradition for...

Pakistani Prime Minister Shehbaz Sharif, who took power with a coalition that removed Khan in a no-confidence vote last month, has vowed to jumpstart the moribund economy

Former tennis star Boris Becker was on Friday jailed for two and a half years after being found guilty by a British court of charges relating to his 2017 bankruptcy.

UAE’s Federal Tax Authority (FTA) has announced the launch of Raqeeb, the whistle-blower program for tax violations and evasion, which aims to promote community control over local markets, raise the level of tax compliance in the UAE and reduce tax evasion cases. Effective from April 15, 2022, Raqeeb allows the...

Around 40 free zones in the UAE are likely to attract more investors and FDI after they were declared exempt from the upcoming corporate tax regime, experts tell TRENDS.

Now entities that typically have strong brand equity, control over distribution, and very few competitors, have a competitive edge that makes it difficult for rivals to emulate their products and services. What of the rest? Lovrenc Kessler, Managing Partner of Simon-Kucher & Partners Middle East, explains.

The amount generated is expected to help families and businesses struggling with high bills.

Haoula considers it extremely important to sustain family businesses as a recognition for their efforts historically, and for the advantages they could bring to the future of the UAE. “The new legislation makes everybody [feel] welcomed, and that for sure will make it a very approachable place for employment and...

UAE authorities have collected AED3.848 billion ($1 billion) in penalties from anti-money laundering and terrorism financing offenders in 2021. The amount comprised asset seizures worth $625m, fines for non-compliance to anti-money laundering and terrorism financing regulations worth $64m, penalties on major financial institutions in the UAE worth $5.3m, tax evasion...

In a waterfront Istanbul neighborhood that once buzzed with cafe and pub life, there are now only empty tables after nearly 50 percent tax hikes on alcohol.

Jordan is looking to reform its old tax system in order to pave way for growth in national economy. In this regard members of the Jordan Economic Forum (JEF) presented many ideas during a virtual JEF dialogue session held recently.

South Africa's tax authority has uncovered a 1.8-billion-dollar gold scam, in which coins and jewelry were illegally smelted into gold bars for sale overseas, a watchdog said Thursday. Between 2012 and 2020, the scammers bilked the government for 24.4 billion rand (1.8 billion dollars, 1.4 billion euros) by defrauding the...

Net profit stood at $20.1bn in 2021 after a loss of $21.7bn in 2020.

India will have its own digital currency starting 2022-23, Finance Minister Nirmala Sitharaman said while announcing the country’s budget for the upcoming financial year that begins April 1. The Central Bank Digital Currency (CBDC) would be issued by the Reserve Bank of India, the country’s central bank.

The Federal Tax Authority (FTA) has called on tax registrants to benefit from the Cabinet Decision to extend the grace period to benefit from the re-determination of administrative penalties on violating tax laws.