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Local media published a tax authority document showing the funds were withdrawn between September 2021 and August this year, transferred to the accounts of five companies using 247 cheques, and then immediately withdrawn.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

A wealth tax on the world's richest people could raise at least $2.52 trillion per year.

While sales tax collection rose 14 percent, income tax collection rose 7 percent from 2020 to 2021.

KPMG International announced annual aggregated revenues for KPMG firms globally of $32.13 billion for the fiscal year ending 30 September 2021. Reporting a 10 percent increase in US dollar revenues from 2020, this follows an extensive period of investment and focus on priority services and solutions addressing the challenges faced by...

China has launched a sweeping state crackdown on tax evasion and perceived immoral behavior in the entertainment industry. The move has already targeted some of the country's biggest stars, with actors like Fan Bingbing seeing her career on halt since 2018.

The first phase of electronic invoicing in Saudi Arabia has begun, affecting all taxpayers liable to VAT in the Kingdom - excluding those who do not reside there.

The US Treasury has said in a statement that the deal with Turkey "represents a pragmatic solution.”

Musk owned about 17 percent of Tesla's outstanding shares as of June 30, currently worth $208.37 billion. His wealth swelled with the recent surge in Tesla's stock price. By selling 10 percent of his shares, he could theoretically earn just under $21 billion. His wealth swelled with the recent surge...

The new services are said to offer four different services that aim to raise the target audience’s awareness, provide them with easy access to information, and allow them to communicate directly with FTA representatives.

Egypt said it will tax social media content creators in a revenue raising exercise as more citizens look to online platforms to make a living.

The United Arab Emirates (UAE) has been elected as vice president of the Belt and Road Initiative Tax Administration Cooperation Forum (BRITACOF) for the second time in a row.

Saudi Arabia’s e-invoicing project, Fatoorah, will come into force in a little under three months, according to Zakat, Tax and Customs Authority (ZATCA).

Alert officials of the Zakat, Tax and Customs Authority at King Fahd International Airport in Dammam have seized more than 2.6 kilograms of cocaine into Saudi Arabia while it was being smuggled into the kingdom

The customs authority has foiled more than 1,000 attempts to smuggle prohibited items into Saudi Arabia.

A consignment of two million illegal pills was seized by the Saudi authorities along the kingdom’s border with Jordan. The drugs were hidden in tomato paste jars.