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Thursday 1 - 10 - 2015


 01/10/2015

Gulf News

Abu Dhabi: Essential items, notably food and medicines, are traditionally exempt under a VAT system and this could be contemplated under any future VAT (value added tax) system in the GCC, according to a tax expert from global consultancy, PwC. “Some countries would normally exempt necessary items for social objectives. These are traditional areas to which countries consider applying special treatment to address social impact. However, it is increasingly recognised that a broad-based VAT system with few exceptions results in a more efficient and neutral system, while social objectives could be achieved with other tools outside of the VAT system” Jeanine Daou, tax partner from PwC, said in an interview with Gulf News on the sidelines of Back to Business event organised by BeNeLux (Belgium, Netherland, Luxembourg) Business Council in Abu Dhabi late on Tuesday…

The Ministry of Finance in the UAE has been conducting a series of studies on the implementation of a draft VAT law, along with the other GCC countries. In a statement in August, the Ministry said the draft law is still pending and under negotiation due to the absence of a final agreement among GCC countries on the tax rate and a list of tax exemptions.

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Khaleej Times

The President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, has issued a decree to establish the Federal Competitiveness and Statistics Authority (FCSA), under the UAE Cabinet. As per Federal Decree No. (6) for the year 2015, the new authority - to be based in Dubai - effectively replaces the National Bureau of Statistics and the Emirates Competitiveness Council, by integrating the functions of both the entities. As per the decree, the authority will work to strengthen the UAE's position across all global competitiveness indicators, as well as promote sustainable development, in addition to serving as the apex body that organises and manages the statistics and competitiveness sectors. The authority is also mandated to build an integrated national statistical system.

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Khaleej Times

Unless Gulf bond sales pick up in the fourth quarter, the market will shrink this year for the first time in a decade. And the prospects aren't looking good. Issuance from the six-nation Gulf Cooperation Council dropped 31 per cent to $20.4 billion this year through Wednesday, while $23.5 billion of securities are due to mature in 2015, according to data. Redemptions haven't exceeded sales since at least 2005, the data show. The lack of sales may continue into the fourth quarter, National Bank of Abu Dhabi, the UAE's biggest bank, said in a note on Monday. A contraction would cap a year in which GCC debt investors have been starved of options as borrowers turned to loans and markets whipsawed amid China's faltering economic performance and speculation the Federal Reserve will raise interest rates. The slowdown has weighed on the global Islamic industry, where sukuk from the region typically account for third of all issues.

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Gulf News

Dubai: Access to finance remains a common threat to all economies and remains greatest impediment to unlocking investment according to The Global Competitiveness Report 2015-2016. The report observes that a failure to embrace long-term structural reforms that boost productivity and free up entrepreneurial talent is harming the global economy’s ability to improve living standards, solve persistently high unemployment and generate adequate resilience for future economic downturns.

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The National

Trade finance is growing for banks and financial institutions but small and medium-sized enterprises (SMEs) are being affected because of stricter compliance measures, according to a survey conducted by the International Chamber of Commerce (ICC) Banking Commission. The body sets rules and guidelines for international banking practices. About 72 per cent of the survey respondents said they had witnessed an increase in trade finance net income last year, and 63 per cent reported an increase in overall trade finance activity. The survey, released on Tuesday in Dubai, covered 482 respondents from 112 countries. SMEs, however, make up nearly 53 per cent of all rejected trade finance transactions, while 79 per cent of proposals for larger corporates are accepted.

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Gulf Today

ABU DHABI: Khalifa Fund for Enterprise Development recently organised 11th Tawasul Forum in Al Ain, which was aimed at promoting business in various regions. Ibrahim Ahmed Al Mansoori, Chief Operation Officer at Khalifa Fund, said: “The Fund will continue to create suitable environment for the growth of Small and medium-sized enterprises, SMEs, across the country. Our teams are exerting efforts to enhance the competitive advantages of these projects in local markets.” The Fund’s efforts in urging the government, semi-government and private entities to provide certain privileges to SMEs will contribute to sectoral development, he said, adding, “success of projects financed by the Fund means the success of our plans, programmes and strategies.”

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Page last updated : 02/05/2016 10:18 PM