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Thursday 14 - 1 - 2016


Gulf News

Abu Dhabi: The UAE is expected to make around Dh10 billion to Dh12 billion as a result of introducing Value-Added Tax (VAT) in the first year of implementation alone, according to Younis Al Khouri, undersecretary at the country’s Ministry of Finance. “There was a study conducted in 2014 that showed that the [revenues] collected from the implementation of value-added tax for the UAE are between Dh10 billion to Dh12 billion given that the tax will not be applied on some large industries like education, healthcare, and food staples,” Al Khouri said. He added that the VAT is set to be implemented in 2018, and would range between 3-5 per cent, but GCC countries are yet to finalize their implementation policy.

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Gulf Times

The Central Bank of the UAE has cancelled the licence of an exchange office for violating the anti-money laundering instructions and regulations. In a statement, the central bank explained that the decision prevents the exchange office from practicing any transactions related to the transfer of funds or currency exchange or wages. The decision comes after the central bank had suspended the exchange office on November 10, and subjecting it to special inspection in co-ordination with the competent authorities.

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The National

Sultan Al Mansouri, the Minister of Economy, said on Wednesday that government expectations for growth in the UAE in 2015 have fallen to 3 per cent.That is a significant cut to the government’s outlook, as the impact of the falling oil price, and a worsening global outlook, is recorded in official data. Speaking to a student delegation from the National Defence College, the minister on Wednesday gave “a comprehensive overview of the national economy”. Mr Al Mansouri predicted in January last year that the UAE’s economy would grow by 4.5 per cent, before revising his estimate to 3.5 per cent in October.

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Gulf Today

Dubai: After two successful annual editions, Swiss group, Academy & Finance, announces the 3rd edition of Dubai Forward, an annual Conference on Dubai as a financial and private banking centre, scheduled to take place from February 15 to 17, 2016. The conference is designed for international and local senior executives of banks, asset management firms, family offices, fiduciary firms, trust companies and law firms. This year, the conference will highlight Dubai’s evolving economy, its current and future legal and regulatory framework at the dawn of global changes, and how Dubai is bracing itself to transform into a global financial centre as well as the challenges, opportunities and the road ahead. Academy & Finance is honoured to have the Dubai International Financial Centre (DIFC) as the main sponsor for the second time.

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Gulf Business

Gulf Cooperation Council countries can generate revenues without raising taxes even in the face of plummeting crude prices, a new study showed. According to a report by Oxford Strategic Consulting, GCC countries can generate at least 10 per cent of their gross domestic product through a number of non-tax revenue options. The report pointed out that the governments could maximise their revenues by tapping into state-owned enterprises and pension funds, both of which could provide a high rate of return.

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Page last updated : 02/05/2016 10:08 PM