Categoria: Uncategorized

21 Mar

Ministry of Economy discusses economic, commercial cooperation with US delegation

The Ministry of Economy discussed the means of developing the economic relations between the UAE and the United States, US, as well as their overall cooperation, especially in the area of standards and metro-logy and their commercial application. The discussion took place during a meeting, in the ministry’s headquarters in Abu Dhabi, between Juma Mohammed […]

18 Mar

FTA bans sale of unmarked tobacco products from 1st August, 2019

The Federal Tax Authority, FTA, has announced that the selling or distribution of any unmarked tobacco products will be prohibited across all local markets as of 1st August 2019. In a press statement issued on Monday, the Authority said that it held a series of training workshops to introduce inspectors across the UAE’s economic development […]

11 Mar

Financial and Economic Committee discusses draft federal budget

The Financial and Economic Committee discussed today components of the draft general budget of the federation for the fiscal year 2020 and looked into measures taken by the Ministry of Finance to update the draft budget. The committee directed completion of these measures according to the financial circular on the preparation of the draft general […]

04 Mar

Revealed: Impact of VAT in Saudi Arabia & UAE one year on

2019 economic outlook: Weaker oil would put pressure on expenditure in countries with higher break-even prices Early data suggests that the inflationary impact of the value-added tax (VAT) in both Saudi Arabia and the UAE has largely been contained, according to the most recent PwC Middle East Economy Watch. Richard Boxshall, senior economist at PwC […]

24 Feb

UAE Central Bank announces M1 increased to AED 486 Billion

The UAE Central Bank has announced that the Money Supply aggregate M1 increased by 0.1 percent, from AED 485.6 billion at the end of December 2018 to AED 486 billion at the end of January 2019. The Money Supply aggregate M2 decreased by 0.2 percent, from AED 1308.4 billion at the end of December 2018 […]

15 Feb

World Bank to establish its UAE Office in Abu Dhabi Global Market

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced that the World Bank will be establishing its office in ADGM on Al Maryah Island. The signing of an agreement to set up the office was witnessed by Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, Merza Hussain Hasan, […]

10 Feb

No VAT on donations, grants, sponsorships in some cases: FTA

The Federal Tax Authority, FTA, has clarified that donations, grants and sponsorship are outside the scope of Value Added Tax, VAT, only when no benefit is received in return. Any benefit in return for such payments will be subject to VAT, the authority said. The authority had issued a new clarification on VAT treatment for […]

03 Feb

UAE and Saudi Arabia announce launch of common digital currency ‘Aber’

 The United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) today announced in a joint statement the launch of the common digital currency project ‘Aber’, which will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies. This comes under the framework of ‘Proof-of-Concept’, which can […]

28 Gen

FTA launches consumer awareness campaign

The Federal Tax Authority (FTA) has announced the launch of a new field campaign to engage business and consumers in the local markets and raise awareness about the legal standards that must exist when issuing tax invoices. Organised to cover all emirates, the campaign will run throughout Q1 of 2019, under the slogan ‘Tax Invoices: […]