It is no surprise that in this article (see below) of ConstructionWeekonline, there is no hint anywhere that Indians, Pakistanis most interested in UAE property investments make up the most significant percentage of the populations of the respective GCC countries. Since the advent of oil, the Persian Gulf countries have generally turned into modern states […]
The United Arab Emirates’ expatriate workers transfer a large portion of their earnings to their families back home. This article of Gulf News published on December 14, 2017 and narrated by Cleofe Maceda, Senior Web Reporter dwells on this segment of the financial life of that country. The same, by the way, goes on in all neighbouring […]
This past week in the Gulf region, business was as usual and life generally carried on unperturbed by the now well settled in lower price of oil and the well publicised blockade of Qatar by its nearest neighbours. Here are some snapshots amongst the very few of importance as compared to those coming out of the rest of the MENA’s and the Arab World.
Indeed, Saudi Arabia appears now to be failing on its 2 open fronts of Yemen and Qatar. In the latter, it failed to entirely bring its geopolitical rival to heed by cutting off its access to food, funding and fuel. It even managed to effectively turn Qatar’s sovereign wealth fund from a globe-trotting buyer to a domestic . . . .
All GCC finance ministers sat at an extraordinary meeting on June 16 in Jeddah and approved in principle VAT and excise tax treaties for the first time ever. The agreement was upon the basic guidelines including the items that will be exempt from VAT such as food and healthcare.
This will definitely be detailed by a joint GCC committee’s recommendations by the end of summer and put for approval before by year end. The excise tax will therefore be collected as of January 1, 2017, while VAT is expected by January 1, 2018.
Representatives to discuss tax on expat remittances . . . Arab News 2016 reported that the Consultative (Shoura) Council of Saudi Arabia was expected to have a discussion last Sunday on a proposed tax on expatriate remittances. The proposal from the Council’s finance committee had been drafted by a member of the committee, according to the […]
GCC states agree on formulating framework of VAT Published by Khaleej Times http://www.khaleejtimes.com/ On 31 March 2015 The decision was taken by Under-Secretaries of the Ministries of Economy and Finance of the Gulf Cooperation Council, GCC, states have, in their 46th meeting in Doha. The decision was taken by Under-Secretaries of the Ministries of Economy […]