Monday 29 August 2016
 
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VAT

China fines Ritz-Carlton, others for raising prices after VAT rollout

China slapped fines of more than $300,000 on the Ritz Carlton and Crowne Plaza hotels in Beijing, along with four other companies for using recent tax reforms to justify price increases. The country's top economic regulator, t

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VAT ‘will lead to higher inflation rates across GCC’

Introducing the Value Added Tax (VAT) will lead to higher inflation rates across the GCC, according to financial and investment professionals in the UAE. This is one of the results of a survey undertaken by the CFA Society Emirates, the

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Firms ‘can claim credit for VAT paid on expenses’

Value-added tax (VAT) will affect sales of goods and services in Bahrain with limited exemptions and consumption tax relief, an expert said, adding that there will be a right for businesses to claim a credit for VAT paid on their business expens

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‘Minimal understanding’ of VAT impact among CFOs

While a majority of CFOs in the GCC expect to see some level of impact upon their business with the introduction of value-added tax (VAT), nearly half of them have only a “minimal understanding” of the impacts associated with the tax

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KPMG Bahrain to host seminar on VAT

KPMG in Bahrain is organising a seminar on value-added tax (VAT) next week to discuss the imminent introduction of VAT and its implications on the business environment in the kingdom. The event will be held on June 5 at the Diplom

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VAT likely to increase inflation rates across GCC

The introduction of value added tax (VAT) will increase inflation rates across the GCC, according to one-third of investment professionals, while over a quarter said that it will increase the cost of doing business, a report said.

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A head start on the transition to VAT in GCC

Although the introduction of value added tax (VAT) in the GCC in 2018 may seem like a long way off, there are sensible ways businesses can start preparing now – by assessing how it will impact them, according to experts. Exp

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Egypt targets higher growth, deficit reduction

Egypt promised tough action to restore growth with a government programme that aimed to reduce the budget deficit while protecting the poor as public anger mounts over a deteriorating economy. Prime Minister Sherif Ismail, reading

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UAE to introduce 5pc VAT from Jan 2018

The UAE plans to introduce a 5 per cent value added tax (VAT) from January 1, 2018, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, has been quoted as saying. In the first year, the country is expected to earn Dh12

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Low rate ‘to ease impact of VAT on UAE firms’

The introduction of value-added tax (VAT) in the UAE may intensify the cost of doing business in the country, but the anticipated low rate of 5 per cent should mitigate this, according to industry experts. What will help businesse

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