Friday 12 February 2016
 
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taxes

Turkey hikes tax on tobacco; energy prices up

Turkey has hiked taxes on tobacco and alcohol for the new year, while its energy market regulator has also increased electricity prices as of Jan. 1 to fund investment and production. Taxes on alcoholic beverages including beer, g

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GCC states urged to introduce taxes

GCC needs to bring in taxes and do away with subsidies by 2020 to ensure fiscal sustainability, a leading thinker has warned. Iraq Energy Institute founder and director Luay Al Khatteb said the GCC countries can no longer rely solely on oil re

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Big US firms hold $2.1trn overseas to avoid taxes

The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid US taxes and would collectively owe an estimated $620 billion in US taxes if they repatriated the funds, according to a study released on Tu

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Mena govts ‘eyeing new taxes to meet budget’

Mena governments are considering new tax measures to broaden their revenue base and increase tax yields in a bid to preserve economic stability and continue with development plans, according to experts at a recent summit in London.

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Importers ‘misusing Bahrain’s FTA with US’

Importers in Bahrain have been accused of trying to misuse the kingdom's Free Trade Agreement (FTA) with the US to avoid paying taxes, a report said. Bahrain's Sea Ports Customs Affairs directorate recorded 100 trade viola

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Bahrain offers big benefits for the elderly

The elderly in Bahrain will enjoy a massive 50 per cent reduction of fees on a wide range of services including construction, property deeds and municipal taxes on renting houses and flats, a report said. The elderly will be suppl

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Jordan approves steps to reduce deficit

The Jordanian cabinet approved an austerity package that includes plans to raise taxes on banks and mining firms but avoids controversial fuel and electricity price rises to hold down the rise in the budget deficit, officials said on Sunday.

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Apple 'avoiding billions of dollars in taxes'

Gadget giant Apple is avoiding billions of dollars in taxes by setting up small offices around the world to collect and invest the company's profits, The New York Times reported yesterday. The report said an office in Reno, Nevada, whe

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Saudi tobacco imports up 57pc in 2011

Saudi Arabia imported 57,838 tonnes of tobacco in 2011 valued at SR3.3 billion ($880 million), marking a rise of 57 per cent over the figure for 2009, which reached SR2.104 billion, said a report. The import volume was considered to be ver

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Obama makes job, tax case to big donors

President Barack Obama made the case for his re-election and his jobs plan at two big-ticket fundraisers on Thursday, emphasising the importance of higher taxes to pay for his $447 billion proposal. "We can pay for it in a way that is res

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