Tuesday 26 July 2016
 
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taxes

Abu Dhabi levies airport, hotel taxes to boost revenues

Abu Dhabi is introducing taxes on airline passengers and hotel guests as it seeks to compensate for a hit to government revenues from low oil prices. Airline passengers departing from or transiting through Abu Dhabi International

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Trump open to raising taxes on wealthy Americans

US Republican presidential candidate Donald Trump said on Sunday he was open to raising taxes on the rich, backing off his prior proposal to reduce taxes on all Americans and breaking with one of his party's core policies dating back to the

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Bahrain’s cost-cutting drive ‘far from over’

With the low oil price continuing to bite, experts predict that Bahrain’s cost-cutting drive is far from over. With further cutbacks expected and even talk of new taxes, the current crisis could herald a new era of austerity in the GCC,

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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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