Monday 8 February 2016
 
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tax

Bahrain central bank warns over remittances tax move

The Central Bank of Bahrain (CBB) has warned about the fallout of taxes on remittances and other 'foreign transactions', said a report. Such a move will damage national economy and may have serious implications for Bahrain

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Saudi Arabia plans VAT in 2 years

Saudi Arabian Finance Minister Ibrahim Alassaf said the kingdom expects to introduce value-added tax in two years, aiming for a tax rate of around 5 per cent, the Saudi-owned Al-Hayat newspaper reported on Wednesday. "VAT wil

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Saudi Arabia plans VAT in 2 years

Saudi Arabian Finance Minister Ibrahim Alassaf said the kingdom expects to introduce value-added tax in two years, aiming for a tax rate of around 5 per cent, the Saudi-owned Al-Hayat newspaper reported on Wednesday. "VAT wil

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Oman Shura votes for corporate tax hikes

Oman's Shura Council, a top advisory body to the government, has voted for the biggest increases in corporate taxes in many years to offset a budget deficit caused by low oil prices, local media reported on Wednesday. Any tax

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New tax proposals to boost revenues in Bahrain

New fees, including a proposed tax on factory emissions, have been put forward by the Bahrain government’s finance head as a way of reducing Bahrain’s reliance on oil revenue. Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa w

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VAT ‘to increase cost of doing business in GCC’

The introduction of a Value-Added Tax (VAT) to GCC countries will increase the cost of doing business and compliance for firms, said 61 per cent of the respondents to a survey. This will discourage foreign direct investment (FDI), accor

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GCC states 'agree on key issues for launching VAT'

Gulf states have agreed on key issues for implementing value-added tax in the region, an official from the United Arab Emirates finance ministry said on Monday. The agreement was reached at a meeting of representatives from Gulf m

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Saudi Arabia 'approves 2.5pc white land tax'

Saudi Arabia's council of ministers has approved a proposal to apply a 2.5 per cent ‘white land tax’ on all undeveloped residential and residential/commercial plots within urban boundaries. The speed at which the l

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Solo Capital to close amid reports of Danish probe

Solo Capital Partners, a hedge fund with offices in London and Dubai, is to be closed down, according to a statement on the firm’s website, amid reports of a probe into its activities by Danish prosecutors.  

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Saudi considering subsidy cuts; VAT

Saudi Arabia may reduce energy and water subsidies for wealthy citizens, impose a value added tax (VAT) and taxes on unhealthy goods like cigarettes and sugary drinks, Deputy Crown Prince Mohammed bin Salman was quoted as saying on Wednesday.

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