“We’re not talking about taxes,” Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre and part of the three-member Dubai Supreme Fiscal Committee (DSFC), said. “The local government doesn’t have the authority to impose taxes,” he said, adding that that was a decision to be taken by the federal government.
Taxing expats = axing expats -
A tax-free environment in the GCC has attracted many people to work here but this may change if taxes were to come into force, say experts.
Qatar has taken the bold step of imposing taxes on profits generated by foreign companies. Kuwait had done so a long time ago. For years, some Gulf Cooperation Council (GCC) countries have also been discussing the idea of introducing value added tax (VAT).
Until recently, some GCC countries were classified as tax-free heavens. This attracted huge foreign capital, including hot money which played a major role in GCC stock market speculation. The substantial amount of foreign capital also played an effective role in implementing large development projects.
Therefore, the tax issue is an important factor that is directly related not only to foreign capital, but also to keeping local capital inside the country.
In this regard, tax and fees play an important role in the economies of many countries. Taxation is one of the key components for revenue in industrial countries’ annual budgets. In such countries, the types and rates of tax can influence formal laws and legislation.
Expats in the GCC are the most likely to repatriate their property wealth, with very few investing in property in their host country. In GCC, 75 per cent of expats invest in their country of origin compared to 0 per cent investing in their HOST country.
Emerging economies have scored higher than their European counterparts as wealth hotpots when looking at economic factors including earnings, career development, improved economic outlook and the ability to save the survey showed.
In poorer developing countries, various taxes, as well as income tax, are imposed despite the lack of necessary tax regulations and controls to manage the complex process. This leads to tax evasion.
Taxation is considered a new experience for GCC countries who since the discovery of oil have financed their annual budgets and development programmes using oil revenues. However, it seems like this phase will soon come to an end.
President His Highness Sheikh Khalifa bin Zayed Al Nahyan on Thursday welcomed at Al Mushrif Palace Her Majesty Queen Elizabeth II, who is currently visiting the UAE.
The President and Vice-President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum were at hand to shake hands with Her Majesty upon arrival at the Palace.
Her Majesty was accorded red-carpet welcome and then she and her host Sheikh Khalifa proceeded to the dais of honour where the British royal anthem was played as the Artillery fired 21 rounds in salute of the Queen who then inspected a Guard of Honour.
- civil nuclear deal is expected to be signed between the UAE & UK during the visit of HER MAJESTY
Forty per cent of UAE school students in their early teens are in the country’s ever-growing list of smokers, a senior health official has said.
In a presentation made at the the 20th session of the Gulf Committee of Tobacco Control in the Saudi capital Riyadh, Dr Wedad Al Maidoor, team leader of tobacco control at the UAE Ministry of Health said the figure grew from 24 per cent in 2005 and covered students of both sexes in the 13-15 year age group, reported Sharjah-based Arabic daily Al Khaleej.
Indians top drink-driving offenders’ list in Dubai,
Indians topped the list of offenders by logging 38.68 per cent.
UAE nationals were the next in the list with a share of 13.6 per cent that saw one death and four injuries.
Filipinos were the third with 10.5 per cent of drink driving accidents with four crash-ups that lead to five people getting injured.
Pakistanis came next with the same share of 10.5 per cent causing four accidents and injuries. They were followed by Iranians who caused 7.8 per cent of the accidents resulting in three injuries.
Egyptians and Palestinians cased 3.6 per cent each of the road accidents due to drink driving.
However, the number of accidents caused by drivers who were inebriated climbed down to 38 compared with 55 last year. Most of these accidents occurred during night times
Festive day & Holidays have started, and Dubai Metro has extended its operating hours to cater to increased demand during Eid holidays. From Monday to November 20 (Saturday) Metro will operate from 6am until 1am.
However, trains on November 19 will operate from 1pm to 1am,
Similarly, all major bus stations will remain open from 5am to midnight during the Eid holidays and vehicle parking in the paid zones will also be free from November 15 to 19.
The trains will halt at each station for about 20 seconds and the frequency of the trains will be every eight minutes from 6am to 4pm and every six minutes after 4pm until late night which is the peak time.
A maximum of 22 trains will serve passengers during the holidays.
The RTA official warned commuters to abide by the rules of safety and security in the Metro stations and on board the trains and buses as these regulations have been adopted for the safety of everyone.
While the rain & beautiful weather is prevailing across northern emirates people are advise to exercise caution while on roads.
from January 2, 2011 Citizens of Canada need to apply for visa to visit or work in the UAE.
“There is a lot of movement between the two countries, which was helped by the visa on arrival facility in the UAE. The UAE has full rights to impose a visa requirement as Ottawa does,”
Ottawa, the capital of Canada where the UAE embassy is located, It is not yet clear if Canadian passport holders can avail of the UAE visa facility by post.