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Submission: On December 06 via api from US — Scanned from CA
Submission: On December 06 via api from US — Scanned from CA
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Do not consent Save My Preferences Accept Skip to content Skip to Search December 6, 2024 * About us * Partner with AGBI Login | Register Skip navigation * GCC economic data * Bahrain economy * Kuwait economy * Oman economy * Saudi Arabia economy * Qatar economy * United Arab Emirates economy * Mena economic data * Sectors * Aviation * Artificial Intelligence * Business of Sport * Construction * Cybersecurity * Economy * Energy * Entrepreneurs * Finance * Food & Drink * Gaming * Giga-projects * Health * Industry * Infrastructure * Logistics * Manufacturing * Markets * Oil & Gas * Real Estate * Retail * Sustainability * Tax * Tech * Telecoms * Tourism * Trade * Transport * Middle East * All Middle East * GCC * UAE * Saudi Arabia * Bahrain * Kuwait * Oman * Qatar * Dubai * Abu Dhabi * Turkey * Egypt * Jordan * Lebanon * Opinion * All Opinion * All Writers * Frank Kane * Hussain Al Alawi * Austyn Allison * Simon Chadwick * Lucy Chow * Andrew Cunningham * Chris Doyle * John Grant * Sami Hamdi * Katy Holmes * Martin Keulertz * Matein Khalid * Scott Livermore * Alex Malouf * Robin Mills * Dr Nasser Saidi * Analysis * Interviews * Topics * Blockchain * Cryptocurrency * Electric vehicles * Food security * Hydrogen * IPOs * Islamic finance * Israel Hamas War * M&A * Metaverse * Neom * Opec * Red Sea Global * Robotics * Saudi Vision 2030 * Space * Ukraine-Russia war * Water * Lifestyle * People * Work / Life * Entertainment * Arts * Education * World * Africa * Asia * Europe * North America * Latin America * About us * Partner with AGBI * Authors * Executive Team * Login * Register with AGBI * Energy * Construction * Finance * Transport * Tech * Sport * Opinion * Analysis * Economic Data All sections * Finance OECD RATES UAE’S FREE ZONE CORPORATE TAX ‘NON-HARMFUL’ By Pramod Kumar February 11, 2024, 6:24 AM * * * * REUTERS/Phil Noble The UAE’s free zone corporate tax regime was evaluated and confirmed to align with global initiatives to prevent tax avoidance and harmful tax practices The UAE free zone corporate tax (CT) regime has been recognised as ‘non-harmful’ by the Paris-based policy forum Organisation for Economic Co-operation and Development (OECD), the Gulf state’s finance ministry said. The findings were disclosed in the results from an October 2023 meeting on harmful tax practices, the UAE state-owned Wam news agency reported. The rating is part of the OECD’s comprehensive review of 322 taxation regimes worldwide. According to the findings, the UAE’s free zone corporate tax regime was evaluated and confirmed to align with global initiatives to prevent tax avoidance and harmful tax practices. “The OECD rating of ‘non-harmful’ is a testament to the UAE’s commitment to transparency, non-harmful taxation, and the implementation of best practices in tax policy,” said Mohamed Hadi Al Hussaini, minister of state for financial affairs. The ministry remains dedicated to further refining the country’s nation’s tax framework, ensuring its economic diversification and development, he added. The UAE introduced its nationwide corporate tax regime in 2023 as a strategic move designed to accelerate the UAE’s development and transformation, aligning with its long-term strategic objectives to diversify its economy. As per the finance ministry, corporate tax rates are zero percent for taxable income up to AED375,000 ($100,000) and nine percent for taxable income above AED375,000. Free zones are central to the UAE’s economic growth, attracting foreign direct investment and fostering a favourable business environment. The recognition by the OECD comes as AGBI reported last week that the UAE has made “positive steps” to meet anti-money laundering and terrorism funding standards and is likely to be removed from an international grey list later this month. Experts say this will provide a major boost to the Gulf state’s economy. The country was placed under enhanced supervision – known as the grey list – in March 2022 after the Financial Action Task Force (FATF) cited “strategic deficiencies” in the systems it uses to counter financial crime. A decision on the UAE’s grey list status is expected to be made on February 23. RELATED CONTENT: * Economy * Finance * Tax * Opinion * Trade GULF IS NOT IMMUNE TO TRUMP’S TARIFF THREATS President-elect’s de-dollarisation warnings are likely to flounder amid complex economic realities December 5, 2024 * Food & Drink DUBAI TO REINTRODUCE 30% ALCOHOL TAX Dubai will reintroduce the 30 percent sales tax on alcohol in January, according to an email sent by a local alcohol distributor to venues in the city. The correspondence sent by MMI, which also operates off licences in the city, said: “Please note, Dubai Government have informed us the 30 percent municipality tax on alcoholic […] December 5, 2024 * Banking & Finance EDB HAILS $305M IN FINANCING FOR AGRICULTURE BUSINESSES One dirham in 12 lent by Emirates Development Bank in the past three years has gone into financing for agriculture technology and food production businesses, the bank said on Thursday. EDB said the AED1.12 billion ($305 million) of loans represent 8 percent of the AED14.72 billion of financing it has provided since April 2021. It […] December 5, 2024 TRENDING 1. DUBAI TO REINTRODUCE 30% ALCOHOL TAX December 5, 2024 2. OMAN’S OQBI POISED TO MAKE MUSCAT BOURSE DEBUT December 5, 2024 3. EGYPT TO LIST MILITARY-LINKED COMPANIES SAYS PM December 5, 2024 LATEST ARTICLES * Oil & Gas OPEC+ DELAYS OIL OUTPUT HIKE UNTIL APRIL Opec+ on Thursday pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026 due to weak demand and booming production outside the group. Cuts had been scheduled to begin unwinding from October 2024 but a slowdown in […] 6 hours ago * Agriculture ALMARAI TO FORAY INTO FOOD SEGMENTS BEYOND DAIRY Almarai, the largest dairy producer in Saudi Arabia, will launch seafood and red meat facilities to help achieve the Vision 2030 goal of becoming food self-reliant. The company is building domestic production facilities for seafood and beef and lamb, which will become operational in two years, Bloomberg reported, citing CEO Abdullah Albader. In March, Almarai […] 7 hours ago * Markets OMAN’S OQBI POISED TO MAKE MUSCAT BOURSE DEBUT Oman’s OQ Base Industries will debut on Muscat’s bourse on December 15 after the state oil company subsidiary completed a $489 million initial public offering. OQBI, the third OQ unit to float since March 2023, has offloaded 49 percent of its shares. Of the shares sold, 30 percent went to institutions, 40 percent to retail […] 9 hours ago * Manufacturing TURKISH ARMS EXPORTS UP 19% YEAR ON YEAR Turkish defence companies have posted another record-breaking year for exports, with a 19 percent increase year on year and sales to 178 countries. Sales from January to November this year have already eclipsed 2023’s total of arms and equipment shipments to overseas clients, reflecting the arms industry’s technical developments and broader product range. Defence and […] 9 hours ago Sign up to our newsletter First name Last name Email address By ticking this box you agree to our Terms & Conditions. 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