Tax

Sharjah Islamic Bank posts record profit of $313.1 million in 2024

Total profit from financing grew 20.6 percent, reaching AED3.7 billion in 2024

UAE, Russia sign double taxation avoidance draft agreement to boost economic cooperation

This agreement seeks to establish a stable and investment-friendly tax framework and eliminate tax barriers

Bahrain, Oman sign 25 cooperation agreements to strengthen bilateral relations

The Double Taxation Agreement aims to strengthen economic ties through improved tax collaboration

Dubai launches first-ever tax certification program in Arab world

This certification caters specifically to tax professionals employed by Dubai government entities

UAE Ministry of Finance announces key amendments to tax regulations effective January 2025

The modifications introduce various administrative reliefs and clarifications for businesses that establish Tax Groups.

UAE’s Federal Tax Authority urges businesses to file corporate tax returns by December 31, 2024

This will help them avoid administrative penalties for failing to comply with the legally mandated deadlines

Bahrain: Multinational enterprises required to pay new 15 percent minimum tax on profits starting January 1, 2025

This new framework for MNEs is fully in line with the guidelines set by the OECD

2.7 million tax free tags issued in UAE’s digital VAT refund system for tourists in H1 2024

UAE's digital VAT refund system processed 19.67 million transactions during this period

Manufacturing sector’s 9.2 percent expansion boosts Oman’s economic growth in Q1 2024

Oman's 10th Five-Year Plan aims to boost manufacturing's GDP contribution from 10 percent to 12.2 percent by 2025

UAE nationals receive $691.53 million in home construction tax refunds from FTA

This covers the period since the service was launched and until the end of the first half of 2024

Egypt targets sub-10 percent inflation by 2025-2026 as CAPMAS data shows easing price pressures

The country’s annual urban consumer price inflation slid to 25.7 percent in July from 26.5 percent in June

G20 pushes for great fortunes tax to fund climate disaster preparedness 

The G20 DRRWG meeting focused on the critical importance of financing for resilient infrastructure and early disaster risk warnings

UAE citizens can now claim VAT refunds for new home construction via new smart app

The move aims to provide the world's best government services by eliminating bureaucracy and adopting efficient models

UAE, Qatar sign double taxation avoidance agreement

The UAE has signed 146 double taxation avoidance agreements to date

Foreign banks in Dubai to pay 20 percent tax on annual taxable income

If the banks pay corporate tax, then this amount will be deducted from their total tax liability

UAE government issues 151 financial sector decisions in 2023

Sheikh Mohammed bin Rashid reviews progress and international standing

Egypt’s 50 percent minimum wage hike to take effect in March

President implements urgent social protection package amidst currency concerns, IMF talks

Saudi Arabia offers 30-year exemption from corporate income tax for regional HQs in Riyadh

200+ companies already attracted to relocate headquarters to the Kingdom