Saudi Arabia second country to endorse WTO treaty
RIYADH: Saudi Arabia has completed the process for endorsing the WTO Trade Facilitation Agreement. The Kingdom is the second country to endorse the treaty, according to the Ministry of Commerce and Investment, local media reported on 15.06.2016. Minister of Commerce and Investment Majed Al-Qassabi said on 14.06.2016 that the agreement is one of the most important […]
GCC to discuss introduction of taxes
The Financial and Economic Cooperation Committee in the Gulf Cooperation Council will hold an extraordinary meeting in Riyadh, Saudi Arabia, 24.05.2016 to discuss the introduction of taxes. The official Saudi Press Agency (SPA) reported that the meeting will discuss a number of topics, including the recommendations regarding the draft of a unified agreement on value added tax (VAT) and selective […]
India announces sweeping reforms to FDI rules
New Delhi: India announced on 20.06.2016, sweeping reforms to rules on foreign direct investment, opening up its defence and civil aviation sectors to complete outside ownership and clearing the way for Apple to open stores in the country. The move comes two days after central bank governor Raghuram Rajan, a darling of financial markets but […]
Extension of the grace period of implementing the revised UAE Commercial Companies Law
This is an update to the attached Tax alert sent on June 9, 2016 with regard to the grace period of implementing the revised UAE Commercial Companies Law (CCL) that was coming to an end in June. The UAE Cabinet recently approved a proposal by Sultan bin Saeed Al Mansouri, Minister of Economy, to extend […]