Dubai Tax-Free Zones To Enhance Cooperation
The Dubai Multi Commodities Centre (DMCC), a free trade zone in the United Arab Emirates, announced on June 29, 2016, the signing of a Memorandum of Understanding with Economic Zones World, the parent company of the Jebel Ali Free Zone Authority (Jafza). The purpose of the memorandum is to enhance trade and explore new collaboration […]
Abu Dhabi Free Zone Signs MoU With Paris Financial Market Agency
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) on July 5, 2016, signed a Memorandum of Understanding (MoU) with Paris EUROPLACE, the organization in charge of developing and promoting the financial marketplace in Paris. The MoU is intended to enable closer collaboration on possible joint financial activities and common interests […]
Middle East & Africa set to see growth of 3.4%
DUBAI: The International Monetary Fund on 19.07.2016 raised its 2016 growth forecast for the Middle East and North Africa after a rebound in oil prices, but maintained its cautious outlook for Saudi Arabia. The region, along with Afghanistan and Pakistan, is set to see economic growth of 3.4 percent this year, better than a previous […]
Saudi Arabia: Study identifies key elements for Vision 2030’s positive success
RIYADH: A researcher has defined three key elements in the differences and similarities between the policies of the positive representation the United States has adopted during its renaissance in over 50 years of progress, and the Saudi Vision 2030 launched by Deputy Crown Prince Mohammed bin Salman, noting that the assets of the Kingdom at […]
Kingdom of Saudi Arabia vision explained at G-20 meet
BEIJING: Minister of Labor and Social Development Mufrej Al-Haqabani on Tuesday explained here, before the G-20 meeting of ministers of labor and employment, Saudi Vision 2030 as well as the third version of the annual report on the Saudi labor market. The minister said Vision 2030 would provide meaningful employment opportunities to ensure quality productivity […]
Singapore: Tax Treaty updates
Update India-Singapore treaty The 2005 Protocol to the India-Singapore treaty (the ‘2005 Protocol’) provides for exemption of Indian tax on gains from the alienation of shares in an Indian company by Singapore residents, subject to certain conditions being met. However, this exemption is contingent upon the availability of similar benefit to a tax resident of […]
Protocol to the Double Tax Treaty between China and Bahrain entered into force
China and Bahrain signed a Protocol to the China-Bahrain double tax treaty (DTT) (the Protocol) on September 16, 2013. In May 2016, China’s State Administration of Taxation (SAT) issued SAT Public Notice [2016] No.31 to announce that the Protocol entered into force on April 1, 2016 and will be applicable to the income derived on […]
Singapore: 2016 Budget Updates
The 2016 Budget Statement was delivered by Finance Minister Heng Swee Keat on March 24, 2016. Proposed changes include: An increase in the corporate tax rebate for Years of Assessment (YAs) 2016 and 2017 (income years 2015 and 2016) from 30% to 50%. The rebate amount remains capped at 20 thousand Singapore dollars (SGD) per […]