Six Laws on Consumer Privacy in GCC
Introduction Before understanding the importance of the consumer privacy in today’s scenario, one must know the meaning of this both two terms. There has been rapid changes & development in the technology and their implications. Consumer privacy refers to the protection of the personal data and protection of any kind of communication between people through […]
For India, Strong Growth Persists Despite New Challenges
India remains one of the fastest growing emerging market economies Due to recent cash shortages, growth is projected to slow temporarily this fiscal year Maintaining the reform momentum is key to stronger growth India’s overall outlook remains positive, although growth will slow temporarily as a result of disruptions to consumption and business activity from the […]
India removes Cyprus as a notified jurisdictional area and new DTT enters into force
In a press release dated December 16, 2016, the Indian government announced that it rescinded Cyprus’ classification as a notified jurisdictional area (NJA) on December 14, 2016. The rescission is effective retroactively from November 1, 2013 – the date that Cyprus was previously classified as an NJA by the Indian authorities. The new double tax […]
UAE Ministry of Finance Undersecretary reiterates plan to introduce VAT by 1st of January 2018
In brief United Arab of Emirates (UAE) Ministry of Finance officials have declared during the World Government Summit the intention of all GCC Member States to implement VAT by January 1st, 2018. In detail Younis al-Khouri, the UAE Ministry of Finance Undersecretary, has reiterated the GCC Member States’ intention to simultaneously apply VAT across the […]
Bahrain: Minister of Finance signs the GCC Unified VAT and Excise Tax Treaties
In brief On 1 February 2017, the Kingdom of Bahrain signed the GCC unified VAT and Excise Treaties. The Minister of Finance stated that Bahrain is planning to introduce VAT by mid-2018 and is targeting to introduce Excise Tax by mid-2017. The normal constitutional processes will need to be completed prior to the introduction of […]
OECD publishes BEPS peer review documents for exchanges of tax rulings and country-by-country reports
On 1 February 2017, the Organisation for Economic Cooperation and Development (OECD) published documents detailing the processes for review of countries’ implementation of two of the OECD/G20 Base Erosion and Profit Shifting Project (BEPS) minimum standards. These relate to the compulsory spontaneous exchange of information amongst tax authorities of: tax rulings (the ‘transparency framework’), in […]
New rules providing 100% foreign ownership will boost investment in Bahrain
The Kingdom of Bahrain is in the process of making comprehensive changes to its corporate laws and procedures to make it easier to set up and carry out business in Bahrain. The changes will allow for easier company incorporation, the streamlining of the company administration process and the easing of restrictions on foreign ownership. A […]