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DIFC sets up Dispute Settlement Authority

Amendments to the laws governing the Dubai International Financial Centre (DIFC), a free zone in Dubai recently announced by Mohammed bin Rashid Al Maktoum, the Vice President of the United Arab Emirates and ruler of Dubai.

The amendments include the establishment of a disputes settlement authority and the new authority will be an independent corporate body that will carry out its duties without the intervention of any DIFC authorities. It will be headed by the chairman of the Centre’s Courts.

Disputes settlement authority will comprise three bodies: the DIFC Courts, an arbitration body, and “any other subsidiary committees or institutions established under the laws and regulations of the DIFC.”

The UAE’s Vision 2021 invites for the implementation of an effective and sophisticated disputes settlement regime as part of a strategy to make the country a top global business center.

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UAE economy set for a sustainable boom

According to the Institute of International Finance (IIF) solid fundamentals and non-oil sectors drive GDP growth. The UAE economy grew 4.7% in 2013, supported by higher oil production. This growth trend is forecast to continue into 2014 supported by strong non-hydrocarbon growth.

The IIF economists have forecast a non-oil sector growth of 5.2% while the overall UAE economic growth is expected to moderate to 4.2% this year due to a decline in oil revenues, While Dubai’s GDP is expected to grow in excess of 5%, Abu Dhabi’s economy is projected to grow 3.6% this year.

Strong non-oil sector growth indicates by leading financial indicators such as real estate prices, equity market valuations, business confidence index and the evolution of credit default swaps (CDS). Dubai’s sovereign CDS spreads declined from 226 basis points (bps) in 2012 to 181 at the close of the first quarter of this year indicating improved market confidence in government debt and creditworthiness of Government Related Entities (GREs).

The IIF has cautioned Dubai against further build-up in public debt. While Dubai’s $20 billion debt refinancing agreement with the Central Bank of the UAE and the Government of Abu Dhabi has eased the debt servicing burden.

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New Automatic Information Exchange Standard

OECD (Organization Economic Co-operation and Development) has been endorsed the Declaration on Automatic Exchange of Information in Tax Matters with all 34 Organization of member countries, along with Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia,Saudi Arabia, Singapore and South Africa.

The declaration commits the signatories to implement a new single global standard on automatic exchange of information. The OECD lay out its plans for a new global ‘common standard of reporting’ for the automatic exchange of tax information among countries earlier this year. To report information to authorities in their own jurisdictions, the common reporting standard will need financial institutions and brokers and this information will in turn be passed on to other relevant countries automatically. The OECD and the G20 group of leading global economies was developed the standard

The OECD will deliver a detailed Commentary on the new standard, as well as technical solutions to implement the actual information exchanges, during a meeting of G20 finance ministers in September 2014.

G20 governments have regulated the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes to monitor and review implementation of the standard.

OECD said “More than 60 countries and jurisdictions have now dedicated to early adoption of the standard, and additional Global Forum members are expected to join this group in the coming months”

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UAE mulls ‘Golden Visa’ for businessmen

A senior government official at the Dubai immigration department said “The UAE is considering issuing a separate visa for businessmen”.UAE’s Ministry of Interior considered the ‘Golden Visa’ at the federal level.

Major-General Mohammed Ahmed Al Marri, Director-General of the General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai, stated “The Ministry of Interior is studying the proposal to issue ‘Golden Visa’ for businessmen and we are looking to implement it at the federal level… the future will be different and things are subject to changes and modification to obtain visitors satisfaction.”Al Marri didn’t reveal other details such as the duration and costs of the ‘Golden Visa’.

The ‘Golden Visa’ boosts investor emotions and draws foreign investments in the countries. The issuance of ‘Golden Visa’ in UAE will also meet the much-awaited demand of the local business community to have a longer-term visa to boost the FDI.

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Dubai Investment International eye expansion in Asia, Africa

Dubai Investments International, an investment firm listed on the Dubai Financial Market, a wholly owned subsidiary of Dubai Investments, is looking at worldwide expansion, especially into Asia and Africa. In addition to joint ventures and strategic partnerships across Africa and Asia, the company is also seeking commercial projects in some Middle Eastern countries, Dubai Investments announced in a statement.

Dubai Investments International is also in advanced stages of negotiations with prospective business partners in Libya and Erbil in Kurdistan, Iraq to create an industrial, commercial and residential business park similar to Dubai Investments Park and duplicating the business model in the respective countries
Further, DI International is working deeply with relevant government authorities to attract investments as also international firms to set up industrial units within these business parks.

Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, said: “The setting up of Dubai Investments International was the first step in our strategy to expand our global footprint in key markets.

“Our plans are in place and we are in advanced negotiations with leading strategic players on investment opportunities across diversified sectors in the existing and new geographical locations across the globe to consolidate our position as an important international player. We are now in the process of setting up agencies and representative offices across strategic markets.”

He also added “We will use our expertise, business plans, and networking tools to build similar facilities in other locations too,”

>DI’s exports have surged over 129 per cent over the last five years, and the DI International’s growth plans will further leverage its global footprint in a big way. The company is focusing investments in existing and new businesses in international markets, with particular focus on Gulf, Middle East and Africa

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Treaty News

 

  • Switzerland – Argentina: New Tax Treaty Signed

 

 

 

  • Jordan, Sudan sign 19 agreements

 

 

 

  • Luxembourg and United States Sign FATCA Agreement

 

 

 

  • Singapore – Sri Lanka: Tax Treaty Signed

 

 

 

  • Malta – Moldova: Tax Treaty Signed

 

 

 

  • Guernsey – Monaco: Tax Treaty Signed

 

 

 

  • Hong Kong – Qatar: Provisions of Tax Treaty Become Effective

 

 

 

  • Cayman Islands – Seychelles: Tax Information Exchange Agreement Signed

 

 

For more details reach us at [email protected]

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68th Congress of the International Fiscal Association

Intuit team will be participating in 68th Congress of IFA. It will be held in Mumbai between 12 – 17 October 2014. We would glad to schedule a meeting, if your firm is participating in this program.

Please free to contact us, if you need any assistance to register. The website for the program is www.ifa2014mumbai.com

For more details reach us at [email protected]

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FDI expected to increase over next five years

In 2013, the foreign direct investment (FDI) grew by 8% globally at a value of $1,461 billion. According to the Foreign Direct Investment Report 2013, it is expected to increase at least 10 % annually in the next five years.

The report, which is developed by FDI Intelligence, a division of the Financial Times and released on the first day of Annual Investment Meeting 2014 in Dubai, aims to provide a comprehensive insight into FDI trends in theemerging market.

The Annual Investment Meeting 2014 was inaugurated by Vice President andPrime Minister of the UAE, Ruler of Dubai at the Dubai International Convention and Exhibition Centre where it was attended by representatives of official delegations from more than 110 countries.

Greenfield projects

Investment is greenfield projects is expected to be a major trend in global FDI, according to the report. In 2013, global greenfield FDI increased by 5.9 %. This result demonstrates that despite a challenging time for investments portfolio, long-term FDI is continuing to grow.

The report also released that Greenfield FDI in the emerging markets grew by 14.6 %  in 2013 and these markets account for 74 %  of Greenfield FDI and 60.5 % of the global Greenfield FDI flows.

According to Investopedia, Greenfield FDI is a form where a parent companystarts a new venture in a foreign country by constructing new operational facilities from the ground up. Besides building new facilities, most parent companies also create new long-term careers within the overseas state by getting new staff members.

The report forecast that the emerging markets will continue to attract over half of FDI flow, North America is expected to grow the fastest over the period with strong growth in energy investments.

Africa and the Middle East are also expected to achieve strong growth in inward FDI of at least 10 % per annum over the next five years as FDI in Middle East recovers on the global financial disaster along with political lack of stability.
Outward FDI from the Middle East is also expected to recover and therefore the region can expertise the fastest growth in outward FDI flows out of any region.

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New UAE investment law to boost GDP

According to Sultan Al Mansouri, UAE Minister of Economy, the upcoming release of UAE Investment Law by the end of this year is expected to boost the UAE’s Gross Domestic Product (GDP) between 3 to 4%. Once implemented, the new laws would strengthen the legal infrastructure and boost the economy. This would encourage businessmen and investors to be more active and creative.

On the sidelines of the Annual Investment Meeting 2014, Al Mansouri explained that the new law can enhance the overall investment and business environment across the UAE.

Al Mansouri said “Major changes have been made in the new version of the Investment Law which can facilitate the UAE markets become more favourable for foreign investments in most non-oil sectors, especially tourism, real estate and financial sectors.”

To boost the overall business environment, the UAE government intends to upgrade its legal infrastructure by revising tens of laws and regulationsincluding a company law, an investment law, a bankruptcy law, a competitiveness law, an arbitration Law, and also an intellectual property law, and others.

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Kuwait Prepares To Sign FATCA IGA

Kuwait’s Ministry of Finance has expressed its desire to sign a Model 1 Intergovernmental Agreement (IGA) to assist banks comply with the United States Foreign Account Tax Compliance Act (FATCA).

FATCA demands Foreign Financial Institutions (FFIs) in order to report to the US Internal Revenue Service (IRS) information on assets of USD50,000 or more held by US taxpayers, or perhaps by international entities during which US taxpayers hold substantial ownership interest. Failure of an FFI in order to publish details could result in a 30% withholding tax currently being levied on US source payments, and may result in the potential loss of correspondent banking relationships.

The Kuwaiti finance ministry explained that it has established a committee created from  representatives of the ministry’s tax department, the Foreign Ministry, the Central Bank of Kuwait, and the Kuwait Banking Association to arrange for the signing of the agreement.

The committee has told financial institutions to disclose information on their American clients, and has informed them that they must register with the IRS before May 5, 2014. When an IGA is signed it will enable the process of transmitting data to US authorities through a centralized authority in Kuwait.

The finance ministry’s statement pointed out that 26 European countries have signed FATCA agreements with the US, and 19 other countries are in the final stages of negotiations.

For more details reach us at [email protected]

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