Guernsey, Jersey & Isle of Man to strike FATCA deals with US

(Dubai, 11/10/2012) The governments of Guernsey, Jersey and the Isle of Man have simultaneously announced that they are seeking to negotiate partnership agreements with the United States to implement the Foreign Account Tax Compliance Act (FATCA). The intention is that the three British Crown Dependencies will negotiate their own individual agreements which will follow the […]

Remittance Volume from UAE to China surges

(30/08/2012, Dubai) Money sent home by Chinese companies from the Middle East surged seven-fold in the first six months of the year, underscoring the deepening relationship between the UAE and the world's second-largest economy. The data came from Industrial and Commercial Bank of China (ICBC) Middle East, as its profits doubled in the region. The […]

NOV 2011 – Actual figures about Emirates Airlines

26/11/2011 – Emirates Airlines launched yesterday its service to Munich (Germany) with the flagship aircraft Airbus A380 (489 seater) as flight number EK049.The airlines actual figures are impressive:Largest A380 operator world wide with 17 aircrafts in operation, as per today.A380 destinations: Munich, London Heathrow, Manchester, New York, Paris, Sydney, Auckland, Toronto, Bangkok, Seoul, Jeddah, Johannesburg, […]

Visa red-tape hurting firms, says Dubai Chamber chief

21/11/2011 – Lengthy and costly visa applications are squeezing businesses and taking a toll on profits, the man charged with overseeing the interests of Dubai’s private sector said Monday. Bureaucratic red tape has become a burden for firms operating in the Gulf emirate, with many running up significant tabs to absorb the cost of securing […]

UAE sees first annual deflation in 20 months

21/11/2011 – Reuters: Consumer prices in the UAE dipped by 0.1 percent on an annual basis in October, their first decline in 20 months, and rose 0.4 percent from the previous month helped by a jump in food costs, data from the National Bureau of Statistics showed on Monday.Analysts have expected prices in the world’s […]

Dubai Shopping Festival to start on January 5

Dubai: The Dubai Events and Promotions Establishment (DEPE) has announced the dates for the 17th edition of the globally renowned event – Dubai Shopping Festival. The 32-day festival will be held from January 5 to February 5, 2012. Attracting millions of visitors each year, the festival showcases the region’s best in shopping, winning, and family […]

UK Tax Unit to target Middle East Property Owners

The UK government has set up a 200-member team of taxation investigators, known as the ‘affluent unit’, which will target those who own properties overseas and have not declared them for tax purposes. During the boom era, thousands of British investors bought holiday homes and investment properties, mainly in Dubai and Egypt. There will be […]

Dubai ranks high in FSI 2011

Tax Justice Network (TJN) issues a yearly Financial Secrecy Index (FSI), which combines two measurements: one qualitative and one quantitative. The qualitative measure looks at a jurisdiction's laws and regulations, international treaties, and so on, to assess how secretive it is. The assessment is given in the form of a Secrecy Score: the higher the […]

UAE Banks to adopt IBAN Numbering

IBAN system will begin November 19 but Central Bank will allow 3-month grace periodDubai: The UAE Central Bank is introducing the International Bank Account Numbers (IBAN) system for all bank customers in the UAE from November 19, according to a communication sent out to banks recently. "Banks have been communicated about the implementation of IBAN […]

Gulf plans to launch VAT currently at „technical stage“

(11/09/2011 – Reuters) Plans to introduce a value-added tax for Gulf Arab oil exporters remain at a technical stage with the timing of the long-considered project still undecided though 2012-2015 have been tentatively discussed as potential launch dates, officials said. Six Gulf Arab crude producers have been mulling the joint VAT plan over the past […]


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