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21 May 08:38 AM

Taxes

30 trucks have been released valued at EGP 14 million
12 May 11:28 AM Suez Customs collects EGP 38m of tax for 357 cars in March
Cairo – Mubasher: Suez Customs issued customs clearance for 357 private cars and trucks at a combined value of EGP 81.7 million in March. The government levied around EGP 38.2 million in customs duties, taxes, and charges imposed on these cars in …
Macroeconomics
The GCC nation’s state treasury will net annual revenue of KWD 200 million from these remittances
12 May 09:48 AM Remittances from expats in Kuwait hit KWD 19bn in 5 yrs
Mubasher: Total remittances from expatriates in Kuwait reached around KWD 19 billion over the previous five years, the financial committee of Kuwait’s parliament said. The GCC nation’s state treasury will net annual revenue of KWD 200 million from …
Macroeconomics
Amounts exceeding EGP 10,000 will be paid at banks
8 May 02:58 PM Egypt's finance ministry excludes some gov’t bodies from e-payment law
Cairo – Mubasher: Egypt’s finance minister Mohamed Maait issued a ministerial decree excluding some state-run bodies from the electronic payment law. The decree excluded several bodies from the e-payment law including economic authorities, Social …
The stamp duty was planned to be increased to EGP 1.75
7 May 01:27 PM Egypt to scrap stamp tax increase on stock trades
Cairo – Mubasher: Egypt’s finance ministry on Tuesday announced the completion of a bill to amend some provisions of Law No.76 of 2017 regarding the stamp duty tax on trading on the Egyptian Exchange (EGX). The suggested amendments, which will be …
Taxes
Alexandria Port has issued a clearance of 7,544 cars of various models
5 May 12:14 PM Egypt issues clearance of EGP 3.8bn cars in April
Cairo – Mubasher: The Egyptian Customs Authority has issued clearance of vehicles and spare parts worth EGP 3.84 billion at Alexandria Port in April, the authority’s head said on Sunday. The government levied around EGP 1 billion in customs …
Commodities
The event seeks to create a more favorable tax environment for enterprises
21 April 04:23 PM UAE elected as new vice chairman in China’s BRITACOM forum
UAE – Mubasher: The UAE has been elected as a vice chairman of the Belt And Road Initiative Tax Administration Cooperation Forum (BRITACOM), which took place in China during the period between 18 April and 20 April. Khalid Ali Al Bustani, chairman …
Global Economy
Egypt's Ministry of Finance
17 April 10:52 AM Egypt’s tax authority denies Hussein’s firing
Cairo – Mubasher: The Egyptian Tax Authority (ETA) declined rumours on firing its head Abdel Azim Hussein, according to a statement released late on Tuesday. The authority, which is affiliated to the Ministry of Finance (MoF), confirmed that …
Taxes
The state-run body raised total taxes, customs, and other fees of EGP 936 million from the import of these items
11 April 02:18 PM Alexandria Customs issues clearance for EGP 3.5bn cars, spare parts in March
Cairo – Egypt: Alexandria Customs issued customs clearance for cars and spare parts at a combined value of EGP 3.5 billion in March, the Egyptian finance ministry said in a statement. The state-run body raised total taxes, customs, and other fees …
Macroeconomics
Trade exchange between Saudi Arabia and the UAE totalled AED 32.93 billion in 2017
7 April 04:30 PM UAE-Saudi Arabia double taxation deal comes into effect
Abu Dhabi – Mubasher: The UAE’s Ministry of Finance on Sunday announced that the avoidance of double taxation agreement signed with Saudi Arabia has come into force after completing requisite procedures, according to a statement. In May 2018, the …
Taxes
Head of Tax at KPMG Al Fozan & Partners, Wadih Abu Nasr
3 April 04:59 PM Foreign firms should meet KSA's Transfer Pricing Bylaws – KPMG
Mubasher: The transfer pricing policies set by multinational corporates or foreign companies planning to establish a business in Saudi Arabia should come in line with the Transfer Pricing Bylaws, which have been recently announced by the kingdom, …
Markets Regulations
Misr Hotels exits from HOTAC on VAT crisis
3 April 02:31 PM Misr Hotels exits from HOTAC on VAT crisis
Cairo – Mubasher: Misr Hotels on Wednesday announced it will exit from the Holding Company for Tourism and Hotels (HOTAC) and will stop investing in it. This move came as Misr Hotels is currently facing obstacles with the Egyptian Tax Authority …
Taxes
Slashing the frequency of tax collection aims at alleviating burdens on banks
21 March 12:25 PM Egypt to begin quarterly-based tax collection for banks
Cairo – Mubasher: The Egyptian government has approved the amendment of gathering taxes from banks on their sovereign debt holdings on a quarterly basis, instead of a monthly basis, a senior official said. The first round of tax allocation under …
Banking and Finance
The current list comprises 5 jurisdictions
5 March 10:58 PM EU to include UAE, Oman in tax haven blacklist
Dubai – Mubasher: The EU has reportedly added 10 new jurisdictions to a draft tax haven blacklist including the UAE and Oman. Since more than a year, the list was put to target jurisdictions that are non-cooperative on tax matters. The EU envoys …
Taxes
Hiring rates increased from April to December 2018
16 February 04:40 PM VAT has no effect on hiring rates in UAE – Survey
Dubai – Mubasher: The introduction of the value-added tax (VAT) in the UAE has not impacted hiring rates, according to a survey conducted by LinkedIn. Around 84% of the respondents of human resource (HR) professionals in the UAE are still …
Taxes
The decision comes along with the GCC initiative to raise the duties in the region.
31 January 12:59 PM UAE raises duties on rebar, wire rod to 10%
Dubai – Mubasher: The UAE’s Federal Customs Authority (FCA) has increased import duties on rebar and wire rod to 10% instead of 5% in an anti-dumping step to protect the domestic steel industry. Ali Saeed Matar Al Neyadi, customs commissioner and …
Corporate Actions
Dubai not to reduce property registration fees
1 January 02:10 PM Dubai not to reduce property registration fees – DLD official
Dubai – Mubasher: Sultan Butti bin Mejren, director-general of the Dubai Land Department (DLD), affirmed that there were no plans to reduce the 4% real estate registration fees in Dubai. Dubai’s adopted incentive measures have a more in-depth …
Taxes
The Ministry of Finance
7 December 2018 11:30 PM Egypt calls upon taxpayers to catch exemption period
Cairo - Mubasher: The Egyptian Ministry of Finance (MoF) said on Friday that only 20 days remain for the 70% exemption for repaying delayed taxes. This is the second grace period according to the tax exemption law that is encouraging settling …
Taxes
The Ministry of Finance
1 December 2018 01:01 AM Egypt frees USD customs rate for luxury goods
Cairo - Mubasher: Egypt will maintain the US dollar customs exchange rate steady at EGP 16 for December, according to finance minister Mohamed Maait. The ministry of finance said in a statement on Friday that it will free the exchange rate for …
Currencies
24 November 2018 04:48 PM QNB reconcile tax dispute in Egypt
Cairo – Mubasher: The Egyptian ministry of finance announced on Friday that it has settled 65 tax disputes with the Qatar National Bank (QNB).  The desipute was regarding the stamp tax, however, the bank is taking advantage of a 90% exemption of …
Banking and Finance
The scheme entails issuing VAT refund claims for eligible tourists to recover tax
18 November 2018 00:23 PM UAE’s tax refunds for tourists start Sunday
Abu Dhabi – Mubasher: The UAE’s Federal Tax Authority (FTA) has officially started the digital system for the Tax Refunds for Tourists Scheme. The scheme entails issuing value-added tax (VAT) refund claims for eligible tourists to recover tax …
Taxes
Photo Archive
17 November 2018 05:26 PM Egypt collects EGP 6.3bn in taxes after penalty exemption
Cairo – Mubasher: The Egyptian ministry of finance has collected EGP 6.3 billion during the first phase of exemptions from late filing penalties up to 90%.  The ministry said in a statement on Saturday that more than 50,474 files have been closed …
Macroeconomics
The Ministry of Finance
16 November 2018 05:56 PM Egypt will not impose capital gains tax
Cairo - Mubasher: The Egyptian government has negated reports of considering a new capital gains tax (CGT). The cabinet’s media center said in a statement on Friday, after contacting the ministry of finance, that such news are completely …
Taxes
Photo Archive
14 November 2018 08:21 PM Egypt considers new duties on car sales
Mubasher: Egypt could soon introduce a new development fee on car sales, Enterprise first reported. The Ministry of Finance (MoF) is discussing the matter with the Ministry of Trade and Industry, as the new toll is expected to be at 10% or 20%, …
Sector Reports
Photo Archive
14 November 2018 04:52 PM Tax refund for tourists to UAE to be ready next week - FTA
Dubai - Mubasher: The UAE's Federal Tax Authority (FTA) announced that the digital system for tourists' tax refund scheme will be ready to issue and process value-added tax (VAT) refund claims for eligible tourists to recover tax incurred on their …
Taxes
illegal cigarette sales in GCC rose to 5.3% in the first half of 2018
7 November 2018 02:16 PM GCC loses $210m tax revenues from illicit cigarettes – Philip Morris
Mubasher: Illegal cigarettes have incurred GCC countries $210 million in lost revenue since the excise taxes were introduced in the region in 2017, Philip Morris International (PMI) said in a report. According to official estimates released by the …
Macroeconomics