Tuesday, August 22, 2017

Local News

Experts unsure how VAT will apply to jewellery sales

It’s still unclear how VAT will apply to the purchase of jewellery like gold in the UAE. That’s according to industry experts, who say they’re not sure whether jewellery itself will be taxed or the production cost of it. Since ornaments do not come under the ‘basic goods’ category, the ...

Read More »

Emirates NBD CEO: No more jail-time for bounced cheques

People should no longer be held criminally liable for bounced cheques in the UAE. That’s the message from the CEO of Emirates NBD, who told Dubai Eye’s Business Breakfast that the country needs to take more steps to break its heavy ‘cheque habit.’ Shayne Nelson also said that landlords and consumers ...

Read More »

UAE excise tax law on ‘harmful’ products capped at 200%

A new law on excise tax has been issued by UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan. It will be imposed on select products determined by the UAE’s Council of Ministers and suggested by the Minister of Finance. Rates that do not exceed 200% of the price will ...

Read More »

UAE diesel shipment to supply electricity to over 45,000 Yemeni households

The UAE’s diesel shipment will help improve power generation and supply electricity to more than 45,000 households in the Yemeni governorate of Shabwa. According to national news agency WAM, Emirates Red Crescent’s (ERC) has provided 36,000 litres of diesel fuel to the Public Corporation for Electricity (PCE) in Shabwa.  Yemeni officials have thanked ...

Read More »