Created: Jul 19, 2024 07:25 AM The creation of a new tax agency to deal with the upcoming Corporate Income Tax is to go before MPs today in the House of Assembly.A long debate can be expected over the momentous legislation, which includes the penalty of a $100,000 fine and up to two years’ imprisonment … Read more
Donald Trump reduced the corporate tax rate from 28% to 21% during his previous presidency and intends to further reduce it to 15% if elected again this year. Now, Trump proposes lowering the corporate tax rate to 15%, potentially cutting the US corporate tax rate by nearly half.In a wide-ranging interview on business and the … Read more
The UAE Federal Tax Authority has set a deadline for businesses to register for Corporate Tax purposes with licenses issued in January and February, regardless of the year of issuance. Businesses must submit their registration applications by May 31, 2024, to avoid violating tax laws. Fines will be imposed on taxable persons who do not comply with the registration deadlines.
The Investment Corporation of Dubai reported a 68% increase in net profit in 2023, reaching a record high of 60.8 billion dirhams.
Israel plans to allow more oil tankers to dock at a Red Sea port in Eilat despite environmental risks. The government wants to revoke restrictions on the amount of oil that can be unloaded at a jetty in the city, which sits near a coral reef. The curbs imposed in 2021 were eased temporarily during the Gaza war. EAPC, the state-owned company operating the pipeline, wants to receive more oil, but environmental regulators and Eilat’s mayor oppose the plan. Israel is pushing to ensure energy security amid conflicts with various groups. Netanyahu’s office recommended easing restrictions to include fuel for trade and domestic use. The environment ministry expressed concerns about the risks of more oil deliveries and cited past mishaps. EAPC welcomed the government’s U-turn, emphasizing the strategic importance of the Eilat facility for energy delivery. Israel imports most of its oil through seaborne trade, and the Emirati oil deal could be worth about million a year for EAPC. The Energy Ministry emphasized the need to handle oil deliveries properly to sustain the terminal economically.
A year has passed since the introduction of the UAE’s 9 per cent federal corporation tax.
The United Arab Emirates’ economy grew 4.3% year-on-year in the fourth quarter of 2023, with non-oil GDP surging 6.7% in the same period.
The Limassol Boat Show 2024 will take place from May 23 to 26 at Limassol Marina, featuring impressive yachts, diving and fishing equipment, cars, and various marine services. The event aims to establish Cyprus on the maritime map and develop the local shipping sector.
The helicopter that crashed in Iran, killing the president and foreign minister, was a Bell 212 model. Bell developed the aircraft in the late 1960s for the Canadian military, and it is used globally for various purposes. The Bell 212 can carry passengers, cargo, and mount weapons. Non-military organizations and countries like Japan, the United States, and Thailand operate the Bell 212. Iran’s current fleet includes Italian-built naval versions of the helicopter. The most recent fatal crash involving a Bell 212 was in 2023 off the coast of the United Arab Emirates. Iran has managed to keep its aviation fleets flying through a combination of smuggled parts and reverse-engineering. The accident does not automatically fall under global rules for air accident probes, and it is unlikely that Iran will seek outside help for the investigation.
Cyprus is playing a significant role in coordinating international efforts to deliver humanitarian aid to Gaza. The United States is involved in creating a maritime humanitarian corridor to Gaza, with the construction of a temporary pier for aid transfer. Cyprus is facilitating the use of its port facilities and leading coordination efforts with various countries, including the US, the UK, the EU, and the United Arab Emirates. The European Union is actively participating in the corridor, with discussions ongoing to increase overall assistance. The construction of a pier on the Gaza coast will enable the mass transfer of aid to Palestinians in Gaza, emphasizing that the aid will be transported through sea, land, and air routes.