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taxation

Taxing times: Saudi clarifies penalties for tax violations

A penalty of up to 50,000 Saudi riyals ($13,332) will be imposed for violations related to excise tax, the General Authority of Zakat and Tax in Saudi Arabia has said.

Failing to submit a VAT return within the specified period leads to a fine between 5 percent and 25 percent of the tax value that should have been declared, the law states.

Wednesday 18 October 2017- ZAWYA
iran

Factbox - Iran's deals with foreign firms since easing of sanctions

Iran has signed a flurry of deals with foreign companies since the easing of international sanctions on Tehran in 2016 after it agreed to limits on its disputed nuclear programme.

But U.S.-Iranian tensions are rising again after President Donald Trump unveiled a more confrontational U.S. policy towards Tehran, including an announcement that he will decertify the 2015 nuclear deal reached under his predecessor Barack Obama.

That would open a 60-day window in which the U.S. Congress could re-impose sanctions, which could undo the agreement.

Tuesday 17 October 2017- Reuters News
taxation

More jobs, more money: Tax officials set for a boost as VAT deadline looms

With the date for the introduction of VAT in the GCC just over 11 weeks away, tax specialists in the region are seeing a healthy rise in salaries, as industry experts predict the new taxation system will lead to the creation of thousands of new jobs.

“Candidates who are VAT specialists can expect to be paid well given the demand for their skill set and the shortage of qualified candidates with it,” said Andy Georgeson, senior consultant at Michael Page Finance.

One tax expert has predicted that around 5,000 finance and accounting jobs would be generated in the run-up to VAT, while recruitment insiders say this could be even higher.

“I would now suggest that is a significant understatement,” Trefor Murphy, CEO of Dubai-based recruitment firm Cooper Fitch told Zawya.

Monday 16 October 2017- ZAWYA
saudi arabia

Saudi's decree on women driving: More than three quarters of Saudi approve of female driving decree - survey

On Sunday, the results of a new survey conducted by YouGov, an international market research company, said that one-fifth - 20 percent - of Saudi respondents said they were happy with the decision, followed by 19 percent who said they were indifferent, 12 percent said they were shocked while 10 percent said they were excited and another 10 percent said they were relieved by the decision.

 On the other hand, those who opposed the decision listed reasons such as concerns about safety and cultural traditions. Thirty three percent of opponents said that there would be “too much freedom in society”, according to a press release announcing the results.

Sunday 15 October 2017- ZAWYA
culture

My Salaam: Our guide to the issues shaping the lives and lifestyles of young Muslims around the world

My Salaam has always been in the forefront of celebrating Arab women in sports. This week, we featured a champion. Amna Al Qubaisi is definitely not afraid to #drivelikeagirl. Shattering regional stereotypes, the Emirati race driver is making her mark in the record books by becoming the first Arab woman to compete in Formula 4 next season.

Have you heard of Mumm? Well, that’s a food delivery startup providing an income for women in Egypt. Started by thirty-two-year-old entrepreneur Waleed Abdel Rahman Mumm is not your usual delivery service: Instead of teaming up with fast-food restaurants, Waleed partners with amateur or professional chefs to deliver fresh, home-cooked meals to patrons in Egypt.     

October is Vegetarian Awareness Month, and it ends with World Vegan Day on 1 November. To celebrate, we’ve rounded up some of the tastiest vegetarian meal options in the UAE that you can try.

Saturday 14 October 2017- ZAWYA
islamic finance

Salaam Gateway: All the latest news, insights from the global Islamic economy

Dubai Islamic Bank, the UAE's biggest Shariah-compliant bank by assets, reported a 9.7% rise in net profit to reach $898.9 million for the nine months ending September 30 compared to the same period last year.

Dubai International Financial Centre has opened a public consultation process for its proposed trust law and foundation law for both the conventional and Shariah-compliant sectors.

Malaysia is largely self-sufficient in poultry meat and eggs but the nation has to import most of its beef, lamb and mutton. In 2015 the country set a target of 50 percent self-sufficiency in beef by 2020. How far away from this target is it?

Friday 13 October 2017- ZAWYA
education

Artificial intelligence: GCC schools show more interest in adopting education technology-CEO

The Gulf region is showing more interest in adopting new technologies in the education sector, a chief executive officer (CEO) of a UAE-based education software company said.

Investors could be inclined to access the education technology (EdTech) sector in the Middle East - where many countries are facing budget constraints - because it can offer cheaper and more efficient methods for teaching students.

Thursday 12 October 2017- ZAWYA
environment

Conservation contemplation: UAE announces priorities of new climate change plan

The Ministry of Climate Change and Environment will look at efforts being made to adapt to changing climate conditions in four industries - energy, public health, environment and infrastructure.

It will also identify any gaps in climate adaptation plans and raise awareness in these sectors by developing and implementing a training programme.

Wednesday 11 October 2017- ZAWYA
uae

Small change: Dubai, Saudi in push to help support SMEs

Small and medium-sized enterprises are the backbone of most economies in the Middle East. In a show of support for the vital sector, a number of high profile initiatives were announced on Monday.

Dubai Startup Hub: The new Market Access programme aims to help generate more deals between start-ups, SMEs, leading companies, and government entities in Dubai.

Saudi Arabia's Public Investment Fund: A new 4 billion riyal ($1.07 billion) "fund of funds" aims to support the growth of SMEs and create 58,000 jobs by the end of 2027.

Tuesday 10 October 2017- ZAWYA
uae

Rethinking the future of regulation: Dubai to see changes in real estate policies in 2018

Some of the changes planned by Dubai Land Department in 2018 include:

Rental index revamp: Dubai’s official Rental Index will be updated next year, with new rental bands based on additional factors including building quality – a move expected to impact property prices in the emirate.

Affordable housing incentives: Property developers in Dubai will get incentives to include ‘affordable’ homes in their product mix in central areas.

Quality inspections: The Land Department will be inspecting properties to make sure that the quality promised by developers selling off-plan is being delivered on completion.

Monday 9 October 2017- ZAWYA
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