tax

Biden’s budget proposal for a second term offers tax breaks for families and lower health care costs

by

Pakistan Cabinet sworn in, taking control of nation deeply divided with looming economic crisis ISLAMABAD: Prime Minister Shehbaz Sharif’s new Cabinet with 19 members took oath on Monday, tasked with running the South Asian country of 241 million people facing profound economic, political and security challenges. Cash-strapped Pakistan grappled with the Feb. 8 general election … Read more

Dubai ruler issues law imposing 20% annual tax on foreign banks operating in emirate

by

DUBAI: The ruler of Dubai Sheikh Mohammed bin Rashid Al-Maktoum issued a law imposing an annual tax of 20 percent on foreign banks operating in the emirate on Thursday. Banks which are licensed to operate in Dubai’s international financial centre are exempt from the tax, Dubai Media Office said. 

Ancelotti denies wrongdoing after Spanish prosecutors accuse him of tax fraud and seek jail sentence

by

PARIS: Liverpool and Xabi Alonso’s Bayer Leverkusen are the standout contenders to go all the way in this season’s Europa League with both teams this week heading east for last-16 ties they will be expected to win comfortably. Jurgen Klopp’s side are one of four British teams still alive in the competition and hoping to … Read more

Saudi Arabia’s tax revenue surge fuels 2023 budget growth  

by

RIYADH: Saudi Arabia experienced an 11 percent increase in non-oil revenues, reaching SR457.73 billion ($122.06 billion) in 2023 compared to 2022, official data showed.   The growth, primarily driven by increased taxes on income, profits, and capital gains, resulted in a 58 percent surge in these taxes, totaling SR38.64 billion, as reported in the fiscal year … Read more

Saudi Arabia offers 30-year tax exemption to MNCs moving regional HQs to Riyadh: official gazette 

by

CAIRO: Venture capitals focused on the Middle East and North Africa region have successfully refueled their tanks with multiple firms attracting new investments.  Female-led Lebanon-based Globivest announced its first closing for an undisclosed sum in its venture capital firm.  Reaching two-thirds of its target of $25 million to $30 million, the investment marks a significant milestone … Read more

Egypt cabinet approves ending state enterprise tax privileges 

by

CAIRO: Egypt’s cabinet approved regulations on Wednesday that would abolish many tax and fee exemptions for state-owned enterprises, fulfilling a key condition the International Monetary Fund set in a $3 billion agreement signed a year ago.  The cabinet approved the law in June but had yet to draw up the executive regulations needed for implementation.  The IMF in a … Read more

Egypt to introduce income tax laws for societal dialogue: Minister of Finance 

by

Startup Wrap — regional venture landscape kicks off 2024 with a flurry of deals CAIRO: Startups in the Middle East and North Africa are leaving no stone unturned at the beginning of 2024, with a flurry of deals in the second week of the year. Saudi health tech startup Clinicy has secured substantial investment through … Read more