04/04/2018
Reason logic in tax on expat remittances
The government, represented by the Central Bank of Kuwait, agreed with the legislative committee’s opinion.
Legal, Tax, Regulation & Compliance
04/04/2018
NBO partners with Axis Bank to offer banking services to NRIs
Similarly, Axis Bank will assist Indian nationals who are moving to Oman in managing their finances abroad seamlessly.
04/04/2018
Bahrain accuses shuttered bank of busting Iran sanctions
Auditors accuse the bank of financing terrorism, money laundering, and providing phantom loans to companies under the Iranian Revolutionary Guard Corps.
04/04/2018
Qatar Central Bank says reserves ‘more than enough’ to cope with blockade
The bank’s liquidity is stable, he pointed out, and is actually improving with the rise in energy prices.
04/04/2018
Qatar's market manipulation fears fueled by 'abnormal' derivative moves: bank CEO
Al-Kuwari said QNB was cooperating with the central bank in its investigation and had been “supplying them with any information or data they asked us to supply them with.”
04/03/2018
Kuwaiti Parliament considers bill to tax remittances
Government and central bank say fee would be counter-productive
04/03/2018
Dubai-based cryptocurrency sued by Chinese giant Alibaba
Company behind Alibabcoin subject to legal action in New York which seeks damages over trademark infringements
04/03/2018
Oman central bank eases capital, lending curbs in effort to boost growth
The capital adequacy ratio, the proportion of capital that banks must hold back from lending, was reduced to 11 percent from 12 percent.
04/03/2018
Emirates Development Bank Launches Emirates Movable Collateral Registry Corporation EMCR
A New Tool to Publicize Lenders' Rights in Movable Assets
04/03/2018
QCB backs 3-way merger of Qatar Islamic banks
Sheikh Abdulla said Qatari public prosecutors and the QCB were investigating the attempts at currency manipulation and would announce the results of the probe as soon as it was completed.
04/02/2018
UAE banks may hike fees to offset additional VAT costs
As per the law, most financial services are VAT exempt in the UAE.
04/01/2018
The Arab Monetary Fund publishes "Central Bank Background Papers on Monetary Policy Frameworks in the Arab Countries"
The purpose of the meeting was to exchange views on the implications of global economic developments on monetary and financial policies of the Arab region.
03/29/2018
Saudi Arabia to Join FTSE Emerging Market index
Move expected to attract billions in investment in major boost to kingdom's reforms
03/29/2018
Taxing expat remittances is legal: Ashour
Head of the committee MP Salah Khorshid said recently that the committee will soon make a decision to select one of the four proposals it is considering for introducing the charges.
03/29/2018
Jersey and Abu Dhabi sign financial collaboration agreement
The partnership reinforces ADGM’s commitment, as an international financial centre to enhance and build stronger collaborations with company registries in other jurisdictions.
03/28/2018
Kuwait government agrees with proposal to tax expats’ remittances
Fees might have negative impact on attracting skilled labor to Kuwait
03/28/2018
Saudi crown prince signs MoU with SoftBank to set up world's largest solar project
It is set to produce 200 gigawatts in Saudi Arabia - enough to power 140 million homes, according to reports.
03/28/2018
Turkey: Proposed Amendments To Automatic Enrolment In Private Pension Plans System
The provisions entered into force on 1 January 2017 but the regulation is applied gradually depending on the number of employees working at an employer.
03/27/2018
Dubai adviser closes wealth management division
A Dubai International Finance Centre based financial adviser is closing its wealth management division.
03/26/2018
Tax ruling offers alternative tax treatment for foreign investment corporations
For funds that do not fulfill the conditions for tax exemption (typically, small funds with few investors), the ITA has applied an alternative arrangement known as the “small funds tax arrangement.”