10/16/2020
Between acquisition and expansion Journey of Gulf banks in Egypt
This is in addition to previous attempts by First Abu Dhabi Bank to acquire Bank Audi Egypt, but the Corona pandemic led to the suspension of negotiations.
Legal, Tax, Regulation & Compliance
10/16/2020
UAE brokers face drastic drop in commissions after new rules on life insurance policy sales
New rules also place added responsibility on brokers if premium payments are not met
10/16/2020
UAE, Israel working on double tax treaty to encourage investment
The UAE has around 100 double taxation agreements with most of its trade partners.
10/16/2020
Oman: CbC reporting requirements introduced for multinational enterprises
Oman joined the OECD base erosion and profit shifting (BEPS) inclusive framework on 20 October 2017
10/15/2020
Saudi Shoura Council wants steps to reduce tax evasion
The center aims to implement a unified strategy to develop the Kingdom’s nonoil revenues and improve government agencies’ revenue generation mechanisms.
10/15/2020
Israel's Leumi grants guarantee to First Abu Dhabi for Etihad flights
The bank guarantee to FAB -- one of the largest banks in the Middle East -- would ensure payments for flight tickets purchased by Tal Aviation on Etihad
10/15/2020
Allinial, Integra, Nexia and Russell Bedford expand in MENA
The firm serves a broad range of sectors and industries, particularly focusing on the financial services sector.
10/14/2020
VAT will shore up Oman’s economy
This tax is imposed on every stage of the manufacturing and procurement process for a company, but it is not cumulative, so the consumer will only pay the final five percent of the tax rate.
10/14/2020
IMF eases back on forecasts for Saudi Arabia's economic slump
Gulf's largest economy will shrink sharply this year due to the impact of the coronavirus pandemic but the depth of the contraction will not be as deep as first thought
10/14/2020
Central Bank of Egypt sets up EgyCash company for money transfers
The central bank is contributing 35 percent of the capital of EgyCash and other Egyptian banks are contributing the rest.
10/13/2020
OECD drafts principles for $100bn global corporate tax revolution
Technical blueprint would upend taxation of US tech groups but still needs political agreement
10/13/2020
UAE Federal tax Authority introduces new version of eDirham
FTA stresses the necessity for all those registered with the Authority who are eDirham users to prepare to switch to the new version of the eDirham
10/13/2020
Oman plans to introduce 5% VAT from April 2021
It will thus become third Gulf state to introduce this tax after UAE, Saudi Arabia
10/12/2020
UAE approves new law regulating wealth management sector
The decree will strengthen protection for investors and family-owned companies seeking fund managers to oversee their investments
10/12/2020
PwC to offer solution for DIFC data law compliance
Comprehensive self-assessment has been developed in line with PwC’s internationally-established data protection framework
10/09/2020
Latham & Watkins helps spin out Egypt’s new banking law
In connection with this, the CBE also implemented its Usage of Non-Cash Payments’ Methods Law
10/09/2020
PwC Middle East buys Tyconz Enterprise to expand operations
Through this asset purchase, PwC will further expand its ability to deliver SAP digital solutions and complement its existing capabilities
10/09/2020
Switzerland shared bank account data with 66 countries in 2020
This is part of an annual exercise since 2017 when Switzerland decided to implement a global agreement aimed at preventing tax evasion.
10/08/2020
Regulator issues swift second rebuke of IFS Qatar
The firm was banned from accepting new business on 17 September
10/08/2020
UK woman tried to fly to Dubai with $2.44 million in cash in five suitcases
Officers searched her suitcases and found the huge cash haul, the largest detection at the UK border so far in 2020.