Economy

The Ministry of Finance (MoF) has announced that starting from 1st January, 2023, director services undertaken by natural persons serving as members of boards at entities and institutions across the UAE will not be subject to value added tax (VAT). Meanwhile, VAT will still apply on the director services for …

The Supreme Committee for Consumer Protection has reviewed the implementation of the new consumer goods pricing policy, as it excludes a group of basic consumer goods, for which traders are required to obtain prior approval from the Ministry of Economy before applying any price increases to it. These essential commodities …

 His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, launched, today, the UAE Tourism Strategy 2031, which comes under the ‘Projects of the 50’ as one of the biggest projects of the next years. The strategy aims to strengthen the position of the …

The Ministry of Economy has imposed AED2.25 million worth of administrative sanctions on three companies, two of them working in the gold and gemstones sector and one in the real estate sector. The move is part of the ministry’s efforts to strengthen the compliance of the business sector and non-designated …

The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points – from 3.15% to 3.90%, effective from Thursday, 3 November 2022. This decision was taken following the US Federal Reserve Board’s announcement on 2 November …

The Federal Reserve on Wednesday raised interest rates by three-quarters of a percentage point, plowing ahead with a fourth straight large hike in an effort to beat back soaring inflation. In a statement after a two-day meeting, the Fed made clear that more rate increases are coming to lower yearly …

Super 98: Before: 3.03 AED/L After: 3.32 AED/L Special 95: Before: 2.92 AED/L After:  3.20 AED/L Diesel: Before: 3.76 AED/L After:  4.01 AED/L

The UAE Ministry of Finance announced amendments to some provisions of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (VAT), which will be effective from 1st January, 2023. The amendments were made are in line with international best practice in light of the GCC Unified VAT Agreement. …

The Governing Council of the European Central Bank (ECB) today decided to raise the three key ECB interest rates by 75 basis points. In a statement, the ECB said that it expects to raise interest rates further, to ensure the timely return of inflation to its 2 percent medium-term inflation …

 The Federal Tax Authority (FTA) has announced it will be discontinuing the use of the e-Dirham system in paying taxes as of next Sunday, 30th October 2022, replacing it with Magnati, the smart payment option from First Abu Dhabi Bank (FAB). Magnati provides advanced software solutions for online payments, using …