Photo used for illustrative purposes.
According to the decision 30 per cent of the revenue will go to the federal government, and 70 per cent to the local governments.
The decision ensures the sustainability and the quality of government services. It also contributes to the development of economic and social projects and public services.
The VAT was introduced in the UAE on Jan.1, 2018. The rate of VAT is 5 per cent. VAT provides the UAE with a new source of income which will be continued to be utilised to provide high-quality public services.
The UAE is a model state with a visionary leadership whose primary goal is ensuring the happiness of the people.
UAE is a clear winner when it comes to forward-looking strategies. The launch of the world’s first virtual Ministry of Possibilities is just another worthy addition, something that could be a benchmark for the world in the near future (“Sheikh Mohammed launches Ministry of Possibilities,” April 23, Gulf Today).
The new UAE election rule issued under the Presidential Resolution No. (1) of 2019 towards raising women’s representation in the Federal National Council (FNC) to 50 per cent with effect from the upcoming legislative cycle is a historic step marking a momentous milestone on women’s empowerment as well as the country’s political development journey.
A new shipment of cigarette packets marked with the Digital Tax Stamps approved by the Federal Tax Authority (FTA) has made it to Dubai. The Stamps will be electronically tracked to ensure Excise Tax due on tobacco products has been settled. In a press statement issued on Saturday,
Dubai welcomed 8.36 million international overnight visitors in the first six months (January-June) of 2019, posting a positive three per cent in tourism volume growth compared to the same period last year,
China’s central bank unveiled a key interest rate reform on Saturday to help steer borrowing costs lower for companies and support a slowing economy that has been hurt by a trade war with the United States.
Gold prices have hit a record high amid a rush for safe haven assets owing to the fears of a recession. Goehring & Rozencwajg, a research firm which focuses on investments in natural resources, says the great gold bull market has begun.
Abu Dhabi Securities Exchange (ADX) announced that it has succeeded in achieving a compliance rate of 97 per cent regarding the disclosure of the 2nd quarter financial statements 2019 of its listed public joint stock companies,