The UAE will not delay the introduction of Value Added Tax (VAT), or banks and there are no salary increases in the 2018 budget, says Minister of State for Financial Affairs Obaid Al Tayer.
He told members of the Federal National Council that VAT, which becomes effective in less than two weeks, will have a minor impact on investors and consumers.
“So if a person spends Dh 5,000 a month, it will only affect by Dh70, and if he spends Dh 10,000 a month it will affect him by Dh 140," he said.
The tax would cost individuals a maximum of 1.4 per cent extra per year and investors just 0.68 per cent. Gross domestic product will be impacted by 0.42 per cent, forecast to drop to 0.11 per cent in the medium term.
He added that all banks and companies have been in the loop about the upcoming levy since the Gulf Cooperation Council agreement to apply it was signed in December 2015.
“It is not a surprise that we will be adding VAT,” he said.
“The government does not like to postpone anything, so it is not possible to pardon any party from implementing the taxes law, and there will be no favours given to anyone,” the minister added.
He was responding to concerns voiced by FNC members regarding a statement made by last month Abdul Aziz Abdulla Al Ghurair, chairman of UAE Banks Federation, when he said banks and insurers are not ready to apply VAT.
“We call to postpone implementing the VAT to give time to all the sectors to implement it correctly, whether in banking, insurance, or other sectors," he told reporters in November.
Minister Al Tayer, however, noted that “we have 34 (international) banks who used to apply VAT in their countries and 22 national (banks), some of which have branches abroad in countries that apply (VAT), so their regulations already include how to apply VAT” .
“So let us be clear with this: all the financial systems followed by banks already includes VAT procedures, they only need to be activated.
“We should look positively at this: small and medium sized companies who never used to study their accounts or budgeting, now will regulate their work.”
FNC member Hamad Al Rahoomi asked how many companies already registered for VAT, but the minister did not answer.
Council members also proposed that the government look into increasing salaries if VAT proved to have a massive negative effect on consumers.
This followed the minister stating that “the draft law for 2018 federal budget, which your council will review today, does not include any salary increases".
“The government already introduces increases to the basic salary in a regular manner, and it could be higher than the effect percentage of VAT which I mentioned today,” the minister said.
The minister said VAT will not include health and school education, and it will not be applied on real estate yet.
He also warned against tax evasion as the penalties, already quite hefty, could be increased to encourage compliance.
Nonetheless, Dr Saeed Al Mutawa, a Sharjah member, insisted that the government conduct a statistical study on the monthly spending and consumption rates of nationals and how they will be affected by the inflation resulting from VAT.
And, based on those results, to look into raising salaries or issuing allowances in accordance with the resulting inflation.
Priority should be given to retirees and people who benefit from the ministry of community development, Dr Al Mutawa noted.
The council voted in favour of this proposal.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The five pillars of Islam
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Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Top 5 concerns globally:
1. Unemployment
2. Spread of infectious diseases
3. Fiscal crises
4. Cyber attacks
5. Profound social instability
Top 5 concerns in the Mena region
1. Energy price shock
2. Fiscal crises
3. Spread of infectious diseases
4. Unmanageable inflation
5. Cyber attacks
Source: World Economic Foundation
Company%20profile
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
COMPANY%20PROFILE%20
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COMPANY%20PROFILE
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Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
The%20specs
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The%20Continental%3A%20From%20the%20World%20of%20John%20Wick%20
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
WWE TLC results
Asuka won the SmackDown Women's title in a TLC triple threat with Becky Lynch and Charlotte Flair
Dean Ambrose won the Intercontinental title against Seth Rollins
Daniel Bryan retained the WWE World Heavyweight Championship against AJ Styles
Ronda Rousey retained the Raw Women's Championship against Nia Jax
Rey Mysterio beat Randy Orton in a chairs match
Finn Balor defeated Drew McIntyre
Natalya beat Ruby Riott in a tables match
Braun Strowman beat Baron Corbin in a TLC match
Sheamus and Cesaro retained the SmackDown Tag Titles against The Usos and New Day
R-Truth and Carmella won the Mixed Match Challenge by beating Jinder Mahal and Alicia Fox