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Articles for tag: additional, Arab, Emirates, impose, January, large, minimum, Multinationals, Tax, United

December 9, 2024

News Desk

The United Arab Emirates will impose a minimum additional tax of 15% on large multinationals from January

A general view of Burj Khalifa and the downtown skyline in Dubai, United Arab Emirates, June 12, 2021. — Reuters DMTT part of the OECD Global Minimum Corporate Tax Agreement. The UAE is considering introducing corporate tax incentives. The incentive will offer a refundable tax credit of up to 50%. DUBAI: The United Arab Emirates will impose a 15% minimum supplementary tax (DMTT) on large multinational companies operating in the country from January, the finance ministry said on Monday, as the government seeks to boost non-oil revenue. The DMTT is part of the OECD’s global minimum corporate tax agreement, which

September 13, 2024

News Desk

UN affiliate makes Umar Farooq Zahoor pro bono ambassador at large

Businessman Umar Farooq Zahoor. — Journalist LONDON/DUBAI: The Intergovernmental Institute for the Use of Spirulina Microalgae Against Malnutrition (IIMSAM), an autonomous intergovernmental observer at the United Nations Economic and Social Council, has appointed UAE-based Pakistani businessman Umar Farooq Zahoor as pro bono ambassador at large for the promotion of Spirulina and the promotion of the UN Millennium Development Goals to combat global malnutrition. “Umar Farooq has been appointed as Pro Bono Ambassador at Large in the office of the Secretary-General,” according to a letter from Remigio Maradona, MSA, the Permanent Secretary-General. This position is designed to enhance IIMSAM’s efforts to

August 22, 2024

News Desk

Threat of loss of exports, FDI looms large

KARACHI: Pakistan faces the threat of losing exports and foreign direct investment (FDI) due to possible failure to comply with measures needed to combat climate change, as global buyers increasingly urge domestic producers to report their best and worst practices that contribute to global warming. Speaking at the launch of a report titled “Pakistan’s Climate Crossroads: Private Sector Solutions to Climate Challenges” at the Investors Chamber of Commerce and Industry (OICCI) on Wednesday, OICCI President Rehan Shaikh said that compliance and nominal contribution are ensured Pakistan’s less than 1% greenhouse gas (GHG) emissions have provided it with an opportunity to

August 15, 2024

News Desk

Mbappe’s dream debut as Real Madrid lift the Super Cup

Kylian Mbappe made an impressive start to his Real Madrid career by scoring a debut goal to help his side secure a 2-0 win over Atalanta in the UEFA Super Cup on Wednesday. Bape doubled Real Madrid’s lead with a shot into the top corner from Jude Bellingham’s pass. Kylian Mbappe expressed his belief in the limitless potential they have with Real Madrid after scoring on his debut against Atalanta to help the club secure a record sixth UEFA Super Cup. The French captain completed his long-awaited move to Real Madrid this summer after a highly successful spell at Paris

June 5, 2024

News Desk

Cigarette taxes cause a large loss of revenue

Islamabad: A recent study by Lahore University of Management Sciences (LUMS) has called for the government’s immediate attention on the impact of tax policies, particularly the Federal Excise Duty (FED) adjustment, on Pakistan’s cigarette industry, which is causing more revenue loss than revenue collection. The study titled “Impact of Taxation on Tobacco Sector in Pakistan” revealed a pressing issue and called for attention. The study, led by LUMS Associate Professor of Economics Kashif Zaheer Malik, revealed that the FED’s frequent and substantial hikes had a profound effect on the cigarette industry. He highlighted the critical need for a balanced and

May 26, 2024

News Desk

55% of the capacity of the large sectors could not be identified

Islamabad: In a startling revelation, the Federal Board of Revenue (FBR) had no idea about 55% of production lines in four industries that were prone to tax evasion at the time of awarding a multi-billion rupee contract three years ago, according to a survey it conducted the contractor after winning the contract. The government had awarded a Rs25 billion contract to Authentix Inc to monitor the production of about 290 lines of cement, fertilizers, sugar and tobacco. After winning the contract, the company found that there were about 649 production lines, according to people who conducted the survey and saw

May 3, 2024

News Desk

The exploration company targets large fields

Islamabad: Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest hydrocarbon explorer, has targeted 20 major fields, mainly in the north and south, to boost production and help overcome the country’s energy crisis. Due to increasing demand for natural gas, Pakistan is more reliant on imported liquefied natural gas (LNG), as its share has increased to 24% in the energy mix. However, in many countries, the share of imported natural gas is only 6%, which serves as a stopgap arrangement. Pakistan’s increasing dependence on imported gas has come in the face of low exploration activity domestically. Now, OGDCL has taken

May 1, 2024

News Desk

A European company is planning a large investment in a data center

KARACHI: Following a useful strategy developed by SIFC and the successful launch of National Incubation Centers (NICs), local emerging startups are encouraging foreign IT companies to invest in Pakistan. As part of these efforts, a European company has planned to make a handsome investment by establishing a data center in Karachi. Strenuous efforts of the Special Investment Facilitation Council (SIFC) and a strong network of NICs have built the confidence of foreign countries, especially foreign IT companies, in Pakistan’s IT and other sectors as they plan to spread their businesses gradually due to many possibilities , as well as educated

April 17, 2024

News Desk

Pakistan eyeing billions of dollars in investment after visit of large Saudi delegation

Prime Minister Shehbaz Sharif talking to Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan during his two-day official visit on April 17, 2024. — APP Saudi delegation impressed by Pakistan’s preparations: Prime Minister. “We must ensure the completion of this investment in Pakistan.” Pakistan has proposed 25 projects with a potential investment of $32 billion. A day after Saudi Foreign Minister Prince Faisal bin Farhan wrapped up his two-day visit to Islamabad, Prime Minister Shehbaz Sharif hinted that the kingdom is investing billions of dollars in Pakistan. Chairing a meeting of the federal cabinet in the federal capital on Wednesday,

March 16, 2024

News Desk

The production of large industries is declining

Islamabad: Production of goods by Pakistan’s major industries slowed in the first seven months of the current fiscal year, and growth fell 0.52 percent year-on-year as the manufacturing sector was hit by a record high interest rate and rising business costs. The Pakistan Bureau of Statistics (PBS) on Friday reported that the growth in the production of large-scale manufacturing (LSM) industries declined by less than 1% in the July-January period of the financial year 2023-24. Large industrial units are hit by import restrictions, the highest interest rate of 22% and continuous increase in utility prices. PBS released the manufacturing output

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