Isle of Man chief minister defends tax treatment
After bearing the brunt of media scrutiny over the Paradise Papers, Isle of Man chief minister Howard Quayle has said an internal review “found no evidence of wrongdoing”.
VAT
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Saudi Arabia opens registration for VAT to top up oil revenue
Saudi Arabia has opened registration for the new 5% value added tax (VAT), which begins on 1 January next year as part of a move to diversify its economy away from a reliance on oil revenues.
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UAE takes a major step towards introduction of VAT in 2018
The United Arab Emirates has passed a law which paves the way for the introduction of a new 5% value added tax (VAT) on goods and services from 1 January 2018.
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China cuts and delays VAT levy on asset managers again
China has cut and again pushed back plans to levy a value-added tax on asset managers for returns on assets under management, adding a further six-month reprieve on an already 14-month grace period.
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Financial advice hit by UAE value-added tax, not life products
Details of the VAT system to be introduced for the first time in the UAE reveal that the standard rate of 5% will be levied on fee-based financial advice but not on the sale of life products.
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UAE minister sets prospective VAT for Gulf at no more than 5%
VAT no higher than 5% will come into force from 1 January 2018 in the UAE and other Gulf States covering most products and services.
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HMRC sets date for UK VAT charge on international insurers
New UK VAT rules are set to hit Gibraltar and Channel Islands based insurers when they are introduced on 1 October.
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IMF calls on Gulf nations to widen their tax base
The newly-reappointed head of the IMF has called on Gulf countries to re-engineer their tax systems and consider greater use of corporate income taxes, as well as property and excise taxes to bolster government revenues in the face of lower oil prices.
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Healthcare, education to escape planned new Gulf VAT
Healthcare and education will be excluded from a planned Gulf-wide value added tax (VAT) scheme, which the Middle East region’s finance ministers have agreed on to shore up revenues in the wake of the recent sharp fall in oil prices.
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HMRC reveals tax bill for international life cos and others
HM Revenue & Customs has set out the UK VAT changes that will go live from 1 January 2016 resulting from a European Union court case involving Skandia American Corporation and Sweden’s tax authority.
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Cash drawdown favoured option in UK pension reforms
Major UK pension providers have reported a surge in customer inquiries following the new rules governing access to their savings with most seeking to drawdown some of their cash.
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IoM calls for end to VAT uncertainty
The IoM government is reportedly putting pressure on the UK to decide its new VAT arrangement.