The introduction of value added tax had a positive impact on economic growth and development in the GCC in its year of implementation, a report said, as the UAE and Saudi Arabia come up on its first anniversary and Bahrain prepares to roll out the levy in 2019.
Once implemented, a GCC-wide VAT could generate revenues of between 1.5 per cent and 3 per cent of the six-country economic bloc's total non-oil gross domestic product from next year, the report from the Federation of GCC Chambers said, citing earlier figures from the International Monetary Fund.
In May, the global lender said that the introduction of VAT in the UAE and Saudi Arabia had gone “smoothly” and had little effect on inflation.
GDP growth in the GCC is expected to reach 2.4 per cent this year and 3 per cent in 2019, the IMF said in November, raising its previous forecasts announced in July on the back of higher oil prices and a slower pace of consolidation, as well as new revenue-raising measures including VAT.
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Read more:
Three down, three to go in the GCC as Bahrain set to roll out VAT
Bahrain parliament approves draft VAT law
UAE VAT boosts revenue base and could raise 1.7% of GDP, says Moody’s
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In the UAE, GDP growth is estimated to rise to 3.7 per cent in 2019, while Saudi Arabia’s economic growth is forecast to rise to 2.4 per cent next year from 2.2 per cent in 2018.
The report from the Federation of GCC highlighted the outcome of VAT, and its contribution to the ongoing economic diversification efforts across the region to secure the funds required to finance infrastructure projects and public services, the UAE’s state-run news agency Wam reported on Friday.
In the UAE and Saudi Arabia, the 5 per cent VAT, which was introduced on January 1 this year, is providing a “new source of income that will continue to be used to provide high-quality public services and help the government reduce its dependence on oil and other hydrocarbons as a source of revenue,” the chamber said.
The introduction of VAT in the UAE could raise up to 1.7 per cent of the country’s GDP, rating agency Moody’s said in a paper in September.
Meanwhile, Bahrain is expected to introduce a 5 per cent VAT in January, in line with the GCC-wide VAT agreement signed in 2017.
Bahrain’s VAT legislation has been in circulation for a few months but the full details of the regulations are yet to be revealed. Most businesses in Bahrain will not need to register for VAT from January. Only those with sales exceeding 5 million Bahraini dinars (Dh48.8m) will have to do so, by December 20 next year, according to the country’s National Bureau of Taxation.
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Company%20Profile
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs: 2019 Lincoln MKC
Price, base / as tested: Dh169,995 / Dh192,045
Engine: Turbocharged, 2.0-litre, in-line four-cylinder
Transmission: Six-speed automatic
Power: 253hp @ 5,500rpm
Torque: 389Nm @ 2,500rpm
Fuel economy, combined: 10.7L / 100km
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
MWTC
Tickets start from Dh100 for adults and are now on sale at www.ticketmaster.ae and Virgin Megastores across the UAE. Three-day and travel packages are also available at 20 per cent discount.
HIV on the rise in the region
A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.
New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.
Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.
Access to HIV testing, treatment and care in the region is well below the global average.
Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.
UAE currency: the story behind the money in your pockets
Film: In Syria
Dir: Philippe Van Leeuw
Starring: Hiam Abbass, Diamand Bo Abboud, Mohsen Abbas and Juliette Navis
Verdict: Four stars
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
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COMPANY%20PROFILE
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
