We are now a week into the VAT era, which is too early to pass judgement on how the country adjusts to life with the consumption tax, although not too soon to identify some kinks that could be ironed out. One area of immediate concern to many people is the principle of rounding up by stores and shopkeepers. As The National reported, the Department of Economic Development has said that shops in Abu Dhabi can round up the cost of items by up to 20 fils once the 5 per cent tax is applied. This is in part because small denomination coins, such as 1, 5 and 10 fils are rarely seen in circulation.
What are the alternatives to rounding up? One answer would be to bring small denomination coins back into more common usage so exact change would be offered to customers at stores, although the Central Bank has said there is already sufficient coinage in circulation. But making the 5 fils coin more common would be to buck a worldwide trend for removing small value change. The US withdrew the half-cent coin and the UK withdrew the halfpenny coin in the 20th Century, while more recently, in 2012, Canada stopped minting the penny coin. Ireland withdrew the 1 and 2 cents coins in 2015, the country is part of the eurozone, and allows shops to round up or down by up to four cents, which is the equivalent of 18 fils, a figure that is very close to the DED rounding recommendation in this country.
An alternative would be to look at the example of China, where cash is, if not quite obsolete, then in steep decline. Secure electronic payments are predicted to top US$45 trillion within three years in China, where most small transactions in stores are completed using digital wallet services such as WeChat Pay. Widespread adoption of digital wallets – Apple Pay was introduced in the UAE last year – would flatten the need for rounding and reduce some of the instant inflationary pressures it causes, particularly for lower-paid workers. Even other debit-card related solutions, such as Touch and Pay, would help take rounding out of circulation.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
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Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
6.35Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m ,400m
7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
9.30pm Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
