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G7 Agreement Could Mean Bigger Tax Take for Gulf Economies

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G7

An agreement between the advanced countries of the Group of Seven (G7) to set a minimum global corporate tax rate of 15 percent is expected to have far-reaching implications for Gulf economies to attract multinational corporations.

Japan Finance Minister Taro Aso told reporters on Tuesday that countries realized they could no longer rely on corporate tax cuts to race down to generate growth in their economies. “Now that the course has been shown, the possibility (of a tax treaty) in the G20 will increase, “said Aso.

The G7 includes the US, Japan, Germany, the UK, France, Italy, and Canada.

The larger G20 also includes Saudi Arabia, the only Gulf country. Analysts expect the adoption of the new Rules to gradually change the regional tax base, with the measure likely to affect some Gulf economies more than others, depending on the number of multinationals operating in them.

A balancing act for Arab governments trying to attract more FDI to the GCC is more clarity required to measure potential economic impact, “said ADCB chief economist Monica Malik in a statement to customers.For the companies that will be included in the new framework (likely with a focus on digital companies), however, the impact could be significant: in the medium term, global tax developments could lead to an expansion of corporate taxes in the region, especially if it is international

. The Gulf economies attract both individuals and businesses through low or no taxes, along with higher tax revenues from large multinational corporations. However, ongoing reforms aim at more stable public revenues and less reliance on hydrocarbon revenues.

The emphasis on taxes, especially with the recent introduction of VAT in countries like the United Arab Emirates and Saudi Arabia. Corporate taxes were also one of the big topics of the Saudi G20 presidency last year. The deal between the G7 countries this week, Emirates NBD chief economist Khatija Haque told Bloomberg TV on Tuesday that the wider adoption of the new G7 fiscal rules by the G20 and the OECD would also trigger regional changes.

However, the number of companies initially affected is comparatively small. This region doesn’t necessarily make up a large portion of its global income, “he said. From a broader perspective, it will be more interesting if the region as a whole tries to levy this corporate tax on other, perhaps smaller, foreign-owned or foreign-owned companies to expand.

They have to be very careful with this, as there is enormous pressure to attract more foreign direct investment into the region and they do not want to endanger this with overly aggressive corporate taxes.

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Coronavirus cases UAE today 2355, 1,129 recovered and 5 deaths.

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Coronavirus cases UAE today 2355, 1,129 recovered and 5 deaths.

Total active covid cases in UAE are nearby 63,328. Coronavirus cases UAE today 2355 Covid-19 cases, 1129 recovered and 5 deaths. The covid cases in UAE are still hovering around the 2300 to 3000 mark.

On Saturday, January 29, 2022, the UAE Ministry of Health and Prevention reported Coronavirus cases UAE today 2355, 1129 recovered, and 5 deaths. Total active covid points in UAE grown from 100 to nearby 63,328

Covid cases numbers are arriving on a stable base in UAE. This wave is less severe than the past two, but that doesn’t mean it does not affect the economy. It is still fetching questions in people’s minds about their life. 

Total active covid cases in UAE grown from 100 to nearby 63,328. The number is covid cases is growing, but death numbers are not like last year. Coronavirus cases UAE today 2355 Covid-19 cases, 1129 recovered and 5 deaths. 

The new cases came after 485,322 additional tests in the UAE. The total number of covid cases in UAE on January 29 is near 840,739. At the same time, full recoveries from covid cases stand at 775,172. The death toll now stands at 2,239 in UAE. 

A new variant of the covid Omicron is not a big concern. Many say it is not even a covid virus found in Africa in animals. This virus is not found in any human. Many virologists also said this mutant is not transferred to humans. It is transmitted in animals in Africa. 

European countries are still working on their harshnesses. But one thing is final it has a good amount of transmission ratio like Omicron. Currently, covid cases in hospitals are mainly of Delta variant. 

Get all the latest UAE Market news only on Arab Market news. Your own trust-able news portal which brings all the latest news of UAE, Dubai and world business news.

 

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NZ PM Jacinda Ardern test Covid Positive. She is self-isolated.

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nz pm jacinda ardern covid positive

One of the safest places at one time, seeing the most significant covid case. NZ PM Jacinda  Ardern test covid positive. She is currently self-isolated. 

New Zealand delta variant cases, PM press conference on delta variant NZ

New Zealand PM covid positive

Sources say this is happen due to the Auckland trip on January 22, 2022. Whatever it is, NZ PM Jacinda Ardern test covid positive is a big thing as this nation has taken most care of the entire covid time. 

COVID in NZ:

New Zealand’s PM Jacinda Ardern has gone into self-isolation until next Tuesday. She was in close contact with a person who was covid positive. 

The frontage took position on January 22 during a flight to Auckland from the town of Kerikeri. The government said in a statement on Saturday, adding that the result of whole-genome sequencing possible the following day.

It said that that would show if the Omicron variant of coronavirus drove the infection.

NZ PM Ardern Health:

Ardern, who is asymptomatic, is feeling okay, the statement added. According to the health ministry’s directives, next test is on Sunday and she is currently quarantine. The governor-general and her staff members, on board the flight, followed the identical isolation method.

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UAE Weather forecast: Temperatures Drop further in UAE.

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Cool weather in dubai UAE

Fog and Temperatures Drop further in UAE. Further, UAE Weather Forecast says we might see a drop in temperature, and moisture can create a few troubles.

Cool weather in UAE

Cool weather in UAE

Winter is showing its colors in UAE. Next few days will Temperatures Drop further in UAE. We will see more drop in temperature with Fog increasing in many areas of UAE.

Get ready for more colder days in UAE. Forecasts suggest we will see more and more drop-in temperatures. Skies will remain a bit dusty to partly cloudy due to heavy moisture—chilly weather in the early morning and at night. Tourists will enjoy this climate in UAE.

Light to moderate winds over the sea will make the atmosphere beautiful in many areas of the UAE. Seas will be rough to mediate in the Arabian Gulf and little in the Oman Sea.

Yesterday’s forecast was also similar as winter seems to remain for longer time in UAE. It is the best time for the visitors who wants to explore Dubai and other parts of the UAE.

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