UAE “surprised and disappointed” to be included in EU list of non-compliant tax jurisdictions

Dubai skyline (Shutterstock)
Updated 07 December 2017
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UAE “surprised and disappointed” to be included in EU list of non-compliant tax jurisdictions

DUBAI: The UAE says it is surprised and disappointed that it has been included in a European Union list of non-compliant tax jurisdictions, state news agency WAM reported.
In the statement, the UAE highlighted its full commitment to maintaining the highest international standards of financial oversight and tax regulation, saying it would continue to work with international partners to deliver this.
The UAE’s Under-Secretary of the Ministry of Finance, Younis Hajji Al-Khouri, said: “The UAE has worked to meet the European Union’s requirements in terms of exchanging tax-related information.”
“We have committed to a reform process which will be finalized by October 2018, and we are absolutely confident this will ensure the UAE is swiftly removed from the list… We look forward to moving into the next phase of cooperation with our EU partners on the important issue of tax regulation.”
The statement added: “Since early 2017, the UAE has worked transparently with European Union counterparts to ensure that we meet the criteria laid down by European Union Member States. As the European Union has itself noted, the UAE has addressed each and every issue the EU has raised. The UAE has drafted, legislated and implemented significant reforms to ensure that we remain in lock-step with our OECD partners and international best practice.”
It continued: “The sole outstanding issue is the implementation of the base erosion and profit shifting, BEPS, Minimum Standard, which we have committed to finalize by October 2018 and ratify by March 2019 – giving our federal structure sufficient time to allow for ratification across the seven Emirates. We stand by this realistic timeline.”
“The UAE will continue to work with international partners on this issue, and is confident that it will be recognized as an internationally compliant partner at the EU’s next review,” the statement concluded.


Deutsche Bank appoints Riyadh GM

Updated 18 September 2018
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Deutsche Bank appoints Riyadh GM

  • German banking titan expects more deal flow from Kingdom
  • Deutsche Bank established base in Saudi Arabia in 2006

LONDON: Deutsche Bank has appointed Mohammed Alajmi as general manager of Deutsche Bank Riyadh Branch in Saudi Arabia.
He will have oversight of the bank’s business regulated by the Saudi Arabian Monetary Authority (SAMA), Deutsche Bank said in a statement.
The German banking giant originally established its Riyadh branch in 2006.
Alajmi joined Deutsche Bank in 2012 after more than a decade of working at local financial institutions in the Kingdom.
He was appointed chief operating officer in June 2015 overseeing the bank’s activities across all businesses and infrastructure functions.
The group expects to boost regional hiring this year, driven by expected corporate bond sales and initial public offerings, Bloomberg reported in February.