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.


Oman’s workforce to get health insurance

Updated 16 July 2018
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Oman’s workforce to get health insurance

  • The mandatory health insurance will cover residents, expatriates as well as visitors entering the country
  • There were no details given as to when the insurance would be introduced

DUBAI: Companies in Oman will be obligated to provide their staff with health insurance, according to a statement released by Oman’s Capital Market Authority, local daily Times of Oman reported.
“The decision aims at meeting the needs of the employees of the private sector relating to coverage of basic health, to limit the high cost to employers in the private sector, in view of the current economic situation, in addition to providing quality services by the insurance companies and health care unit to the insured,” the statement read.
The mandatory health insurance will cover residents, expatriates as well as visitors entering the country.
There were no details given as to when the insurance would be introduced.