European Union officials have proposed removing the UAE from a blacklist of tax havens the bloc adopted in December, according to a Reuters report.
Eight of the 17 jurisdictions currently listed, including the UAE, are set to be quickly removed from the list after they offered to change their tax rules, according to EU documents seen by Reuters.
The UAE expressed surprise and disappointment at its inclusion among 17 countries designated by the EU as alleged non-compliant global tax jurisdictions. The Government said it was committed to maintaining the highest standards of financial oversight and tax regulations and expected to be removed from the list after the implementation of outstanding measures this year.
"The UAE has worked to meet the European Union's requirements in terms of exchanging tax-related information," Younis Al Khouri, Undersecretary of Finance, said last month.
The ministry said it expected to be taken off the blacklist once it had complied with Base Erosion and Profit Shifting (BEPS) Minimum Standard, a rule that seeks to limit shifting of profits to jurisdictions where there is low or no taxes
"We have committed to a reform process which will be finalised by October 2018, and we are absolutely confident that this will ensure the UAE is swiftly removed from the list. We look forward to moving into the next phase of co-operation with our EU partners on the important issue of tax regulation" Mr Al Khouri said in December.
The other jurisdictions EU officials have recommended for delisting include Panama, South Korea, Barbados, Grenada, Macao, Mongolia and Tunisia, according to Reuters.
The proposal will be discussed at a meeting of EU ambassadors on Wednesday and is expected to be adopted by EU finance ministers when they meet next week in Brussels for monthly talks.
According to Reuters, the proposal for the de-listing was made by the Code of Conduct Group, which gathers tax experts from the 28 EU member states. It monitors countries’ commitments to abide by EU standards on tax matters.
If the recommendation were confirmed by EU ministers, the eight jurisdictions will be moved to a so-called grey list which includes those who have committed to change their rules on tax transparency and co-operation. The grey list currently includes 47 jurisdictions.
Jeremy Cape, a tax lawyer at Squire Patton Boggs, which has offices in London and the UAE, said the UAE's reaction to inclusion on the original list "was swift and unequivocal".
"It is clear the UAE was able to persuade the EU’s Code of Conduct Group in Brussels that its commitment was genuine. In doing so, it would have met the criteria set, and put itself in a position to be removed from the blacklist," said Mr Cape.
"The UAE's commitment to implement the BEPS minimum standards, alongside its commitments on the automatic exchange of information and to sign the OECD Multilateral Convention on Mutual Administrative Assistance (MAC), allows the UAE to move to the so-called 'grey list'." Mr Cape said a country that features on the grey list will have its commitments monitored and reassessed from time to time.
Failure to meet these commitments would see a country relisted. However, by following through on its commitments, implementing the minimum standards and ratifying the MAC, countries can later be removed from the grey list altogether.
The recommended removal of Panama from the blacklist may cause reaction from some commentators as it has been at the centre of one of the largest disclosures of offshore schemes, the so-called Panama Papers.
Scoreline
Switzerland 5
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
BUNDESLIGA FIXTURES
(All games 4-3pm kick UAE time) Bayern Munich v Augsburg, Borussia Dortmund v Bayer Leverkusen, Hoffenheim v Hertha Berlin, Wolfsburg v Mainz , Eintracht Frankfurt v Freiburg, Union Berlin v RB Leipzig, Cologne v Schalke , Werder Bremen v Borussia Monchengladbach, Stuttgart v Arminia Bielefeld
Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
Tips for used car buyers
Choose cars with GCC specifications
Get a service history for cars less than five years old
Don’t go cheap on the inspection
Check for oil leaks
Do a Google search on the standard problems for your car model
Do your due diligence. Get a transfer of ownership done at an official RTA centre
Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
