Uae Financial News

capital gains tax rates is a welcome and logical change by the government. Under the new tax rules, stock investing will now attract a 12.5% Long-term capital gains tax (previously 10%) and 20% Short-term capital gains tax (previously 15%). Excluding tax havens such as Hong Kong, Singapore and the UAE, India’s capital gains tax remains one of the lowest globally, especially as the amount of capital gains increases. And as Finance Secretary Somnath explains, analysis of the tax base shows that capital gains tax doesn’t really impact the middle class. 88% of the capital gains income is earned by individuals with an income above Rs. 15 Lakh and 62% by those with an income greater than Rs 1 crore. The investing community in India is a minority demographic that benefits from a tax rate much lower than the marginal rate, a standard tax rate for income earned by salaried and other business incomes. Even with the new rates, we’re still much below the marginal tax rate.

UAE-India CEPA entered into force in 2022, trade between the two countries has grown remarkably by 16.41 percent with total trade growing from $72.87 billion in 2021-2022 to $84.84 billion in 2022-2023, according to UAE Minister of Economy Abdulla Bin Touq Al Marri who was recently in Chennai. In a wide-ranging interview with ET’s Dipanjan Roy Chaudhury, Al Marri mentioned that CEPA has strengthened collaboration to promote startups through exchange of best practices between accelerators, incubators, and other such ecosystem stakeholders

Raynald Aeschlimann, president and chief executive officer of watch company Omega, owned by the Swatch Group AG, spoke exclusively to Mint virtually about India as a market and the promise it holds. For the entire group, South Korea, India and the United Arab Emirates also considerably outperformed the previous year. The shift away from China—the largest consumer of luxury in the world—has impacted Swatch, Omega's parent, which reported lower half-yearly sales from a year ago.

Realty developer TARC Ltd has appointed Arabian Construction Company, headquartered out of Abu Dhabi, UAE, as the principal contractor for its luxury residential developments, TARC Kailasa, located in Central West Delhi and its upcoming development TARC 63A located in Gurugram. TARC Kailasa is 2.80 million square feet luxury residential development spread across five 40-storey towers. TARC 63A Gurugram is an upcoming project, estimated to have more than 1.80 million square feet of luxury residential development spread across five 45-storey towers. “As we move forward in our journey of developing world class luxury residential projects in New Delhi and Gurugram, we are forging partnerships with the best in the world. Arabian Construction Company is known to efficiently deliver high quality developments across their 50 years of experience with the highest standards of safety, sustainability and professionalism besides specializing in construction of high-rise buildings. We want to bring the best consultants and engineers for our customers to deliver nothing less than the best,” said Amar Sarin, Managing Director & CEO, TARC Ltd.

The Biden Administration has been consistent: The Palestinian Authority must rule Gaza after the war. The White House dismisses Israel’s protests that the PA supports terrorism and is too feeble to resist Hamas as domestic political pandering. The only way to defeat Hamas in Gaza, says the U.S., is to hand the keys to Mahmoud Abbas and a “revitalized" PA.

₹1 crore. But exemptions must go. A new comprehensive economic framework for next-gen reforms is on its way, Sitharaman said.

Sheikha Mahra bint Mohammed bin Rashid Al Maktoum recently posted a new picture of herself and her 2-month-old daughter on Instagram, just after she made it public that she was seeking a divorce. Sheikha Mahra is seen in the picture looking at a painting of a white horse with her infant. She used just a white heart emoji as the only caption for the post, as per the reports of The Mirror.

Abu Dhabi-listed Phoenix Group has launched a new 25-megawatt cryptocurrency mining facility in Willamette, South Carolina.

World Gold Council (WGC), many consumers have shifted from jewellery to gold bars and coins as the prices of the yellow metal have surged, making it a preferred asset class among investors. Seasonal factors and high prices have dampened the demand for gold jewellery. At the same time, anecdotal reports indicate persistent demand for bars and coins, indicating a likely shift from jewellery to bars and coins for some consumers. Moreover, there hasn’t been significant distress selling of gold or profit taking from gold sales that are being reported, as consumers anticipate further price increases, said Kavita Chacko, research head, India, WGC. The period from mid-May to July is typically a slack season for jewellery purchasing. A potential revival in demand is expected with the onset of the festival season in the latter part of Q3. The sustained momentum in the domestic economy, coupled with favourable progress in monsoons and crop sowing, has raised expectations of an uptick in demand (both rural and urban) in the coming months.

MUMBAI: Many dream of working or studying abroad, but what happens when they decide to return home? Navigating the financial maze of starting afresh can be challenging.

Nothing Phone (2a) Plus was earlier spotted on the UAE's TDRA certification website, along with the Bureau of Indian Standards (BIS) and Jio's list of 5G-compatible devices. The TDRA listing had suggested that the Phone (2a) Plus would come with the model number A142P.With Nothing CEO Carl Pei already pushing plans for the Phone (3) to next year, it will be interesting to see what Nothing has to offer with the Phone (2a) Plus.

Ethereum Enterprise Alliance (EEA) has launched the first standard for decentralized finance (DeFi) protocols.

India is likely to cut the floor price for basmati rice exports and replace the 20% export tax on parboiled rice with a fixed duty on overseas shipments, government sources said, as rice inventories in the country jumped a record high. The world's biggest rice exporter imposed various curbs on exports in 2023 and continued them in 2024 in an effort to keep local prices in check ahead of the general elections held in April-May. New Delhi is expected to lower the basmati rice's minimum export price (MEP) to $800-$850 a metric ton, down from $950 a ton, to boost shipments, said the sources, who didn't wish to be identified as they are not authorised to talk to media.

The corporate tax landscape is undergoing a seismic shift, globally, with the advent of the Global Minimum Tax, also known as Pillar Two. By 2024, this initiative had been adopted by 30-plus countries, signalling the most significant reform of international tax regulations in a century. Prepared under the Organisation for Economic Co-operation and Development’s (OECD) Inclusive Framework, which encompasses over 140 countries, Pillar Two is poised to redefine the fiscal obligations of multinational enterprises (MNEs).

KEC International shares climbed 6% to Rs 940 in Thursday's trade on BSE after the firm secured new orders of Rs 1,100 crore for transmission & distribution (T&D) projects in India, Middle East, Australia and the America. The projects include 765 kV Transmission line and 765 kV GIS substation orders in India, from Power Grid Corporation of India Limited (PGCIL). The company also secured orders for a 132 kV transmission line in the United Arab Emirates (UAE), the supply of towers in Australia and the Americas, and the supply of Hardware and Poles in America.

Nine crew members were rescued and another died as teams searched for others after an oil tanker capsized this week off the coast of Oman, according to the country's state news agency

Duqm, the nation's Maritime Security Centre said on social media website X. The Comoros-flagged Prestige Falcon had a 16-member crew — 13 from India and three from Sri Lanka — and search and rescue operations to locate missing seafarers are underway. The incident happened Monday 25 nautical miles southeast of Ras Madrakah.

import of precious metals from the UAE under a free trade agreement with India. GTRI demanded an investigation, citing the negative impact on the domestic jewellery industry and potential annual revenue loss for India, PTI reported. The key issue centers around the India-UAE Comprehensive Economic Partnership Agreement (CEPA) that permits unlimited imports of gold, silver, platinum, and diamonds from the UAE into India with zero tariffs in the coming years. GTRI's report highlighted that addressing these issues is crucial to ensure the integrity of import practices, safeguard domestic industries, and prevent significant revenue losses. The report noted that the zero-tariff policy under CEPA could cause an annual revenue loss of Rs 63,375 crore due to duty-free imports of gold and silver, based on FY2024 import levels. This policy is also likely to shift import business from banks to a few private traders and replace top suppliers with Dubai-based firms.

A suspected attack by Yemen’s Houthi rebels has targeted a ship in the Red Sea

Karachi: The Pakistan Cricket Board wants the BCCI to provide written proof of the Indian government's denial of permission in case the team refuses to come here for next year's Champions Trophy citing a travel ban on security grounds, a PCB source has said. The host Board also wants the matter to be sorted as soon as possible, given that the tournament is scheduled in February-March. While the ICC annual conference will be held in Colombo on July 19 doesn't have any discussion on 'Hybrid Model' about India playing their games in the UAE on its agenda, the global body as usual has earmarked additional fund in case it becomes a two-country tournament. «If the India government declines permission, it has to be in writing and it is mandatory on the BCCI to provide that letter to the ICC now,» the PCB source working closely with organizing committee told PTI.

Vanuatu on the map. He had never been there; probably, he never would. Until the other day, he had not heard about the country. Vanuatu sounded like a mystery land in a ‘guess the country’ game. Nonetheless, he and his wife are citizens of Vanuatu — an island nation in the South Pacific that few Indians knew two years ago. Today, many do. Vanuatu has emerged as the quickest and cheapest avenue to switch citizenship, grab a new passport. Competing with Cyprus and Malta — which are more expensive and time-consuming options — Vanuatu is among the very few countries where one can become a citizen without ever visiting it. FIRST SPEND A YEAR IN UAE