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Kuwait signs $2.9bn deal for LNG facility

Kuwait signs $2.9bn deal for LNG facility

When completed, the site will import 3,000 British units of LNG per day

Amnesty report says Qatar 2022 world cup workers still suffering abuse

Amnesty report says Qatar 2022 world cup workers still suffering abuse

Organisation cited incidents of pay and passports being withheld from workers

Saudi plans SAR 100,000 fine for firms that violate weekend rule

Saudi plans SAR 100,000 fine for firms that violate weekend rule

Companies warned against counting weekends as part of annual leave

Oman could become the first country in the Gulf Cooperation Council to introduce value added tax as it looks to raise revenues, according to reports. Oman Daily Observer cites an official familiar with the matter as saying the “final touches” are being made to the country’s draft law relating to VAT. “It is only a matter of timing,” he said, without specifying the tax rate. "There will be no exemptions, and all consumers will pay the VAT upon its implementation," he said, adding, "key sectors, sectors such as health, education and social services may not be included in the new tax net". The source said around 94 food items would also be exempt and the country expected to raise OMR 300m ($779m) each year from the levy for state coffers. However, he ruled out any plans to introduce income tax in the country, according to the publication. A GCC-wide agreement to implement a VAT rate of 5 per cent is in the works with the UAE already confirming its plans. Last month, the emirates said it would implement the levy from January 1 2018. Under the agreement, UAE minister of state for financial affairs Obaid Humaid Al Tayer said other countries in the region would have until January 1 2019 to follow suit. He said at least 100 foot items, bicycles, healthcare and education would be exempt from VAT, which is expected to raise Dhs 12bn ($3.2bn) for the country in its first year. In a report this month, consultancy firm EY’s MENA indirect tax leader Finbarr Sexton said VAT would have a “broad impact” on businesses in the region. “It will diversify government revenue sources and reduce reliance on oil revenues to finance government expenditures,” he said. “The additional revenues collected are likely to fund programmes for the development of job opportunities for nationals and improve education and healthcare in the GCC.” But he warned that there would be severe penalties for non-compliance. “All businesses must undertake a review of their current contracts to determine if VAT has been appropriately addressed,” he said. The implementation of VAT in the GCC is being driven by a prolonged decline in Brent crude prices from a $115-per-barrel peak in mid-2014 to around $40 this month. GCC countries are expected to post average fiscal deficits of 16 per cent this year, with a $275bn regional shortfall, according to the International Monetary Fund. Related articles VAT could become additional cost for GCC businesses Industry GCC Rail Completion Date Could Be Pushed To 2020 - UAE Minister Industry UAE Launches Strategy To Become Most Innovative Country In Seven Years Industry Newsletter Subscribe to get a Gulf Business update each day. By Robert Anderson Email Robert Latest More senior executives at Abu Dhabi bank FGB depart Emirates would buy more A380s even if new version shelved Saudi Aramco prepares for global expansion as IPO looms UAE workers say CEOs accountable for data breaches

Oman could be first to launch VAT in GCC

The country is reportedly putting the “final touches” to its draft tax law

Abu Dhabi's TAQA cuts spending target

Abu Dhabi’s TAQA cuts spending target

The company also reduced its CAPEX by 52 per cent last year

Qatar says will investigate worker abuse claims raised by Amnesty

Qatar says will investigate worker abuse claims raised by Amnesty

New ​Amnesty report accuses Qatar of failing to protect migrant workers’ rights

EgyptAir hijacking ends with no casualties

Flight MS181 was hijacked by a passenger who said he was wearing an explosives belt

Apple expected to unveil smaller, cheaper iPhone on Monday

The new 4-inch iPhone SE is rumoured to have similar features as the iPhone 6s

Kuwait arrests 47,000 expats in three months as crackdown continues

Kuwait arrests 47,000 expats in three months as crackdown continues

Around 6,000 of those arrested were deported

Iran will consider oil freeze when its reaches 4 million bpd - report

Iran will consider oil freeze when its reaches 4 million bpd – report

Oil minister suggests the country would look to return to pre-sanctions levels

Iran will consider oil freeze when its reaches 4 million bpd - report

Iran will consider oil freeze when its reaches 4 million bpd – report

Oil minister suggests the country would look to return to pre-sanctions levels

Dubai plans to host international tech-based sporting tournament from 2017

Dubai plans to host international tech-based sporting tournament from 2017

The World Future Sports Games will feature events like driverless car racing and robotic soccer

Exclusive interview: Mishal Kanoo on oil, VAT and Iran

Exclusive interview: Mishal Kanoo on oil, VAT and Iran

In his characteristic controversial style, the chairman of the family-owned business discusses issues affecting the Middle East

UAE design market continues to boom despite economic slump

UAE design market continues to boom despite economic slump

The entire MENA region is expected to see growth in the industry until 2017

World’s first facility growing food, fuel in a desert ecosystem opens in Abu Dhabi

The bioenergy research facility is located in Masdar City

Egypt considers banning niqab and Islamic veils in public places

Draft law states that full-face veils are ‘Un-Islamic’ and that the Koran only requires women to dress modestly

Revealed: Most popular and most affordable areas to rent studios in Dubai

Dubai’s private sector growth drops for the first time since 2010

Travel and tourism companies in the emirate saw the biggest decline, finds index

Emirates unveils new business class seat

A larger screen TV and more lighting options are among the additions.

Qatar Airways’ new business class to feature private cabins

Reports suggest the new offering will offer first-class style private cabins closed with sliding doors

US raises concerns following suspension of Saudi arms deal with Lebanese army

US spokesperson suggests supporting Lebanon’s Armed Forces is crucial to countering the influence of Hezbollah.

Oil up on Saudi, Russia meeting

Saudi Oger punished for not paying employees ‘for four months’

Saudi Arabia’s labour ministry said to have stopped providing services to the construction giant, including social security

Qatar Airways’ new Sydney route to generate $178m, 3000 jobs in Australia

The direct route between Doha and Sydney began on March 3

Over 615,000 people used Abu Dhabi airport’s US pre-clearance facility in 2015

The facility is the first of its kind in the Middle East, Asia and Africa

Alabbar-led consortium values Americana at $4bn

Adeptio announced an initial accord for the company last month

Iranian billionaire Babak Zanjani sentenced to death

Decision can be appealed

Saudi says will change stance towards Lebanon if Beirut cuts Hezbollah influence

The kingdom cancelled $4bn in aid to Lebanese security forces last month.

Emirates to unveil revamped business class seats for its Boeing 777 aircraft

The design and shape of the new seat is inspired by the interior of a sports car

Why telecoms is an opportunity for growth in Qatar

Telecommunications and information technology can transform Qatar, writes Waleed Al Sayed

Pictures: Lufthansa opens new lounge in Dubai’s Concourse D

The airline also rolls out electronic bag tags

AccorHotels plans to ‘more than double’ Middle East footprint following FRHI acquisition

$2.9bn deal was announced in December.