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May 02 18, 2:23 pm

PAL registers highest on-time performance among PH airlines

Philippine Airlines (PAL) has recorded the highest on-time performance (OTP) among Filipino airline companies for flights leaving Manila, the company said in a statement. The OTP record set by PAL was for the second half of 2019. In a statement released by PAL, the...

Dubai RTA advises public to expect transport delays

The National Centre of Meteorology (NCM) has cautioned UAE residents that bad weather will persist throughout the week. In light of this, the Roads and Transport Authority (RTA) has advised the public that transport systems like buses can be delayed due to inclement...

LOOK: Pasta straws for your cold drinks?

A company in the United Kingdom (UK) is selling pasta not as ingredients for food but as an alternative to the plastic straw. Stroodles, founded by Maxim Gelmann, offers pasta straws that can last more than an hour in various types of cold drinks. The pasta is...

Gold, diamond trading exempted from VAT in UAE

by | News

May. 02, 18 | 2:23 pm

The UAE Cabinet has introduced a tax mechanism that will exempt investors of gold, diamond and other precious metals from Value Added Tax (VAT).

With the new system, the five percent VAT in gold and diamond, among others, will only be documented in the seller’s records. The VAT, however, will not be paid by the investor, reported WAM.

The new law is applicable for different precious metals including gold, silver, and platinum with a purity of 99 percent or more used in trade in accordance with internationally accepted standards.

The move is in line with the UAE Government’s efforts to ensure an efficient implementation of the VAT while still employing best international standards and maintaining the competitiveness of the local precious metals sector.

This step aims to maintain UAE’s high ranking in the ease of doing business indicators, and allows investors in gold, diamond and precious metals to conduct business with ease.

The VAT Reversed mechanism will contribute to stabilising the gold and diamond sector in the UAE as well as stimulating investment in this sector.

This comes in light of the numerous initiatives offered by the UAE to investors. It also provides the optimal environment, infrastructure, and legislations necessary for growth and supports UAE’s position as a global hub for trade.

The volume of gold trade in the UAE rose to AED244.3 billion in 2016, with a growth rate of 13 percent. The value of UAE’s imports of gold amounted to AED142.4 billion in the same year, while exports amounted to AED75.9 billion, and re-export amounted to AED26 billion.

The gold, diamond and precious metals sector is one of the vital national economic sectors and one of the most important for the economic diversification that is expected to witness significant growth in the coming period as part of the UAE’s objectives.

Source: WAM

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PAL registers highest on-time performance among PH airlines

PAL registers highest on-time performance among PH airlines

Philippine Airlines (PAL) has recorded the highest on-time performance (OTP) among Filipino airline companies for flights leaving Manila, the company said in a statement. The OTP record set by PAL was for the second half of 2019. In a statement released by PAL, the...

Dubai RTA advises public to expect transport delays

Dubai RTA advises public to expect transport delays

The National Centre of Meteorology (NCM) has cautioned UAE residents that bad weather will persist throughout the week. In light of this, the Roads and Transport Authority (RTA) has advised the public that transport systems like buses can be delayed due to inclement...

LOOK: Pasta straws for your cold drinks?

LOOK: Pasta straws for your cold drinks?

A company in the United Kingdom (UK) is selling pasta not as ingredients for food but as an alternative to the plastic straw. Stroodles, founded by Maxim Gelmann, offers pasta straws that can last more than an hour in various types of cold drinks. The pasta is...

After 172 years, rare solar eclipse to be seen in UAE

After 172 years, rare solar eclipse to be seen in UAE

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Drilon: PH borrows Php11 billion for SEA Games

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Two drug dealers sentenced to life, to be deported

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DFA opens passport renewal center in Oud Metha

DUBAI: The Department of Foreign Affairs (DFA) today officially opened a passport renewal center in Wafi Mall through partnership with VFS Global. The center was inaugurated by Foreign Affairs Secretary Teodoro L. Locsin, Jr. in an event attended by DFA officials,...

PH passport renewal center opens in Oud Metha

DUBAI: The Department of Foreign Affairs (DFA) today officially opened a passport renewal center in Wafi Mall through partnership with VFS Global. The center was inaugurated by Foreign Affairs Secretary Teodoro L. Locsin, Jr. in an event attended by DFA officials,...

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 2.5 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

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