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The Latest Breaking News from Ministry of Finance

UAE Issues Decree-Law Imposing a Corporate Tax

The United Arab Emirates has issued a decree-law imposing a corporate tax at a 9 percent rate for taxable business income exceeding 375,000 dirhams ($102,000). The tax will apply to all firms from June. 1 next year. The UAE’s Ministry of Finance confirmed the Federal Decree-Law on Taxation of Corporations…

Asharq Al-Awsat

Modi government violated rules to allow sale of electoral bonds, RTI reply shows

The Narendra Modi government opened three windows for the sale of electoral bonds in 2018 ostensibly in violation of the Electoral Bond Scheme 2018, suggest documents accessed through the Right to Information Act. The three windows were opened before and after assembly elections in nine states that year.

Newslaundry

Vanuatu officials turn to phone books and typewriters, one month after cyber attack

Government websites and email still offline, leading to delays in payments and services across the country

The Guardian - AU

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Citic to Become Biggest Huarong Shareholder

State-owned investment company to get 3% from Finance Ministry, pushing its Huarong stake to 24.46% after leading $6.6 billion bailout of the bad-debt manager

Caixin Global

Saudi Arabia Promotes Institutions’ Investments

Saudi Arabia issued a decision allowing establishments to engage as partners in all types of corporate commercial entities, in a step that aims at facilitating the business environment and contributing to the expansion of their income. In a statement on Monday, the Saudi Ministry of Commerce said that the decision…

Asharq Al-Awsat

Loan guarantees okayed for Oil Fund

A cabinet proposal for the Ministry of Finance to provide loan guarantees worth up to 150 billion baht to the Oil Fuel Fund has won approval in the House of Representatives, despite criticism expressed in a House debate prior to Wednesday's vote.

Bangkok Post

On Behalf of King Salman, Saudi FM to Represent Kingdom at Arab Summit

On behalf of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah will represent the Kingdom at the two-day Arab League summit that will kick off in Algeria on Tuesday. Prince Faisal departed the Kingdom on Tuesday at the head…

Asharq Al-Awsat

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Major shareholders in digital asset ventures need SEC nod

Digital asset businesses are now subject to seeking the approval of the Securities and Exchange Commission (SEC) if they are set to have a major shareholder, the Thai regulator said on Monday.

Bangkok Post

Iraq’s Corruption Scandal Continues to Stir Popular, Official Reactions

A huge corruption scandal involving the theft of 3.7 trillion Iraqi dinars ($2.5 billion) from the Iraqi tax authorities’ account continued to spark official and popular reactions, amid unconfirmed reports that the stolen funds amount to ten trillion Iraqi dinars. The largest theft of its kind - “the theft of…

Asharq Al-Awsat

Pakistan ‘strongly contests’ Moody’s ratings downgrade

Concerns are rising about Pakistan’s ability to pay for imports such as energy and food, and meet sovereign debt needs.

Al Jazeera

Saudi Arabia Underlines Support to IMF Efforts to Alleviate Global Food Crisis

Saudi Minister of Finance Mohammed Al-Jadaan underlined his country’s support to the efforts of the International Monetary Fund (IMF) to mitigate the impact of the global food crisis. During a meeting with IMF Managing Director Kristalina Georgieva, Al-Jadaan discussed areas of bilateral cooperation, including capacity development and the establishment of…

Asharq Al-Awsat

Saudi Arabia Expects Sustainable Surplus Budgets until 2025

The Saudi Ministry of Finance disclosed estimates of its budgets until 2025, showing positive trends and expectations of sustainable financial surpluses during the medium term. The preliminary statement of the state’s general budget for the fiscal year 2023 expected total expenditures to reach about 1.11 billion riyals ($296 billion), and…

Asharq Al-Awsat

Pharma manufacturers’ body moves Karnataka HC against treating free samples of medicines given to doctors as ‘freebies’ under Income Tax Act

Ministry of Finance had said that drug manufacturers will have to deduct 10% tax for the value of free samples of medicines

The Hindu

Jordan’s Public Debt Increases to $41 Bln

Jordan’s public debt rose 1.6 percent to 29.16 billion dinars ($41 billion) in the first half of 2022 from 28.7 billion dinars at the end of 2021. Its domestic debt reached 13.89 billion dinars at the end of H1, while its foreign debt reached 15.26 billion dinars, according to statistics…

Asharq Al-Awsat

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Benzinga

Russia Seeks To Legitimize Use Of Cryptos In Cross-border Payments

The Ministry of Finance and the Bank of Russia have reconsidered their stance on cryptocurrencies, a step needed to legitimize cross-border payments in these currencies, according to the country's Deputy Finance Minister Alexei Moiseev.

Asharq Al-Awsat

Saudi Arabia Prepares to Launch Individual Savings Sukuk

The Saudi Ministry of Finance and the National Debt Management Center (NDMC) are seeking to develop and launch individual savings Sukuk to motivate individuals to design better plans for the future and seek strategic partnerships with the private sector. The two entities signed a memorandum of understanding (MoU) with SNB…

Bangkok Post

B21bn savings bond issue dates set

A total of 21 billion baht worth of government savings bonds will go on sale to the public from Aug 22 to 24, a Ministry of Finance official confirmed on Thursday.

Asharq Al-Awsat

Oman Posts 784 Million Rial Budget Surplus for H1/2022

The Omani government posted a budget surplus of 784 million rials ($2.04 billion) at the end of the first half of 2022, Oman's state news agency reported on Sunday. The Gulf Arab state's oil revenues increased to 3.187 billion rials by the end of first half, the report added. Public…

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Asharq Al-Awsat

$2Bln in Auction of UAE Treasury Bonds

The United Arab Emirates, represented by the Ministry of Finance as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, announced Monday the results of the third auction of the Treasury Bonds program (T-Bonds). This program is part of the AED9…

Bangkok Post

SET warns against plan to reintroduce tax on share sales

The Stock Exchange of Thailand has warned that the Ministry of Finance’s plan to reintroduce a 0.1% tax on share sales may significantly affect the bourse’s liquidity and slow economic recovery.

The Hindu

PM’s Iconic Week launch livestreamed in Mysuru

Central GST Department broadcasts the event under ‘Azadi Ka Amrit Mahotsav’ at ATI campus; it was broadcasted in 74 other major cities

The Times of India

COFEPOSA detention: Denying documents against constitutional right, says Kerala HC

KOCHI: Not supplying the documents relied upon for ordering preventive detention under COFEPOSA Act amounts to violation of the detenue’s constitutional right, the Kerala High Court has held while quashing a detention order issued by the Joint Secretary COFEPOSA of Ministry of Finance.

The Hindu

PM Modi to launch Azadi Ka Amrit Mahotsav on June 6, event to be webcast in 75 cities

COIMBATORE

Asharq Al-Awsat

Saudi Quarterly Budget Registers Record Surplus

Official data released on Sunday showed that the Saudi budget for the first quarter of 2022 recorded a surplus of SR 57.4 billion ($15.3 billion dollars). The Saudi Ministry of Finance announced the actual general budget for the first quarter of 2022, noting that the Kingdom collected revenues of SR…

Asharq Al-Awsat

Oman's Budget Records Surplus of Almost $1Bn

Oman's state budget recorded a surplus of $928 million at the end of the first quarter of 2022. The Finance Ministry announced the surplus would be used to accelerate economic recovery, enhance development expenditure, and reduce the risks of the country's public debt portfolio. As of the end-first quarter of…

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