Saudi Arabian government to bear VAT on some of the services

Dubai: Saudi Arabia’s government will bear value-added tax (VAT) on three services and products on behalf of the citizens, the General Authority for Zakat and Income (GAZT) said on Saturday, according to Saudi Media. The three services include private education, buying first house by the citizen provided its cost does not exceed SR850,000, and healthcare […]

Saudi Arabia’s private sector business activity shrinks further in June

Dubai: Saudi Arabia’s Purchasing Managers’ Index (PMI) data for June showed non-oil private sector firms in the kingdom signalled another reduction in business activity. “June data highlighted another difficult month for Saudi Arabia’s non-oil private sector economy, with cautious business and consumer spending patterns widely reported to have held back new order intakes,” said Tim […]

One-third of Kuwait’s general reserve fund is gone

Kuwait City: The General Reserve Fund (GRF) has lost 1.5 billion Kuwaiti dinars (Dh17.9 billion) in the past 38 days, Kuwait media reports. The fund currently has 3 billion Kuwaiti dinars in liquidity, which is a drop from 4.5 billion Kuwaiti dinars back in March. “Naturally when government expenditure is higher than its revenue they […]

Dubai Economy issues commercial compliance manual for merchants

Dubai: The Commercial Compliance & Consumer Protection (CCCP) sector in Dubai Economy recently issued the Commercial Compliance Manual as part of its efforts to ensure best practices and competitiveness across business activity in the emirate. The manual highlights five key elements that merchants must adhere to in order to maintain transparency in dealing with consumers as well as […]