The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.

ABU DHABI / WAM The Federal Tax Authority (FTA) has determined three main categories of “eligible goods” for calculating Value Added Tax (VAT) on the basis of the profit margin scheme. These are second-hand goods, meaning tangible movable property that is suitable for further use as it is or after repair; antiques, i.e. goods that are over 50 years old; ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, on Wednesday published a consultation paper setting out its proposed regulatory framework for operators of Private Financing Platforms (PFPs) in ADGM. The consultation paper follows positive feedback received from the industry in response to the March discussion paper issued by the Financial Services Regulatory ...

Bloomberg Ireland would back any request by the UK to stay in the European Union after March 2019, Irish Foreign Minister Simon Coveney said, the first senior EU official to publicly raise the prospect of Brexit being delayed. The Irish government would “absolutely” support the British government if it sought more time for negotiations with the bloc, Coveney told BBC ...

Bloomberg A week after the scandal of the French president’s bodyguard broke, Emmanuel Macron is finally trying to steady the ship. With surveys showing voters were demanding an explanation from their head of state after Le Monde newspaper released videos of his private bodyguard beating demonstrators at a May Day protest, Macron addressed a private meeting of his lawmakers and ...

Bloomberg The fallout in Congress over President Donald Trump’s summit with Russian President Vladimir Putin stretched into a second week, with Senate Majority Leader Mitch McConnell issuing a stern warning to Moscow that more sanctions may be in store. “The Russians better quit messing around in our elections,” McConnell said. “They did it the last time. They better not do ...

Bloomberg Nigeria’s ruling party lost its majority in the Senate after more than a dozen lawmakers defected to the main opposition group, dealing a blow to President Muhammadu Buhari before he seeks re-election in seven months. A group of 15 senators quit the All Progressives Congress to join the People’s Democratic Party, Senate President Bukola Saraki said in the capital, ...

ABU DHABI / WAM Preparations are in full swing to launch KhalifaSat, the first satellite fully built in the UAE by a team of highly qualified Emirati engineers, into orbit before the end of the year from the ground station in Japan aboard the rocket, H-IIA, revealed Director-General of the UAE Space Agency. “The UAE Space Agency is planning to ...

ABU DHABI / WAM The Office of the Minister of Tolerance and Etihad Airways have signed a cooperation agreement to promote the values of tolerance, coexistence and respect for diversity. The agreement between the two parties seeks to promote these values in a more sustainable and enriching manner among different nationalities, cultures and religions via community projects in national and ...

Abu Dhabi / Emirates Business Effective October 3, Etihad Airways will introduce the Boeing 787-9 Dreamliner on its scheduled services from Abu Dhabi to Rabat, capital of the Kingdom of Morocco, replacing the Airbus A330-300 currently serving the route. The introduction of the technologically advanced aircraft on Rabat services is a further boost to its presence in the Moroccan market. ...

DUBAI / WAM Propelled by a double-digit surge in traffic in June, passenger numbers at Dubai International (DXB), topped 43.7 million in the first half of 2018, according to the traffic report issued on Wednesday by operator Dubai Airports. DXB handled a total of 43,739,105 passengers during first half, up 1.6% compared to 43,054,268 passen- -gers recorded during the corresponding ...