taxes

Luxembourg appeals EU order to recoup 250 mn euro Amazon tax bill

Luxembourg - Muslimchronicle

The government of Luxembourg on Friday said it has launched an appeal against an EU order to recoup 250 million euros ($295 million) in back taxes from Amazon, in a case linked to a tax break granted the internet shopping giant. "Luxembourg believes that the (European) Commission has not established the existence of a selective advantage (within European Union law),"Read more

Trump again backs alleged harasser, Democrat gives up key post

WASHINGTON - Muslimchronicle

President Donald Trump on Sunday redoubled his support for embattled Senate candidate Roy Moore, ignoring the sexual harassment allegations plaguing the ex-Alabama judge’s campaign, as Democrats moved to address harassment concerns afflicting their own party. In an early-morning tweet, Trump said that Moore’s rival in the Alabama race for a Senate seat, Democrat Doug Jones, was weak on crime, theRead more

VW lifts earnings outlook after higher third-quarter profit

Berlin - Muslimchronicle

Volkswagen lifted its profit guidance for this year after posting forecast-beating group earnings in the third quarter, benefitting from cost cuts at its core autos division. Quarterly group earnings before interest and taxes (EBIT) before special items jumped 15 percent to €4.31 billion from €3.75 billion a year ago, Volkswagen (VW) said on Friday. That beat even the highest estimateRead more

Tobacco tax in Saudi Arabia: 213% increase in smokers seeking help to quit

Makkah - Muslimchronicle

Statistics from the Ministry of Health indicated that there has been a higher demand in the Kingdom from people seeking help to give up smoking in the wake of the rise in tobacco prices announced on June 11. The rate of people seeking help from clinics has increased by 213 percent during the past three months in comparison with theRead more

Looming election may be nail in coffin for Japan’s fiscal reform

Tokyo - Muslimchronicle

Even as a new party under a populist female leader scrambles the outlook for Japan’s general election next month, one thing is clear: the winner will loosen a grip on the government’s runaway debt as lawmakers forego higher taxes or boost spending. Prime Minister Shinzo Abe wants to use the revenue from a planned sales-tax hike not to pay downRead more

UAE tax to double tobacco, energy drink prices

Dubai - Muslimchronicle

Tobacco and energy drink prices are set to double in the United Arab Emirates, which is imposing steep excise taxes to help ease a budget shortfall caused by low oil prices. Khaled Al-Bustani, director general of the newly established UAE Federal Tax Authority, said on Wednesday that the 100-percent tax would be introduced from October 1. Prices of other typesRead more

Contractors accuse Iraq of shake downs to force tax payments

Washington - Muslimchronicle

American military contractors operating in Iraq are accusing Baghdad of employing strong-arm tactics to make them pay exorbitant income taxes, a practice they’ve warned the Trump administration is hampering the fight against Daesh. To force payment of the taxes, which the companies say are haphazardly calculated and can total millions of dollars, Iraqi authorities have held up — and evenRead more

Excise taxes will contribute to a healthier tomorrow

Abu Dhabi - Musimchronicle

A local newspaper has said that now the UAE has published the law on excise taxes related to sugary fizzy drinks, energy drinks and tobacco, with Government plans to introduce a 100 percent tax on tobacco and energy drinks and a 50 percent rate on sugary drinks, there will be associated benefits. The English language daily, The National, in an editorialRead more

VAT will be a win-win in the long term

Abu Dhabi - Musimchronicle

A UAE newspaper has said that with salaries stagnant and the cost of living increasing, people have been understandably perturbed over the impact of the introduction of VAT on 1st January next year, as well as an excise tax on tobacco and carbonated drinks due in the fourth quarter of this year. In an editorial on Thursday, the English languageRead more

BMCE Bank Ordered to Pay MAD 900 Million in Taxes

Casablanca - Arab Today

Morocco’s BMCE bank has been ordered to pay a sum totaling MAD 900 million (USD 90 million) in taxes for the fiscal years covering 2012-2015. BMCE is one of a number of Moroccan firms that have been engaged in tax evasion. Other companies that went through a tax adjustment are OCP, Lydec, Saham Assurance. To date, the Directorate GeneralRead more