The Indonesian tax system continues to evolve but for several years has been mainly based on three primary tax laws – the General Tax Provisions and Procedures Law, the Income Tax Law, and the Value-Added Tax (VAT) and Luxury Sales Tax (LST) Law. These tax laws are routinely amended to accommodate the rapidly changing business environment and to...
A federation of seven emirates (Abu Dhabi, Dubai, Sharjah, Ajman, Ras Al Khaimah, Umm Al Quwain and Fujairah), the UAE was established in 1971. Each individual emirate exercises all its judicial and political powers except those that are assigned to the federation by the federal constitution or by agreements transferred to the federal government,...
With oil prices at sustained high levels and the government pushing ahead with a large-scale investment programme to upgrade infrastructure, address social issues and further diversification, Saudi Arabia’s economy is thriving.
While hydrocarbons continue to make up the lion’s share of the emirate’s GDP, oil revenues are supporting long-term efforts to diversify the economy. Oil and gas accounts for about 52% of real GDP, down on previous years, followed by construction, manufacturing and real estate. High-quality transport infrastructure, meanwhile, is boosting trade activity and free zones in Abu Dhabi.
Dubai has made great strides in opening up new avenues for economic growth. Over the last decade, it has developed itself into a strategic centre for international businesses to tap opportunities in the fast-growing emerging markets surrounding it. This development has been guided by a comprehensive economic diversification plan focused on...
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