UAE to impose federal corporate tax for the first time
Dubai, Jan 31: The United Arab Emirates announced Monday it is introducing for the first time a federal corporate tax on business earnings. It's the latest measure to bring the country in line with many governments worldwide but one that also chips away at its competitive advantage.
The UAE home to Abu Dhabi, Dubai and five other emirates has been steadily introducing new taxes as it seeks to diversify revenue from its mainstay of oil. It is unclear how the new 9% corporate tax on earnings will impact consumers as some businesses could raise their prices as a result.
Businesses across various sectors in the UAE are still reeling from the effects of the coronavirus pandemic. Untold numbers of foreigners, who comprise around 90% of the UAE's population, lost their jobs amid the pandemic and salaries were slashed in key industries such as tourism, real estate and the construction sector.
The UAE has recently taken steps to try and retain foreign investors, including loosening restrictions on business ownership rules and granting longer-term visas for some. It has also liberalised some of its Islamic laws around alcohol and unmarried couples, and moved to a Monday-Friday workweek.
Still, the UAE faces steep competition from neighbouring Saudi Arabia, which is working overtime to attract businesses and families to relocate to the kingdom.
The UAE's Ministry of Finance said the new federal tax of 9% on profits would be effective starting June 1, 2023. The corporate tax will not apply to personal income from employment, real estate and other investments, or to income earned from a business licensed outside the UAE.
The UAE has long positioned itself as a place where foreign investors are welcome and where incomes are tax free. Low taxes and a friendly business environment helped to transform the 50-year-old nation over the years.
The new corporate tax also does not apply to companies in Emirati free zones unless they conduct their business onshore. Another exception are oil and gas companies, which are subject to their own tax schemes.
Business profits of up to roughly 102,000 will not be taxed, the ministry said, in order to support small businesses and startups. Furthermore, foreign taxes can be credited against the UAE's corporate tax to avoid double taxation. The tax scheme will allow UAE business groups to be taxed as a single entity or apply for relief amid losses or restructuring.
Various emirates in the UAE have been steadily introducing fees and taxes in past years. After oil prices dipped dramatically in mid-2015, the government reduced some subsidies and imposed a 5% value added tax on most goods and services, a standard tax that is still lower than in many countries around the world.
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Karnataka Union of Working Journalists' (KUWJ) announces 2024 annual awards
VB scribes Yogesh Malur, Abdul Rahiman Talapady among awardees
Bengaluru: The Karnataka Union of Working Journalists (KUWJ) has announced its annual awards for the year 2024, recognising journalists across various categories.
Vartha Bharati journalists Yogesh Mallur and Abdul Rahiman Talapady are among the awardees. Yogesh Mallur has been selected for the G. Narayanaswamy Award for Best Rural Reporting, while Abdul Rahiman Talapady has been honoured under the Tagadoor Kamalamma Veeregowda Award for reporting on farmers’ livelihoods and distress.
The awards will be presented at the 40th State Journalists’ Conference to be held in Bidar on April 11 and 12, KUWJ state president Shivanand Tagadur and general secretary G.C. Lokesh said in a release.
Details of the awards:
1. G. Narayanaswamy Award (Best Rural Report)
Yogesh Mallur, Vartha Bharati, Bengaluru
K.A. Ismail, Shakti, Kodagu
2. Patel Bhairahanumayya Award (Best Humanitarian Report)
Mallaiah Polampally, Kannada Prabha, Shahpur, Yadgir
Ravikumar Kaggannavara, Kannamma, Dharwad
3. Giridhar Award (Best Crime Report)
Basavaraja Kattimani, Kannada Prabha, Hunasagi, Yadgiri
P.K. Ravikumar, Vijayavani, Mysuru
4. B.S. Venkataram Award (Best Scoop Report)
Odesh Sakleshpur, Prajavani, Ramanagara
Mahesh Munnayyanvara Math, Prajavani, Mahalingapur, Bagalkot
5. K.A. Nettakalappa Award (Best Sports Report)
Narayanarao Deshpande, Samyukta Karnataka, Hubballi
Prasad Shettigar, Vijayavani, Bengaluru
6. Khadri Shamanna Award (Best Political Criticism)
Dayashankar Maili, Sudi Mula, Mysuru
Shankar Pagoji, Udayakala
7. Mangala M.C. Varghese Award (Weekly Newspaper Article)
M.G. Nayak, Sudha (Prajavani), Kumta, Uttara Kannada
Venkatesh S. Sampa, Editor, Sampada Saalu
8. Tagadoor Kamalamma Veeregowda Award (Farmers’ Life and Suffering)
Jayaramu, Samyukta Karnataka, Channarayapatna
Abdul Rahiman Talapady, Vartha Bharati, Mangaluru
Indira, Hospet Times, Hospet
9. R.L. Vasudevarao Award (Forest Report)
P. Paramesh, Sudi Mula, Manvi, Raichur
Koushalya D. Falanakar, Gumbaz Express, Vijayapura
10. R.L. Vasudevarao Award (Wildlife Report)
Nagaraj Navimane, Vijaya Karnataka, Mysuru
M. Narasimha Murthy, Kannada Prabha, Bengaluru South
11. B.G. Thimmappaiah Award (Economically Weaker Section Report)
12.
Rajesh Shetty Dota, Vijayavani, Mangaluru
Sharat Kumar S., Udayavani, Shivamogga
12. Mandibele Shamanna Memorial Award (Rural People’s Life Report)
Shankar Katte Malalawadi, Janamitra, Hunsur
Shivaraj Sunkada, Mudgal, Lingasugur, Raichur
Prashant Pade, Udayavani, Kundapura, Udupi
13. Nadaprabhu Kempegowda Memorial Award (Bengaluru Urban and Rural)
H.P. Praveen
Prashanth Rippanpet
V.S. Honnachar, Leaders Weekly
Zukriya, Times of Karnataka
14. Yajaman T. Narayanappa Memorial Award (Best Agricultural Report at District Level)
Venkatesh Gudeppanavara, Vijayavani, Mudhol, Bagalkot
Manjunath N., Bellary, Kavithal, Raichur
15. Nadigera Krishna Raya Award
Sathish Babu, Udayavani, Bengaluru
A. Akshara, Senior Journalist
16. Sunnuvanda Srinivas Changappa Award (Report on Soldiers)
A. Appaji Gowda, Mulbagal, Kolar
17. K.N. Subramanya Award (English Newspaper Report)
Apyan Yasmin, The Hindu
Vikar Ahmed, Frontline, Bengaluru
18. T.K. Malagonda Award (Investigative Report)
Sivananda Hiremath, Vijayavani, Gadag
Tiptur Krishna, Adityavani, Tiptur
19. Actor-Director Dwarakish Memorial Award (Film Category)
S. Jagadish Kumar, Cine Suddi
20. Abhimani Prakashan Award
Mahesh Hegde, Samyukta Karnataka, Sagar, Shivamogga
Ravindra Talagade, Vijaya Karnataka, Ballari
21. Best Page Designers
Sandesh, Pratinidhi, Mysuru
22. Best Desk Management
Vijayakumar, Vijayavani
23. Newsreel (Report with Photograph)
K.V. Balaram, Kikkeri, Mandya
M.R. Manjunath, Senior Photographer
24. Photography / Cameramen
Ganesh, Vijaya Karnataka
Babu Mia, Kalaburagi
25. Ganesh G. Award
M.P. Arun Kumar, City Highlights, Shivamogga
Mahantesh, Andolana, Mysuru
26. K. Prahladrao (Mandya) Award
K.S. Janardhanachari, E Sanje
Ramesh K., Kannada Prabha, Bangarapet, Kolar
K.V. Nagaraj, Prajavani, N.R. Pura, Chikkamagaluru
27. Garudanagiri Nagaraj Award
B. Shivarudrappa, Kannada Prabha, Holalkere, Chitradurga
Ramesh Kumar Naik, Vishwavani
Ramakrishna, Samyukta Karnataka, Mangaluru
28. Gurulingaswamy Holimath Award
Devaraja Kappasogi, Kannada Prabha, Chamarajanagar
Navyajyoti, Hosa Diganta
29. Prajapragati Award
Rabindra Talagade, Vijaya Karnataka, Ballari
Brahmananda Hadagali, Kannada Prabha, Belagavi
30. B.A. Nandikolumath Award
H.K. Nataraj, Udayavani, Davanagere
Ramachandraiah, Kunigal, Samajvani, Tumakur
Electronic Media (TV) Section:
Best Political Analysis
Prashanth Natu, Suvarna TV
Pramod, TV9
Best Anchor
Arun C. Badiger, Public TV
Kiran Kumar D.K.
Development / Social / Humanitarian Report
P.D. Veeranna, Chandana TV, Tumakuru
Thimme Gowda, News18, Bengaluru
Maruti Pavagada, Guarantee News
Raju B.R., News 1st, Koppal
Vithala Caravada, Republic Kannada, Davanagere
Mohanakrishna, Akashvani / Doordarshan, Hassan
KUWJ Special Awards:
Vijaya Biradar, Jamkhandi
Sridhara Uchila, Mumbai
Srikanth, Kasaragod
Sanjeevarao Kulkarni
