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Gulf Today
16 hours ago
- Business
- Gulf Today
UAE fully backs efforts to boost GCC economic integration plan
The UAE has taken part in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held on Sunday in Kuwait, bringing together Their Excellencies, the Ministers of Finance of the GCC member states. Led by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation featured Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA); and Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations. A number of specialists from the Ministry of Finance, the Federal Tax Authority, the Federal Authority for Identity and Nationality, Customs and Port Security also accompanied the delegation. Advancing Economic Integration: The meeting discussed priority issues to strengthen financial and economic cooperation across the GCC, where appropriate decisions were taken accordingly. Topics addressed include the outcomes of the 84th Meeting of the Committee of the Governors of the Central Banks in the GCC Countries, recent sessions of the GCC Customs Union Authority, and the 14th meeting of the Committee of Heads and Directors of Tax Departments in the GCC Countries. Ministers also reviewed the latest developments related to the Gulf Common Market, along with recommendations stemming from a joint event hosted by the UAE Ministry of Finance and the GCC General Secretariat on the sidelines of the World Government Summit in February 2025. Progress on the GCC's economic unity agenda by 2025 was also reviewed, with discussions focusing on ongoing efforts to enhance Gulf coordination in global economic forums. The session also featured a briefing by the GCC Statistical Centre on current data from the Gulf Common Market. Mohamed Bin Hadi Al Hussaini said that strengthening joint GCC action in the financial and economic sectors will continue to be a strategic priority for the UAE, particularly in light of the accelerating challenges facing the global economy. He stressed the importance of completing the requirements of the GCC Common Market and Customs Union as essential steps toward enhancing economic efficiency and boosting the global and regional competitiveness of GCC countries. His Excellency added that the next phase calls for expediting institutional integration and aligning financial, tax, and customs policies to foster greater harmony and coherence among GCC economies. He reaffirmed the UAE's support for all efforts and initiatives aimed at establishing a unified Gulf economy and creating an attractive, dynamic environment for investment and trade. He concluded by highlighting the need to intensify technical cooperation and exchange expertise among member states, as well as making the most of the opportunities presented by joint Gulf projects. These efforts, he noted, are vital to achieving sustainable growth, ensuring long-term prosperity for GCC citizens, and strengthening the region's position as an influential economic bloc on the global stage. Exchanging views: During the meeting, the meeting ministers exchanged views on financial and economic priorities for the next phase and explored how to enhance the GCC countries' readiness to address regional and global developments, as well as how to support executive plans for economic integration and strengthen the GCC's position on the global stage. Two days earlier, The Ministry of Finance held a workshop on crisis management and forecasting, bringing together senior government officials and experts to explore best practices in emergency preparedness and strategic planning. The event, held in Dubai, was attended by Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; assistant undersecretaries; department directors; and representatives from the American University of Sharjah. In addition to highlighting the latest international practices in crisis management and forecasting, the workshop aimed to enhance the capabilities of national teams to respond effectively and plan proactively for future challenges. This aligns with the country's efforts to build a flexible government capable of adapting to evolving circumstances. Younis Haji AlKhoori emphasised that the workshop is part of the Ministry's commitment to strengthening institutional readiness. He highlighted that investing in capacity building for crisis management and forecasting is key to ensuring business continuity and improving government performance amid regional and global challenges. 'We are moving forward with our efforts to instill a culture of readiness within the organisational work environment, empowering our staff to make swift, well-thought-out decisions during crises and ensuring sustainable service delivery,' said AlKhoori.
Mid East Info
17 hours ago
- Business
- Mid East Info
UAE reaffirms commitment to promoting GCC Economic Integration at 123rd Ministerial Meeting in Kuwait - Middle East Business News and Information
Discussions touched on tax and banking committee outcomes Exploring latest updates on the progress of the Gulf Customs Union and GCC Common Market H.E. Mohamed bin Hadi Al Hussaini: The UAE supports all efforts to strengthen financial and economic cooperation among GCC states. The UAE has taken part in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held today in Kuwait, bringing together Their Excellencies, the Ministers of Finance of the GCC member states. Led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation featured H.E. Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA); and Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations. A number of specialists from the Ministry of Finance, the Federal Tax Authority, the Federal Authority for Identity and Nationality, Customs and Port Security also accompanied the delegation. Advancing Regional Economic Integration: The meeting discussed priority issues to strengthen financial and economic cooperation across the GCC, where appropriate decisions were taken accordingly. Topics addressed include the outcomes of the 84th Meeting of the Committee of the Governors of the Central Banks in the GCC Countries, recent sessions of the GCC Customs Union Authority, and the 14th meeting of the Committee of Heads and Directors of Tax Departments in the GCC Countries. Ministers also reviewed the latest developments related to the Gulf Common Market, along with recommendations stemming from a joint event hosted by the UAE Ministry of Finance and the GCC General Secretariat on the sidelines of the World Government Summit in February 2025. Progress on the GCC's economic unity agenda by 2025 was also reviewed, with discussions focusing on ongoing efforts to enhance Gulf coordination in global economic forums. The session also featured a briefing by the GCC Statistical Centre on current data from the Gulf Common Market. Accelerating the pace of integration: H.E. Mohamed bin Hadi Al Hussaini said that strengthening joint GCC action in the financial and economic sectors will continue to be a strategic priority for the UAE, particularly in light of the accelerating challenges facing the global economy. He stressed the importance of completing the requirements of the GCC Common Market and Customs Union as essential steps toward enhancing economic efficiency and boosting the global and regional competitiveness of GCC countries. His Excellency added that the next phase calls for expediting institutional integration and aligning financial, tax, and customs policies to foster greater harmony and coherence among GCC economies. He reaffirmed the UAE's support for all efforts and initiatives aimed at establishing a unified Gulf economy and creating an attractive, dynamic environment for investment and trade. He concluded by highlighting the need to intensify technical cooperation and exchange expertise among member states, as well as making the most of the opportunities presented by joint Gulf projects. These efforts, he noted, are vital to achieving sustainable growth, ensuring long-term prosperity for GCC citizens, and strengthening the region's position as an influential economic bloc on the global stage. Exchanging views: During the meeting, the meeting ministers exchanged views on financial and economic priorities for the next phase and explored how to enhance the GCC countries' readiness to address regional and global developments, as well as how to support executive plans for economic integration and strengthen the GCC's position on the global stage.
Al Etihad
19 hours ago
- Business
- Al Etihad
UAE participates in Ministerial Meeting of GCC Financial and Economic Cooperation Committee
1 June 2025 18:12 KUWAIT (WAM) The UAE has taken part in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held on Sunday in Kuwait, bringing together the Ministers of Finance of the GCC member by the Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, the UAE delegation featured the Director-General of the Federal Tax Authority (FTA), Khalid Ali Al Bustani; and the Acting Assistant Under-Secretary for International Financial Relations, Ali Abdullah Sharafi.A number of specialists from the Ministry of Finance, the Federal Tax Authority, the Federal Authority for Identity and Nationality, Customs and Port Security also accompanied the meeting discussed priority issues to strengthen financial and economic cooperation across the GCC, where appropriate decisions were taken addressed include the outcomes of the 84th Meeting of the Committee of the Governors of the Central Banks in the GCC Countries, recent sessions of the GCC Customs Union Authority, and the 14th meeting of the Committee of Heads and Directors of Tax Departments in the GCC also reviewed the latest developments related to the Gulf Common Market, along with recommendations stemming from a joint event hosted by the UAE Ministry of Finance and the GCC General Secretariat on the sidelines of the World Government Summit in February on the GCC's economic unity agenda by 2025 was also reviewed, with discussions focusing on ongoing efforts to enhance Gulf coordination in global economic forums. The session also featured a briefing by the GCC Statistical Centre on current data from the Gulf Common Hussaini said that strengthening joint GCC action in the financial and economic sectors will continue to be a strategic priority for the UAE, particularly in light of the accelerating challenges facing the global stressed the importance of completing the requirements of the GCC Common Market and Customs Union as essential steps toward enhancing economic efficiency and boosting the global and regional competitiveness of GCC added that the next phase calls for expediting institutional integration and aligning financial, tax, and customs policies to foster greater harmony and coherence among GCC reaffirmed the UAE's support for all efforts and initiatives aimed at establishing a unified Gulf economy and creating an attractive, dynamic environment for investment and concluded by highlighting the need to intensify technical cooperation and exchange expertise among member states, as well as making the most of the opportunities presented by joint Gulf efforts, he noted, are vital to achieving sustainable growth, ensuring long-term prosperity for GCC citizens, and strengthening the region's position as an influential economic bloc on the global stage. During the meeting, the meeting ministers exchanged views on financial and economic priorities for the next phase and explored how to enhance the GCC countries' readiness to address regional and global developments, as well as how to support executive plans for economic integration and strengthen the GCC's position on the global stage.
Zawya
19 hours ago
- Business
- Zawya
UAE reaffirms commitment to promoting GCC Economic Integration at 123rd Ministerial Meeting in Kuwait
Exploring latest updates on the progress of the Gulf Customs Union and GCC Common Market H.E. Mohamed bin Hadi Al Hussaini: The UAE supports all efforts to strengthen financial and economic cooperation among GCC states. Kuwait: The UAE has taken part in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held today in Kuwait, bringing together Their Excellencies, the Ministers of Finance of the GCC member states. Led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation featured H.E. Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA); and Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations. A number of specialists from the Ministry of Finance, the Federal Tax Authority, the Federal Authority for Identity and Nationality, Customs and Port Security also accompanied the delegation. Advancing Regional Economic Integration The meeting discussed priority issues to strengthen financial and economic cooperation across the GCC, where appropriate decisions were taken accordingly. Topics addressed include the outcomes of the 84th Meeting of the Committee of the Governors of the Central Banks in the GCC Countries, recent sessions of the GCC Customs Union Authority, and the 14th meeting of the Committee of Heads and Directors of Tax Departments in the GCC Countries. Ministers also reviewed the latest developments related to the Gulf Common Market, along with recommendations stemming from a joint event hosted by the UAE Ministry of Finance and the GCC General Secretariat on the sidelines of the World Government Summit in February 2025. Progress on the GCC's economic unity agenda by 2025 was also reviewed, with discussions focusing on ongoing efforts to enhance Gulf coordination in global economic forums. The session also featured a briefing by the GCC Statistical Centre on current data from the Gulf Common Market. Accelerating the pace of integration H.E. Mohamed bin Hadi Al Hussaini said that strengthening joint GCC action in the financial and economic sectors will continue to be a strategic priority for the UAE, particularly in light of the accelerating challenges facing the global economy. He stressed the importance of completing the requirements of the GCC Common Market and Customs Union as essential steps toward enhancing economic efficiency and boosting the global and regional competitiveness of GCC countries. His Excellency added that the next phase calls for expediting institutional integration and aligning financial, tax, and customs policies to foster greater harmony and coherence among GCC economies. He reaffirmed the UAE's support for all efforts and initiatives aimed at establishing a unified Gulf economy and creating an attractive, dynamic environment for investment and trade. He concluded by highlighting the need to intensify technical cooperation and exchange expertise among member states, as well as making the most of the opportunities presented by joint Gulf projects. These efforts, he noted, are vital to achieving sustainable growth, ensuring long-term prosperity for GCC citizens, and strengthening the region's position as an influential economic bloc on the global stage. Exchanging views During the meeting, the meeting ministers exchanged views on financial and economic priorities for the next phase and explored how to enhance the GCC countries' readiness to address regional and global developments, as well as how to support executive plans for economic integration and strengthen the GCC's position on the global stage.
Al Etihad
21 hours ago
- Business
- Al Etihad
Corporate tax: Unincorporated partnerships can benefit if they opt to be taxed
1 June 2025 15:57 A. SREENIVASA REDDY (ABU DHABI)The Ministry of Finance (MoF) has issued a Cabinet Decision that grants unincorporated partnerships the option, subject to Federal Tax Authority (FTA) approval, to be treated as taxable persons for corporate tax purposes in the new provision allows such partnerships to choose between remaining tax-transparent entities or opting to be taxed in their own right—marking a step forward in enhancing tax clarity and improving the ease of doing business. To understand the implications of this move, Aletihad spoke with tax practitioners to seek clarity on the issue. What is unincorporated partnership?"An unincorporated partnership is an entity that hasn't been registered as a legal entity separate from its owner. Two or more individuals, companies and other legal entities may join with others to form a partnership and decide on key terms of partnership," said Dhaval Jasani, Founder & CEO of ZTI Global, a corporate services firm. Crucially, such partnerships do not possess a separate legal personality. "Each partner is treated as if the partner is conducting business, holding assets and being a party to an arrangement where the partnership is concerned," Jasani outlined in a WAM report, unincorporated partnerships are typically treated as tax-transparent structures—meaning the partnership itself is not taxed. Instead, each partner is individually liable to tax on their share of the income. "Corporate tax compliance is dealt with by the partners in their individual capacity," Jasani Cabinet Decision introduces a notable shift by giving unincorporated partnerships the option to be taxed as a standalone entity. "The law gives them an option to be taxed as a separate person. If they don't choose this, then they remain tax transparent—meaning each partner must still pay tax on their portion of the profits," explained Krishnan Narayanan Venkat, Chairman of the ICAI Abu Dhabi Chapter and Partner at Andersen UAE."A tax-transparent entity is one that passes through its income to the owners, who then pay tax individually. The entity itself doesn't pay tax. Under the UAE CT Law, unincorporated partnerships and certain trusts can be treated this way," Narayanan Venkat are practical advantages to choosing separate taxation, particularly in complex ownership structures. "This can simplify tax filings—especially when there are many partners or when some are based outside the UAE. The partnership files one tax return and pays tax centrally," said Narayanan further explained, "If an unincorporated partnership opts to be taxed as a separate entity, it will be treated just like a company—meaning: it will file its own corporate tax return. It will calculate its taxable income based on the same accounting and tax rules as a company. It can claim allowable expenses, carry forward losses, etc.""With this choice of taxation, unincorporated partnerships can benefit from the exemptions and reliefs available to legal persons under the Corporate Tax Law, such as interest deduction and carry forward of losses," Jasani added. He noted that taxing the unincorporated partnership eases the burden of reporting at the individual partner's level, as the taxable income is calculated centrally at the partnership level. The MoF's latest decision is part of the ongoing evolution of the UAE's corporate tax framework, and it provides greater flexibility for partnerships operating under non-corporate structures, particularly in cross-border or multi-partner scenarios. Source: Aletihad - Abu Dhabi
