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The UAE federal tax system is administered by the Federal Tax Authority (FTA), which was founded ahead of the 2018 implementation of a federal value added tax (VAT). The current standard VAT rate in the country is 5%. [2] [3] In January 2022, the UAE Ministry of Finance announced the implementation of a federal corporate tax starting June 2023. [4]
Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint-stock company listed on the Dubai Financial Market.Spearheading the evolution of the global Islamic finance industry, DIB is also the world's first full-service Islamic bank and the third-largest Islamic bank in the world.
As of 31 December 2020, total assets were DH 698 billion, deposits of AED 464 billion, a total income of AED 23.21 billion, and a net profit of AED 7 billion, making it one of the top financial institutions of the UAE, with a brand value of US$3.89 billion. [6]
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A report of February 2012 found that billions of pounds payable had not been claimed. In 2009–2010 the DWP stated £1.95 billion job-seekers allowance, £2 billion income support and employment and support allowance, £2.4 billion in council tax, £2.8 billion in pension credit and £3.1 billion for housing benefit; in total £12.25 billion ...
In a tentative settlement, the Los Angeles Department of Water and Power has agreed to repay customers who were charged too much for sewer service from May 2016 to June 2022.
The United Arab Emirates is a high-income developing market economy.The UAE's economy is the 4th largest in the Middle East (after Turkey, Saudi Arabia and Israel), with a gross domestic product (GDP) of US$415 billion (AED 1.83 trillion) in 2021-2023.
A Reuters investigation in 2019 revealed that billions of dollars’ worth of gold were smuggled from Africa to Dubai. [81] [82] As per customs data retrieved by Reuters, the UAE imported $15.1 billion worth of gold from Africa in 2016, a surge from $1.3 billion in 2006. However, much of the exported gold was not recorded by African states. [82]