From November 1: UAE’s Federal Tax Authority to implement Phase 2 of digital tobacco tax. Tax stamp to be required on water pipe tobacco and electronically heated cigarette plugs

It hasn’t even been two decades since their launch, yet we’re already seeing many side-effects of e-cigarettes, cautions a doctor.

Abu Dhabi: The Federal Tax Authority (FTA) has completed its preparations to implement phase two of the "Marking Tobacco and Tobacco Products Scheme" to include Water Pipe Tobacco (known in Arabic as "Mu’assel"), as well as electrically-heated cigarette plugs, starting from November 1, 2019.

In a press statement issued on Sunday, the Authority asserted that phase two builds on the success of its predecessor, where the sale and possession of any type of cigarette that doesn’t bear the Digital Tax Stamps was banned across local markets starting from last August 2019.

Shisha pipes. "Mu’assel" is known as the flavoured tobacco used along with "shisha" or "hookah", a waterpipe in which of tobacco and flavourings or molasses sugar is smoked.

The scheme serves to protect consumers from commercial fraud and low-quality products, on top of combatting tax evasion, the Authority noted.

The FTA explained that all products marked with the Stamps and included under the Scheme are electronically monitored from the manufacturing facility and until they reach the end consumer to ensure that all Excise Taxes due on tobacco and tobacco products have been settled.

The Authority called on businesses that supply Water Pipe Tobacco and electronically heated cigarette plugs to comply with the Scheme in order to avoid any violations or interruption to their operations.

FTA Director General Khalid Ali Al Bustani asserted that the ‘Marking Tobacco and Tobacco Products Scheme’ – which the UAE was the first in the region to implement – has helped upgrade inspection and control procedures at customs ports and markets, rendering them more effective in preventing the sale of counterfeit products that have not met their tax requirements.

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From December 1, Dh0.40 to be charged as Excise tax on individual cigarettes sold in UAE The authority stressed that registering for the tax will avoid all stakeholders any fines

Abu Dhabi: As of December 1, 2019, a minimum excise tax of Dh0.40 (US $0.11) must be applied per individual cigarette; and a minimum excise tax of Dh 0.10 (US$0.027) must be applied per gram of water pipe tobacco, ready-to-use tobacco or similar product, according to a decision issued the Ministry of Finance.

The Federal Tax Authority (FTA) announced it will start implementing the excise tax on electronic smoking devices and tools and sweetened beverages as of December 1 2019.

The FTA called on importers, producers and stockpilers of electronic smoking devices, liquids used in such devices and sweetened drinks to register for excise tax system as soon as possible.

The authority stressed that registering for the tax will avoid all stakeholders any fines or obstacles that may arise from late or failed registration.

Earlier, the UAE introduced the excise tax from as of October 2017 on goods, which are deemed harmful to public health or to the environment in order to reduce consumption and increase government revenues allocated to cover the costs of public services.

According to the previously enacted law, the excise tax rate ranged from 50 to 100 per cent on tobacco and its products, energy drinks and soft drinks.

Liquids used in e-cigarette includes all liquids used in electronic smoking devices and tools and the like, whether or not they contain nicotine, according to the customs codes to be specified by a ministerial decree.

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Maintaining financial sustainability of Dubai is top priority: Department of Finance head No-fee-rise decision has no significant impact on Dubai as economy is diversified

Abdulrahman Saleh Al Saleh, Director General of the Government of Dubai's Department of Finance (DoF).

Dubai: There's no planned increase in government fees in Dubai as the emirate's public budget has seen continuous improvements in the past five years, a senior official said on Saturday.

Abdulrahman Saleh Al Saleh, Director General of the Government of Dubai's Department of Finance (DoF), said that there is no intention to raise fees in the Emirate.

He added that the decision, taken in March 2018, did not have a significant financial impact on Dubai as it has a diversified source of revenue.

Abdulrahman Saleh Al Saleh, Director General of the Government of Dubai's Department of Finance (DoF), said that the continuous improvement in the performance of Dubai’s public budget over the last five years has been driven by Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum’s directives, to maintain the sustainability of Dubai’s financial system, stimulate greater entrepreneurship and investment through economic stimulus measures and further enhance Dubai’s competitiveness as a global investment hub.

Al Saleh said that capital expenditure on infrastructure projects in Dubai, especially projects related to Expo 2020, top the priorities of the public budget — as part of ensuring that key projects are completed as per schedule.

The budget surplus generated over the last few years through prudent financial policies was used to fund these projects as per the objectives of Dubai Plan 2021, while Expo 2020-related projects will be totaling Dh30 billion by 2021.

Al Saleh was speaking at a 'Meet the CEO' event organised by the Government of Dubai Media Office (GDMO) on Saturday.

'Meet the CEO' is a regular series of press events organised by GDMO for leaders of prominent Dubai organisations. Both local and international media attended the event.

Dubai’s sovereign debt reached US$32 billion in September 2019.

The emirate’s public debt to GDP ratio was below 27.9 per cent while the debt-service coverage ratio was only five per cent of the general budget.

Financing options

Al Saleh said that Dubai is able to service all its sovereign debts according to schedule. He also said that when needed, DoF explores various other financing options before tapping the debt market to fund infrastructure projects.

Such options include bonds, sukuk, export guarantee and securitisation.

Al Saleh noted that Dubai approaches the debt market only to finance infrastructure projects and not for operational expenditures.

Government fees: No increase

The head of DoF said that there is no intention to increase government fees since a decision to freeze the fees was issued in March 2018, adding that the decision did not have a significant financial impact on Dubai as it has diverse sources of revenue.

He stressed that Dubai is capable of meeting all its financial commitments without increasing fees.

Al Saleh further said that the Government of Dubai reduced some government fees in June 2018 to support the business sector. This reduction has not had any noticeable impact on the performance of the general budget.

He also said that the Department is continuing to work on the Dubai Government Service Costing Program, ‘Almas’, launched in October 2018, which seeks to enhance transparency and accuracy in costing government fees.

Draft cost model

He further said that the department is working on a draft cost model for each government entity and a centralised formula for government fees.

The first phase of this project includes the collection of data and the calculation of the cost of 1,400 government services, including Roads and Transport Authority (RTA), Dubai Customs, Dubai Municipality, Dubai Police and Dubai Economic Department.

At a later stage, the project will cover 5,500 services provided by 23 revenue-generating government entities.

Al Saleh said that DoF has completed the general policy pertaining to the relationship between public and private sectors, related to Law No. (22) of 2015 pertaining to public-private partnerships. It has also commenced work on a new framework for public-private partnerships and launched many innovative projects including Dubai Municipality’s Waste-to-Energy project in partnership with a private company, a 30-year project that is set to kick off in 2020. He also said that the Department will host a conference on public-private partnership in the first half of 2020.

Al Saleh further said that he expects the private sector to partner with the government on multi-billion joint projects over the next few years. DoF is currently working with various government entities to implement projects worth AED4 billion in sectors such as education, healthcare and energy. These include the AED3.5 billion Dubai Municipality’s Waste-to-Energy project.

The department will execute a number of initiatives in the period leading to 2021 as part of Dubai’s strategic plan for partnerships with the private sector. Al Saleh said the department is keen to encourage the private sector to get involved in projects to promote investments and improve the competitiveness of public-private sector joint projects.

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Dubai offers instant VAT refunds for Chinese tourists Chinese tourists can use We Tax Refund on the WeChat Mini Program to get

A group of the Chinese tourists who gathered at the Dubai World Trade Centre for a company meeting.

Dubai: Chinese tourists to Dubai can now benefit from instant VAT refund capabilities at Dubai Airports via the We Tax Refund on the WeChat Mini Program, launched by Chinese tech giant, Tencent, and international payments service provider, Planet.

With the support of Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism), the new integrated service provides a seamless and secure way for visitors to instantly claim back their tax on purchases they have made while visiting the emirate, and further supports the Department’s ongoing ‘China Readiness’ strategy to grow and maintain the emirate’s share in a key source market while enhancing holistic experiences of its Chinese guests. Visitors will receive their tax refunds instantly at the airport via the WeChat app in the local RMB currency and will receive a notification once the refund has been issued.

Issam Kazim, CEO of Dubai Corporation for Tourism and Commerce Marketing (DCTCM) said: “Our ongoing mandate is to provide seamless tourist experiences to all our visitors, and our support of key industry partners such as Tencent and Planet allows the city to offer increased ease of travel as we diversify our portfolio of critical touchpoints. Providing innovative and familiar payment solutions, as well as instant VAT refunds before visitors depart is uniquely tailored towards the needs and requirements of Chinese travellers and has been developed taking their valued feedback on board. With the dynamic ‘We Tax Refund’ platform, we hit yet another milestone within our ‘China Readiness’ strategy further strengthening awareness of the emirate as a ‘must-visit’ destination for Chinese travellers.”

The city continues to welcome an increased number of Chinese visitors with positive 12 per cent year-on-year growth and cementing 650,000 Chinese tourists within the first eight months of the year. This sustained growth from one of the emirate’s fastest growing source markets is driven by Dubai Tourism’s increased market penetration, unique in-city experiences, and citywide initiatives to highlight Dubai as a popular and easily accessible holiday destination for Chinese guests.

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New accounting rules provide no luxury of time Tougher norms require banks to immediately make it known in their books

The International Financial Reporting Standards (IFRS) issued by the IFRS Foundation and International Accounting Standards Board (IASB) create a global framework for the preparation of financial statements of corporate entities.

IFRS 9 has drastically altered how entities treat their assets, liabilities and profit and loss items. Banks and therefore borrowers will be affected, to an extent that has not been understood by the business community. This column discusses its broad implications and how borrowers will be touched by it.

The most significant difference between the old IAS 39 standards and IFRS 9 is that the latter is forward-looking as opposed to being “past based”. What is at the core of IFRS 9 that will affect borrowers?

Fact vs. forecast

What is germane is that banks will now use a concept called “expected credit loss” (ECL), for every account, using numerous parameters, including qualitative judgements. And will make provisions (for doubtful loans) on a forward-looking, ECL-basis, rather than when loans actually go bad.

It is incontestable that a forward-looking model is fraught with uncertainty as plenty of judgement is required. The historic one is based on fact.

IFRS 9 calls for three stages of the performance of any credit. Banks will need to take increasing provisions on their loans, over these. Movement from Stage 1 (ECL from an account over the next 12 months from evaluation or origination point) to Stages 2 and 3 (3 means a loan is “credit impaired”) reflects progressive deterioration in credit quality.

The ECL is determined by a formula, an essential component of which is the “probability of default” (“PD”, determined by historical data etc.). The complexity of this is not relevant.

No time cushion

Suffice it to say that PD will sharply rise with a default, causing ECL to disproportionately surge. Therefore, when even a small default occurs (e.g., a 30-day delay of a small repayment) the bank has to take a provision on the account. Under the old regime, banks could live with delays and latitude in sweeping defaults under the carpet.

No longer. Provisions balloon in stage 2 and are a disaster in stage 3.

There are additional complications. There are a few characteristics of a transaction or credit facility that significantly increase ECL and therefore provision requirements.

First is the transaction structure, comprising several elements. One is the transaction duration — the longer it is, the bigger the impact on ECL in the event of a default. The ECL (therefore provisions) is far higher in case of a two-year loan than a 90-day one.

Second and tied to this is the frequency of repayments of a loan — the higher the frequency, the lower the ECL implication and vice versa. Another is the importance of the sector being lent to. Banks now have to discriminate between sectors and risk-rate each, based on how durable and predictable each is.

Will banks view sectors differently?

The second characteristic is collateral against each credit. Banks now have to be more discerning about various types of collateral and have to rate its quality as well, based on several parameters. Therefore, the scramble for real estate security over the past 3 years is likely to hit a wall, if it hasn’t already.

Third, banks now have to calculate ECL on undrawn but committed credit lines as well, where banks are obligated to keep lines open for a specified time; and not merely on amounts already borrowed. The average borrower need not worry — almost all lines here are uncommitted.

And now, for the icing on the cake.

The UAE Central Bank has set out its own regulations, overlaying IFRS 9, like other regulators elsewhere, resulting in more stringency, and therefore higher provisions (even on current portfolios) for banks. Some examples are: from now on the account classification (at the central bank) of a borrower decided by one lender will affect other lenders.

A downgrade will force others to rework their ECLs. Reports of the Etihad Credit Bureau will now be taken cognisance of.

Multiple boxes to tick

The net widens to include unavailability or inadequacy of financial statements of borrowers; qualified accounts; significant contingent liabilities (most auditors do not even report these!); pending, potentially damaging litigation; key staff leaving the borrower; non-cooperation of a customer in providing information etc, — any of these can spike the ECL.

The canvas is clear, and stark. Lenders will now tightly structure transactions, keep borrowers on tight leashes, monitor all aspects of businesses and use a dizzying array of judgemental tools to evaluate potential risk.

Provisioning will rise and therefore the cost of credit. Credit will be even more judiciously granted, pricing will rise.

For corporates, this is going to be a whole new world, requiring less accounting jugglery, more honesty and transparency, discipline etc. As such, the ECL, not relationships, will drive relationships!

Borrowers will need to rework banking and financing strategies and transform, quickly. The new reality is here. A word of advice to owners and management — wake up and change. If you don’t know how, seek help, you will need it …

Vikram Venkataraman is Managing Director at Vianta Advisors.

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Excise tax on e-cigarettes and sugary drinks start on December 1 in the UAE Earlier, the UAE introduced the excise tax from as of October 2017 on goods

Abu Dhabi: The Federal Tax Authority (FTA) announced the excise tax on electronic smoking devices and tools and sweetened beverages will be effective as of December 1 2019, in accordance with the Cabinet and Ministry of Finance decisions issued in this respect.

The FTA called on importers, producers and stockpilers of electronic smoking devices, liquids used in such devices and sweetened drinks to register for excise tax system as soon as possible.

The authority stressed that registering for the tax will avoid all stakeholders any fines or obstacles that may arise from late or failed registration.

Earlier, the UAE introduced the excise tax from as of October 2017 on goods, which are deemed harmful to public health or to the environment in order to reduce consumption and increase government revenues allocated to cover the costs of public services.

According to the previously enacted law, the excise tax rate ranged from 50 to 100 per cent on tobacco and its products, energy drinks and soft drinks.

In October 2017, more than 1,700 items were subject to the excise tax, with 60 per cent of them being included in soft drinks, 26 per cent on tobacco and 14 per cent on energy drinks. .

It is also expected that the list of goods to be included in the excise tax will be increased as it is applied to electronic smoking devices and liquids.

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Doubling VAT right now is not on IMF recommendations should first gauge economic and social realities in each country

Prematurely increasing VAT could create repercussions that will undesirably affect multiple sectors

Over the years, we have had the chance to meet annually with International Monetary Fund (IMF) delegations visiting the Gulf to assess the economic conditions. The multilateral institution is known for its professionalism, and its experts have the best credentials in their field.

And yet, some of them are not fully aware of the economic conditions in the Gulf countries. Although what they hear in the meetings has some place in the reports they prepare on their return, the experts still insist on a set of ready recommendations they think are valid for all countries.

Therefore, we have to pay attention to these IMF recommendations though they may not be suitable to all countries for any number of reasons. What works for this country may not work out for the other. Recently, the IMF proposed to some Gulf countries to double VAT from 5 per cent to 10, a proposal that needs to be carefully examined to study its possible implications from all sides.

Too much too soon

We have been - and are still - supporters of VAT as an economic necessity and an important financial and developmental tool. We have highlighted its significance in detail in earlier columns, but rushing to double VAT in a period of time not exceeding two years of its introduction may create repercussions that will undesirably affect multiple sectors and the overall economic situation.

It is true that the VAT in European countries ranges between 15-20 per cent, as in the UK, but it took decades to come up to these levels. This is why it is necessary to give countries new to these tax systems some time so that their economies can absorb and deal with the effects in a way that minimizes any repercussions.

It is plausible to say that VAT has significant economic advantages, but it also produces adverse phenomena. There is no unilateral phenomenon. The resultant negative economic and social phenomena need to be addressed and mitigated.

Weigh all options

So, before adopting any new IMF recommendation, it is necessary to evaluate the pros and cons of the past two years since VAT was implemented and develop solutions that can make this scheme more effective to the economy and society alike.

It should also be noted that the two-year period is too short to come up with correct results, as it takes a minimum of five years from implementation to comprehensively assess the consequences. This is in part because the economic and geopolitical conditions in the region have been through some serious developments, which requires the strengthening of the economic, social and security structures to boost stability.

The VAT results that can be achieved three years from now will reflect a clearer reality thanks to better and rigorous assessment, based on which a decision to maintain or increase the current percentage can be made in accordance with the conditions prevailing at the time.

Assuming that, according to assessments, it is okay to increase the VAT, this could not be doubled to 10 per cent at once, or can gradually be increased, such as to 7.5 per cent and then to 10 even if the evaluation process may indicate otherwise.

This is quite likely, as it has happened in many countries, including in Europe, which have raised taxes at some point but reduced at other times according to the prevailing economic conditions and in a nod to investment and growth priorities.

Taking advantage of proposals put up by international institutions is important. But they need to be be mixed with the views of the country concerned, which knows its realities better than others.

Interestingly, the GCC countries share similar experiences in the present time. The bottom-line here is: “God helps those who help themselves...”.

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Dubai to lead sustainable global investment inflows Strong FDI growth reflects growing investor confidence in Duba

From left: Marwan Al Hel (moderator), Abdulla Al Saleh, Undersecretary at Ministry of Economy, Abdullah Mohammad Al Basti, Secretary-General of Dubai Executive Council, and Maj Gen Mohammad Al Merri, Director General Department of Naturalisation and Residency, during a panel discussion at the Dubai Investment Week on Monday.

Dubai: Dubai’s economy is fully geared to attract global investment flows that support sustainability and greater productivity, said key Dubai and federal government officials at the fifth Dubai Investment Week (DIW).

DIW that runs from September 29 to October 3 offers participants an opportunity to learn about Dubai’s strategic advantages as a city of the future.

Speaking at the DIW forum on Monday, Sami Al Qamzi, Director General of Dubai Economy said Dubai as an investment destination has earned the confidence of international investors, despite the challenges posed by global economic cycles.

“Dubai has maintained a leading position among top global cities in FDI attraction over the past five years, which reflects what Dubai offers in terms of diverse investment opportunities in key economic sectors,” said Al Qamzi.

Latest data from Dubai Investment Development Agency (DUBAI FDI), an agency of Dubai Economy based on the Financial Times’ FDI Markets showed that during the first 6 months of 2018 Dubai attracted FDI projects worth a record Dh46.6 billion, a growth of 135 per cent compared to the same period last year.

During the first half of 2019, Dubai has continued to progress in global rankings of the most attractive cities for FDI, ranking third in the world in attracting FDI, in terms of both capital flows and the number of greenfield projects.

“Dubai’s rise in global FDI rankings confirms the growing confidence of the global investment community in Dubai’s investment environment. Dubai’s FDI readiness and attractiveness is expected to make the city a preferred location for global business and start-ups,” said Al Qamzi.

The resilient economy of the City is expected to grow 2.1 per cent this year and 3.8 per cent next year according projections by independent agencies. Al Qamzi said the sustained growth of FDI flows into Dubai comes at a time when there have been many positive developments in the UAE’s investment environment.

“Dubai is classified as a Major City in international rankings for top FDI locations, ranking third in overall rankings and second in economic potential in the latest “Global Cities of the Future 2018-2019”, report by the Financial Times’ FDI’ Benchmark study, thanks to Dubai’s strategic initiatives across key economic sectors, which offer current and future opportunities for the investor community,” said Al Qamzi.

Investor readiness

The continued growth in FDI into Dubai is seen as a sign of sustained investor readiness of Dubai said Fahad Al Gergawi, Chief Executive Officer of Dubai FDI.

FDI projects are characterised by directing capital, technology and talent to productive and operational capacity, which reflects Dubai’s investor readiness and promising investment opportunities. “Dubai supports global business and start-up growth and expansion, making it a gateway to regional and global markets, and a global hub for talent, innovation and entrepreneurship,” said Al Gergawi.

Dubai has attracted 257 FDI projects in the first half of 2019. 61 per cent of total projects were greenfield, followed by 27 per cent new forms of investments (NFIs), 6 per cent reinvestment, 5 per cent mergers and acquisitions (M&As), and 1 per cent for new joint ventures, with Strategic FDI projects accounting for 62 per cent of total FDI capital flows.

Officials reiterated that all government policies are directed towards attracting private sector investments and public private partnerships. “Private sector is a vital player in Dubai’s economy. The recent changes in laws facilitating 100 per cent ownership of businesses, new visa rules supporting investments are targeted at more private participation in the economy,” said Abdulla Mohammad Al Basti, Secretary General of Dubai Executive Council.

Abdulla Al Saleh, Under Secretary of the Ministry of Economy said, at the Federal level, the UAE government is fully committed to economic diversification and enhanced role of private sector in the economy. “The UAE believes in an open and free market economy. We need private sector and cross border participation in achieving this goal,” he said.

Dubai has the potential to lead Industry 4.0

Dubai has the potential to lead the fourth industrial revolution or Industry 4.0, according to Henrik von Scheel, the originator of the Industry 4.0.

“The Fourth Industrial Revolution is about the fusion of the physical, digital and virtual worlds, and is set against a backdrop of 17 colliding trends,” said Scheel. “Combined, this represents the biggest structural change in the past 250 years.”

According to the thought leader, there is absolutely nothing to fear from these technology changes because people will always be at the centre of technology.

“The more resistant we are to change, the harder it will be for us to adapt. Normally businesses have three to five years to react to changes in their industry, but when you have so many simultaneous changes occurring, it becomes disruptive, and your ability to react becomes more difficult. This is called the ‘change gap’. If you are fighting on too many fronts, then you lose the fight.” said Scheel.

Scheel who is a consultant to a number of Western governments said, for a number of governments and organisations around the world, the biggest challenge is to embrace change and thankfully, for the UAE the leadership is fully ready for change.

“The changes that underpin Industry 4.0 require executives to ask themselves how they should change their competitive model. In Dubai the leadership is more than willing to change their competitive model that facilitates Industry 4.0. The Arab region was the source of innovation for Europe about 600 years ago. Now, it has the opportunity to emerge as a leader of innovation once again,” said Scheel.

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