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News from JIACC

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JIACC’s Vice President Mr. Pietro Paolo Rampino and Prof. Federica Miglietta (Board Member of the Chamber) participated in the Gateway Gulf Investor Forum - Bahrain 2018, the most important event to explore investment opportunities in the Gulf Area. Mr. Rampino had the honour to meet H.R.H. Prince Salman bin Hamad bin Isa Al Khalifa, Crown Prince of Bahrain, and numerous other institutional and public figures. JIACC’s Vice-President also had meetings with H.E. Zayed Alzayani, Bahrain Minister of Industry, Commerce and Tourism, and with Khalid Al-Rumaihi, Chief Executive Officer of the Bahrain EDB. The meetings were the occasion to discuss the future of economic relations between Italy and Bahrain, as well as future joint initiatives with JIACC. A special thanks goes to H.E. Domenico Bellato, Ambassador of Italy to Bahrain, for his precious cooperation and his relentless commitment to strengthening Italian-Arab economic ties.

To see the photo gallery

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JIACC is now on Twitter!

The Joint Italian Arab Chamber of Commerce is on Twitter! Follow us for the latest news on Italian-Arab economic relations!

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Our Members in the Arab world!

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Itinera avvia i lavori per l'Abu Dhabi Reem Mall

Congratulazioni a Itinera S.p.A per la posa della prima pietra del Reem Mall di Abu Dhabi. Presente all'inaugurazione anche il Ministro della Tolleranza degli Emirati Arabi Uniti. Il Reem Mall diventerà uno dei maggiori centri commerciali del Paese.

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News from the Arab world

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Accordo JIACC

Bahrein-Italia: Ariston inaugura nuovo impianto

Ariston ha inaugurato un nuovo stabilimento: 7.000 mq nel Bahrain International Investment Park (BIIP).

Read more.

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Emirati-Italia: Luiss a Dubai, focus su formazione e scambi

Favorire scambi accademici e culturali internazionali sui temi della cittadinanza globale, della conservazione del patrimonio culturale e della sostenibilità. E' questo l'obiettivo del protocollo siglato a Roma dal rettore dell'Università Luiss di Roma, Paola Severino, e il Commissario generale per l'Italia a Expo 2020 Dubai, Paolo Glisenti, in occasione della partecipazione dell'Ateneo alla prossima Esposizione universale che si terrà a Dubai dal 20 ottobre 2020 al 10 aprile 2021 'Connecting Minds, Creating the Future' (Connettere le menti, costruire il futuro): opportunità, sostenibilità e mobilità.

Read more.

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Oman-Italia: Gruppo Lube apre nuovo megastore

Il brand di cucine Lube continua a espandersi in Medio Oriente grazie alla recentissima apertura di un nuovo store mono-marca a Muscat, capitale dell'Oman.

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Qatar-Italia: interesse per l'artigianato di lusso

Il lusso artigianale made in Italy è un asset economico ricercato, il quale offre una vasta gamma di capi di abbigliamento e di accessori su misura. Il Qatar si dimostra interessato all'artigianato di lusso mediante Valeria Mangani, già vice-presidente di AltaRoma e fondatrice di Made in Italy Luxury Artigianale, piattaforma con l'obiettivo di introdurre le piccole e medie imprese italiane in alcuni mercati esteri.

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Egitto: progetto Unione per il Mediterraneo sulla logistica

L'Unione per il Mediterraneo ha lanciato in Egitto il progetto TransLogMed, teso a promuovere l'integrazione regionale nel Mediterraneo e l'occupazione nel settore dei trasporti e della logistica.

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Egitto-Italia: Amb. Badr su opportunità d'investimento

Secondo l'Amb. Badr, la presenza di investimenti esteri in Egitto, realizzati grazie a una rete di accordi internazionali vantaggiosi, insieme al basso costo del lavoro, rappresentano un’ulteriore agevolazione per gli investimenti nel paese.

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News from Italy

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Energia Petrolio Gas JIACC

Sonatrach acquired a refinery in Italy

The signing of the deal was also attended by Algeria's Ambassador to Italy, H.E. Abdelhamid Senouci Bereksi.

Read more.

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التقديرات الأولية للناتج الإجمالي المحلي

ازدادت سرعة التقديرات الأولية للناتج الإجمالي المحلي بشكل ملحوظ، حيث ارتفعت من 45 الى حوالي 30 يوماً من نهاية الفصل

Read more.

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Industrial production up 1.2% in March

ISTAT announced on Thursday that Italian industrial production increased by 1.2% in March with respect to February

Read more.

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JIACC's Tax Commission

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The Special Newsletter is now on PDF format

For all those who missed the special edition of the JIACC's Tax Commission Newsletter, here is the Newsletter in pdf version, still available. Enjoy the reading!

Special Newsletter in PDF format

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KSA / New GAZT Guide on Cross-border supplies 

The General Authority on Zakat and Tax (GAZT) published a Guide on cross-border supplies. The Guide addresses, in less than 45 pages, issues such as Import, Export and Intra-GCC supplies of Goods and Services.

The Guide stresses the relevance of the contractual terms, in compliance with the international Commercial terms that, in any event, are not deemed to be a final (mandatory) benchmark in interpreting the relevant fact of the case.

The GAZT focuses also on all such procedural aspects that are key in assessing VAT duties such as (i) the issuance of the Custom Declaration (and relevant information than shall be filled in); (ii)  collection of VAT upon import; and (iii) methods to calculate the value of VAT upon import also in special case of goods exported temporarily for completing manufacturing process (sc. re-imported goods).

Moreover, the Guide elaborates on the place-of-supplies rules (as well as previous Guides delivered in the first months of 2018, dealing with specific sectors) for services, tackling general rules and sc. ‘special cases’; namely, (i) supply of goods and transport services; (ii) real-estate related services; (iii) supply of telecom and electronic services; (iv) restaurant and hotel services, and catering services; and (v) other miscellaneous services.

Notably, in the attempt to shed lights on selected cases, the GAZT has addressed specific examples in which the place of supply of services might be controversial such as, sales commissions, intermediary fees, administrative and operational services, management and supervision services, etc.

Exports, both direct and indirect,  are addressed according to the contractual terms and dealing with the evidence that the seller shall provide to the GAZT in order for the supply to be zero-rated. Also cases in which the supply takes place during transportation or after the custom clearance are dealt with.

In respect of this Guide, see also the two-part Article co-authored by Roberto Scalia, GCC VAT – International Goods and GCC VAT – International Services both in International VAT Monitor, Issues N. 2 and 3 of 2018, (IBFD Journals) the latter forthcoming in a few days.

Author: Roberto Scalia, Chairman Tax Commission

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Italy/Ministerial Decree whitelists all the GCC Member States

The Italian Ministry of Finance adopted a Ministerial Decree (hereinafter the ‘Decree’) on April 26, 2018 modifying Annexes C and D, concerning the implementation of Law N. 95 of June 18, 2015 and Directive 2014/107/UE (modifying Directive 2011/16/UE) concerning the Automatic Exchange of Information.

The Decree was published in Official Journal N. 104 of May 7, 2018. Together with the Decree it was also amended the Annexes C and D to the Decree December 28, 2015 (the ‘Decree 2015’).

Annex C

Article 1 of the Decree amends the Annex C to the Decree 2015.

Such list includes the jurisdictions that will be receiving information from Italy. The number of receiving jurisdictions has been lowered from 85 to 68.

Annex D

Article 2 of the Decree amended Annex D to the Decree 2015.

The list of countries under Annex D, including cooperative countries as for Exchange of Information, was amended adding nine new jurisdictions such as, among others: Bahrain, UAE, Kuwait and Qatar.

It is worth to underline that JIACC’s member States currently included in Annex D are the following:

• Kingdom of Saudi Arabia;

• Bahrain;

• United Arab Emirates;

• Kuwait;

• Lebanon;

• Qatar.

Author: Roberto Scalia, Chairman Tax Commission

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