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News from JIACC

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دعوة الدكتور يوسف بن عبد الستار الميمني

دعوة الدكتور يوسف بن عبد الستار الميمني النائب الأول للغرفة التجارية العربية الإيطالية المشتركة لحضور منتدى الاعمال العربي الإيطالي في نسخته الثانية 

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JIACC welcomes Tomato Farm!

We are are proud to welcome our new Member, Tomato Farm S.p.A., an Italian leading producer of tomatoes, grown using integrated control techniques, and organic tomatoes.The Tomato Farm facility is equipped with state-of-the-art processing plants entirely made in Italy that exalt the raw materials and obtain high-quality products.

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Road to:

Second Italian Arab Business Forum

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#strongertogether

18 Days / 16 Hours / 18 Minutes Left

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Save the Date!

The Second Italian Arab Business Forum, organized under the patronage of the Italian Ministry of Foreign Affairs, will take place in Rome on October 17, 2018 in the prestigious and modern "Auditorium della Tecnica", at the headquarters of Confindustria.

 

Patronage: UAE Ministry of Economy

The 2nd Italian Arab Business Forum will be organized also under the patronage of the Ministry of Economy of the United Arab Emirates. This invaluable recognition truly confirms the high value of the event for Italian Arab economic relations.

 

Main Sponsor: Intesa Sanpaolo

Intesa Sanpaolo will be, as in 2017, the Main Sponsor of the Second Italian Business Forum. The Arab markets are a priority for Intesa Sanpaolo, which opened in 2017 its first offices in Abu DhabiDubai and Doha. This agreement therefore reinforces the long-lasting collaboration launched since the birth of our Chamber and demonstrates once again the support of our Corporate Partner for the growth of Italian-Arab economic relations. Learn more about sponsorship opportunities.

Platinum Sponsor: GK Investment Holding Group 

GK Investment Holding Group confirmed its platinum sponsorship for the Second Italian Arab Business Forum. GK Chairman Mr. Kamel Ghribi will also give remarks at the Forum. After a long and prestigious career in the petrochemical sector, in 2005 Mr. Ghribi decided to devote all of his time to his new company GK Investment Holding Group, based in Switzerland. Learn more about sponsorship opportunities.

 

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Our Members in the Arab world!

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Tenaris conclude un'acquisizone in Arabia Saudita

Tenaris firma un accordo da oltre 100 milioni per il 47,79% del capitale di Saudi Steel Pipe (Ssp), produttore di tubi saldati quotato sulla Borsa di Riad.

 

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News from the Arab world

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Siria-Italia: Daniele Rossi in Siria per Confindustria

Daniele Rossi, Presidente di Confindustria Catanzaro e Vicepresidente di Unindustria Calabria ha annunciato che dal prossimo 1 ottobre, sarà a Damasco, in Siria, accompagnato dall’ ing. Domenico Palmieri, per la fiera internazionale “Re-Build Syria”.

Read more.

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Iraq: governo impegnato a sviluppare settore gas

Il governo iracheno è impegnato a sviluppare il settore del gas e a rafforzare il ruolo del paese in questo comparto. Lo ha dichiarato il ministro del Petrolio iracheno, Jabar al Luaibi parlando oggi durante un evento organizzato a Mansuriyah (provincia di Diyala) dal gruppo iracheno Uruk per presentare un progetto integrato insieme a Ge International relativo al trattamento del gas associato all’estrazione di petrolio e la creazione di una centrale elettrica a turbine a gas.

Read more.

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Siria-Italia: Unimore partecipa alla ricostruzione sanitaria

 E’ nato a Damasco sotto gli auspici di Unimore e di Armadilla il primo corso di laurea in Terapia Occupazionale istituito in questo paese medio-orientale.

Read more.

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Marocco: annunciati investimenti per rete stradale

Secondo Africa e Affari, il governo di Rabat intende spendere una cifra pari a oltre 2,5 miliardi di euro nei prossimi tre anni per sviluppare la rete stradale nazionale.

Read more.

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Arabia Saudita: inaugurata alta velocità Mecca-Medina

È stata inaugurata la tratta ad alta velocità che collega La Mecca a Medina. All'evento, considerato il più grande progetto infrastrutturale del Medio Oriente, ha preso parte il re Salman d'Arabia.

Read more.

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News & Data JIACC

Analisi ISPI sull'economia del Medio Oriente

Una serie di articoli ISPI riguardanti l'evoluzione tecnologica ed economica in alcuni Paesi arabi.

Read more.

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News from Italy

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التبادل التجاري بين إيطاليا والدول العربية

يوماً بعد يوم تزداد أهمية التجارة في تقدم المجتمعات البشرية وازدهارها، وهي ساهمت الى حد كبير في التقارب بين الشعوب وتعزيز أواصر الصداقة بينها، من هنا فأن إيطاليا ترتبط والدول العربية بعلاقات صداقة عميقة وتاريخية منذ فترة طويلة . شهدت العلاقات الاقتصادية العربية الإيطالية في السنوات الخمسة عشر الأخيرة تطوراً على صعيد الاستثمار والتجارة وعلى صعيد العلاقات بين مؤسساتها وغرف تجارتها وجمعياتها المهنية والوطنية والإقليمية مما جعل إيطاليا الشريك التجاري المثالي للدول العربية

   الامارات العربية المتحدة / البحرين / الجزائر / العراق / الكويت / المملكة العربية السعودية / المملكة المغربية / المملكة الهاشمية الاردنية / تونس / دولة قطر / سلطنة عمان / لبنان / مصر

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Versace takeover will bring jobs to Italy

Fashion house Versace did not receive any offers from Italian investors before selling to Michael Kors but the deal with the U.S. fashion group will create jobs in Italy, creative director Donatella Versace told newspapers on Wednesday.

Read more.

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Visita dell'ambasciatore di Tunisia al Gruppo Grendi

L'ambasciatore di Tunisia in Italia, Moez Sinaoui,insieme al console per l'Emilia Romagna Davide Cappeddu ed al console generale per Firenze Gualserio Zamperini, in visita al porto di Marina di Carrara, ospiti del Gruppo Grendi a bordo della nave ro-ro Rosa dei Venti.

Read more.

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JIACC's Tax Commission

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The Fourth Tax Insight is now available!

JIACC's Tax Commission published the Fourth Tax Insight on GCC VAT, a great tool to better understand the fiscal issues in the GCC countries.

To read the full Tax Insight n°4

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KSA - GAZT issues new Guides on several VAT issues

GAZT issued new Guides on VAT listed below.

Input VAT Guide

GAZT issued an important Tax Deduction Guideline.

The purpose of this guideline is to provide additional clarification with respect to Input Tax deduction and the partial deduction method.

The guideline covered the eligibility for deduction and deduction of general overheads and non-attributable costs. In addition, the restricted Input Tax like private use and restricted categories of goods or services and prohibited Goods.

The Guide devotes attention also to documents and timing for VAT deduction and some special cases treatment like Pre-registration VAT and VAT incurred in other countries.

One of the main topics covered in this guideline is using of Alternative Methods including:

• Alternative Proportional Methods

• Applying for Alternative Method

• Direction by GAZT to use Alternative Method

Import and Export Guide

GAZT issued VAT Imports and Exports Guideline in September 2018, the guideline covered the treatment of VAT on imported goods and services including the import procedures, valuation of imports, exempted imports, imports of goods and service by non-taxable persons, receipt of services from a non-resident supplier, place of supply of services, reverse charge mechanism.

The guideline has separate section for exports of goods and services treatment like direct exports, Indirect exports, documentation to evidence export, supplies made after export clearance, place of supply of services.

In addition, the guideline presented transitional provisions related to import of goods from GCC states, export of Goods to GCC countries, services received from other GCC states, Services provided to other GCC states.

VAT Invoicing and Records Guide

GAZT issued a VAT Invoicing and Records Guideline.

The guideline covered Tax Invoice definition and details like Content of a Tax Invoice, Language, Currency, Details to be included on the Tax Invoice, Time of Issue for Tax Invoices.

Also covered Simplified Tax Invoice, Circumstances of Issuing a Simplified Tax Invoice. And, Special Circumstances like Self-billing Third party billing, Customer self-accounts for VAT, Profit margin billing.

And special section for Electronic Invoicing, Credit and debit notes, Record keeping.

VAT Guide for Economic Activity

GAZT issued also a VAT Guideline for Economic Activity covering the definition of economic activity and description for VAT purpose and registration obligations and Government bodies

Some specific cases arepresented like employees and provision of personal services, holding companies, dormant companies, and management companies within a group of companies, dormant company, holding company, management companies within the group, private associations and establishments, ownership of racing animals and other leisure investments.

Author: Hany Elnaggar, Head of Tax Saudi & Egypt regions – Ericsson (RMEA)

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Oman - On-line submission of WHT statements will be mandatory as of Nov 2018

The Secretariat General for Taxation (SGT) has announced that all taxpayers in the Sultanate of Oman should submit the “statement of remittance of withholding tax” through the SGT tax portal from 1st November 2018. The GST has also announced that it will not accept any submission of hard copies from the 1st of November 2018.

Author: Roberto Scalia, Chairman JIACC Tax Commission – Of Counsel Aurifer Middle East

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UAE - the FTA provides additional Guidance on VAT Invoicing

The FTA recently published its sixth public clarification, this time on tax invoices.

Article 59 of the UAE’s Executive Regulations already provides an extensive list of references and information for “full” and “simplified” tax invoices.

Nevertheless, this clarification brings some interesting confirmations.

A tax invoice is definitively not an option; full or simplified invoices must be issued for all taxable transactions. Offering the choice to print an invoice on request by the recipient is not compliant.

On a simplified invoice, a line item with gross value is acceptable only if the VAT is shown separately at the bottom of the invoice, along with the total gross amount.

Rounding on invoices is permitted. It has to be performed to the nearest Fils (2 decimals) on a mathematical basis; if the third decimal is 5 or above, round to the superior Fils, if it is under 5 round to the inferior Fils.

Author: Thomas Vanhee, Aurifer Middle East

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Iraq - FATF declares Iraq a jurisdiction no more subject to monitoring 

 President Santiago Otamendi of Argentina and MENAFATF President Abdul Hafiz Mansour chaired the third Plenary meeting of XXIX in Paris on 27-29 June 2018.

 The most important outcome concerns Iraq, officially considered as a Jurisdictions no longer subject to monitoring.

 The FATF congratulated Iraq (and Vanuatu as well) for the significant progress made in addressing the strategic AML/CFT deficiencies identified earlier by the FATF and included in their respective action plans.

Accordingly, Iraq will no longer be subject to the FATF’s monitoring under its on-going global AML/CFT compliance process, and will work with their FATF-Style Regional Bodies MENAFATF (Iraq) as continue to further strengthen their AML/CFT regime.

The Plenary discussed also the Bahraini and Saudi Arabia mutual evaluation reports expected to be published by September 2018 after the quality and consistency review, in accordance with procedures. Further information will be provided.

Author: Roberto Scalia, Chairman JIACC Tax Commission – Of Counsel, Aurifer Middle East

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