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News from JIACC

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SAVE THE DATE!

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JIACC Mission to Jordan and Lebanon (April 2019)

JIACC is organizing a Business Mission to Jordan and Lebanon, to take place in the month of April, in order to address business opportunities in these two countries. The Mission will revolve around several selected sectors and will be supported by local public and private commercial institutions.

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Saudi-Italian Business Forum (18/19 June 2019)

The Saudi-Italian Business Forum will be held in June 2019 (18th or 19th) in Milan, Assolombarda headquarters. This important event will represent a perfect occasion to address the biggest Arab economy and the second Arab commercial partner of Italy. A must-attend event for all the companies interested in Saudi-Italian economic relations, worth in 2017 a total of 7.3 billion EUR in commercial exchanges.

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Italian Arab Business Forum

Annual Meeting 2019 (17 October 2019)

To be held in Milan at Palazzo Mezzanotte, JIACC's annual meeting, the Italian Arab Business Forum is recognized as an innovative and successful format bringing together Italian and Arab representatives of public institutions and private companies. A great networking event delivering high-level meetings and panels.

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For more information on upcoming events, sponsorship opportunities and Membership, don't hesitate to contact us at info@jiac.it.

Stay tuned to learn more on our activities!

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 JIACC welcomes Bin Zafrah Holding 

We are proud to welcome as a new Member the Bin Zafrah Holding Group, a leading Saudi group of companies with interests in engineering consultancy and civil contracting for infrastructure projects, corporate computer and TLC services and manufacture of ceramics, sanitary ware and aluminum doors.

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News from the Arab world

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Iraq-Italia: Descalzi incontra Ministro del Petrolio

Il Ministro del Petrolio dell’Iraq ha incontrato a Baghdad l’amministratore delegato di Eni, Claudio Descalzi.

Read more.

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Arabia Saudita: nuovo sviluppo per rinnovabili

L'Arabia Saudita ha dato il via ad una nuova fase del piano di sviluppo del settore energie rinnovabili che prevede sette progetti per la realizzazione di impianti ad energia solare per un valore complessivo di 1,5 miliardi di dollari.

Read more.

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Oman-Italia: Cantiere Navale Vittoria si aggiudica ordine

L’azienda veneta si è aggiudicata un'ordine in Oman per la fornitura di due Interceptor per un valore complessivo di oltre 6 milioni di euro.

Read more.

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Accordo JIACC

Giordania-Italia: turisti italiani raddoppiati nel 2018

Con un più 100,8% rispetto al 2017, il nostro Paese si pone ai vertici per numero di turisti nel Paese.

Read more.

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Kuwait-Italia: Amb. Scognamiglio incontra Alghanim

Ali Thanyan Alghanim, Chairman della Kuwait Chamber of Commerce and Industry, ha confermato la volontà della Camera di consolidare le relazioni economiche con l'Italia.

Read more.

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Tunisia-Italia: progetto CNH per gestione acqua

Si è concluso un progetto della durata triennale promosso dal gruppo CNH Industrial per sviluppare sistemi integrati di mobilizzazione delle acque e di irrigazione nella regione arida sud-occidentale del governatorato di Kebili in Tunisia.

Read more.

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News & Data JIACC

Libia-Italia: ambasciatore arrivato a Tripoli

Il nuovo ambasciatore italiano in Libia, Giuseppe Buccino Grimaldi, è giunto a Tripoli.

Read more.

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AIM Logo

The Annual Investment Meeting produces a world-class investment conference with a faculty of topnotch global experts, renowned academics, and seasoned practitioners to enlighten AIM audiences with current investment trends in an ever-changing world of FDI. The 2018 Conference gathered more than 100 influential FDI thinkers and renowned experts offering participants the latest investment trends and updates.

Learn more about the Annual Investment Meeting

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Jordan Conference

Jordan: Growth and Opportunity - the London Initiative 2019

The UK and Jordan are hosting the London Initiative, a conference taking place in central London on 28 February 2019.

Read more.

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Giordania: Petra Livestock Expo 2019

PLE is an international exhibition specialized in a livestock sector carried out by the Association of Agricultural Engineers and the Arab Society for Animal Science in the Union of Arab Agricultural Engineers.

Read more.

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News from Italy

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Accordo JIACC

Italia-Tunisia: Amb. Sinaoui a Viareggio

Visita a Viareggio di S.E. Moez A Sinaoui, Ambasciatore di Tunisia in Italia, che intervistato durante l'evento annuncia: "Porterò Puccini in Tunisia”.

Read more.

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Italia-Marocco: al Connext le opportunità con l'Africa

L’Italia deve guardare con sempre maggiore attenzione al Marocco come un partner economico: un alleato prezioso con un mercato interno in forte crescita e una invidiabile capacità di penetrazione nei mercati dell’Africa.

Read more.

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Italia-Kuwait: donazione per l'ospedale di Norcia

Un milione per l'ospedale di Norcia. Arriva dal Kuwait che ha donato il denaro per l'acquisto di attrezzature tecnologiche all'avanguardia che consentiranno di ripristinare e implementare l'assistenza sanitaria nella cittadina colpita di terremoti del 2016.

Read more.

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JIACC Tax Commission

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New Tax Insight!

The JIACC Tax Commission is proud to share the newest Tax Insight about VAT in Bahrain and its transitional rules. 

For the Tax Insight, click here

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Bahrain – VAT and Financial services

Bahrain has taken an unoriginal position in line with KSA and UAE. Financial services are exempt from VAT, except where the consideration for the service is expressly determined as a fee, commission or commercial discount. Financial services are defined as services related to cash transactions in the VAT Executive Regulations.

Additionally the regulations also include a list with examples of financial services that are exempt (e.g. depositing money in current accounts, savings accounts or deposits, granting and transferring loans, borrowings and credit, issue or cancellation of cheques, debit cards and credit cards).

Some services like the issue, allotment, or transfer of ownership of an equity security or debt security and life insurance and reinsurance contracts, will be exempt, irrespective of how the consideration for them is payable.

Furthermore the supply of financial services to non-residents will be zero rated.

In case the financial institution supplies services which do not fall under the VAT exemption nor the zero rate, the standard rate will have to be charged. Consequently the financial institutions will have to issue compliant invoices. In this regard the regulations clarify that a bank statement shall be treated as a tax invoice provided it contains certain information like the name, address and registration number of the bank in the Kingdom and the name and address of the customer.

Authors: Thomas Vanhee (Aurifer Middle East) and Roberto Scalia (Chairman JIACC Tax Commission)

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