United Arab Emirates plans to introduce VAT tax in 2018
The United Arab Emirates published its Value Added Tax decree law on 27th August 2017, paving the way for the introduction of the indirect tax on 1st January 2018. The standard VAT rate will be 5%, with a nil rate for certain goods.
Countdown on. Director-General of the UAE’s Federal Tax Authority Khalid al-Bustani speaks at a news conference in Dubai, last September. (AFP) link: TheArabweekly
It is part of plans to increase inflows into the Treasury after crashing oil prices more than three years ago. At the same time, gas prices were increasing in Saudi Arabia.
VAT tax in the amount of 5% is calculated in the majority of goods and services, such as food, beverages, clothing, electronics, motor fuels, overnight stays, real estate and water and electricity. For public education, public transport and public health services, as well as for financial services, tax is not yet effective.
Saudi Arabia and the United Arab Emirates are two of the largest Gulf countries where their home with the promise of untaxed life has found a large number of workers from all over the world. However, due to lower oil prices, the governments of both countries want to increase budget revenues. Countries have no plan to introduce a tax on income. At least for now.... (STA)
China limits import of waste (around 50% was sent from USA)
In 2018, China intends to implement a ban on the import of several types of waste. The forecast has already hit many companies in the country that had to stop the machines, but experts argue that the ban is indispensable for protecting the environment and human health, and will have a positive impact on the waste processing industry.
Apparently China has said "basta". From January 1st is the official date - no more foreign waste will they accept. All those container ships of plastics and cardboard and all sorts of stuff sent to China to recycle.... well they don't want any of it anymore.
I remember the story about an entrepreneur in China. This woman who noticed that all of these big cargo ship that were going to China return to China empty, because of course "America doesn't export anything to China - they only import", she said. "Well send us your garbage, send us your a corrugated cardboard for one thing" and she recycled it and re-fabricated it in China and sold it back to the US essentially. And she became a billionaire.
And there was a huge garbage trade flowing from America to China. America's biggest export to China was garbage
Literally!
Huge tankers full of waste, and now China is hit the maximum capacity for garbage and toxic sludge.
On 18th July last year, China informed the World Trade Organization (WTO) that it intends to ban imports of 24 types of solid waste by the end of the year, including unsorted waste paper, textiles, slag from steel production and plastics. In addition to metal waste and waste electronics, which often contain hazardous substances, the ban also includes most plastic waste such as polyethylene terephthalate (PET), polyvinyl chloride (PVC), polyethylene or polystyrene. (STA)
Within the new year, Belgium is smaller and the Netherlands is bigger
With the new year, Belgium is slightly smaller and the Netherlands is bigger, as a new agreement on the border between the two countries has entered into force today. In the framework of the agreement, the Netherlands received two peninsulas along the Meuse River in the size of 23 football fields, while Belgium has one peninsula in the size of four football fields.
The new border agreement was concluded by the countries because the river boundary changed its course for decades, while uninhabited peninsula remained on opposite sides - either in the Belgian or on the Dutch side of the river near the Belgian municipality of Vise. That's why they decided to exchange peninsulas. Two peninsulas that were accessible from the Dutch side, Belgium renounced in exchange for one Dutch peninsula, which was accessible from the Belgian side. (STA)