| | Weekly business and foreign investment news roundup in Asia by Asia Briefing and Dezan Shira & Associates. |
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| | | | The 2024 amendments exempt UAE businesses from Economic Substance Regulations (ESR) compliance for financial periods beginning after January 1, 2023. However, businesses must ensure compliance for the ESR Period (Jan 1, 2019 – Dec 31, 2022) by submitting Economic Substance (ES) notifications, annual reports, and demonstrating adequate substance within the UAE. These records should be retained for at least six years, during which the Federal Tax Authority may review and verify Licensee compliance with the ES Test for each reportable period. | | | | | Bahrain has introduced a 15 percent Domestic Minimum Top-Up Tax (DMTT) on profits of Bahraini subsidiaries of large multinational enterprises, effective from January 1, 2025. This marks Bahrain’s first general profit tax beyond the oil and gas sector. | | | | | The 2024 UAE-India Bilateral Investment Treaty replaces the 2013 Bilateral Investment Promotion and Protection Agreement (BIPPA) that expired in September this year. We discuss key provisions of the BIT that aims to balance investor protections with state regulatory autonomy. | | | | | With an IPO price range set between 1.94 and 2.04 dirhams per share, the company anticipates a listing that may surpass the US$877 million raised by NMDC Energy, positioning Lulu’s offering as the UAE’s largest IPO of 2024. | | | | | The Dubai budget (2025-2027) outlines total expenditures of US$74 billion (AED272 billion) against projected revenues of AED302 billion. |
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COMPLIMENTARY BUSINESS RESOURCES: |  | | | | | India's service sector drives growth and attracts FDI with its market potential, skilled labor, and policies. This issue explores performance, key FDI segments, and strategies for foreign firms. | | | | | As Vietnam boosts its global trade role, this Vietnam Briefing edition covers key import-export regulations, customs procedures, on-spot export regimes, and VAT rules, along with insights on documentation, processing times, and VAT refunds. | | | | | This issue of ASEAN Briefing offers an overview of Indonesia's labor market, covering local employment laws, key trends, and emerging sectors, providing insights into workforce dynamics and opportunities in the country. |
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UPCOMING EVENTS FOR ASIA: | | | Webinar | Tuesday, November 12, 2024 | 1:00 PM GMT / 4:00 PM GST/ 5:30 P.M IST | | | | | Webinar | Wednesday, December 4, 2024 | 9:00 AM Los Angeles / 12:00 PM New York | | | | | Webinar | Friday, November 1, 2024 | 4:00 PM China / 3:00 PM Vietnam / 1:30 PM India / 9:00 CET |
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