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UAE, Israel working on double tax treaty to encourage investment By Reuters

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© Reuters. Israeli, U.S. officials on historic flight to UAE to formalise normalisation deal

DUBAI/JERUSALEM (Reuters) – The United Arab Emirates and Israel have reached a preliminary agreement on avoiding double taxation, as part of moves to encourage investments between the two countries, the UAE finance ministry said on Thursday.

Israel and the UAE signed a normalisation deal on Sept. 15, forging formal diplomatic ties. Several commercial agreements have been signed between the two countries since mid-August, when they agreed to normalise relations.

“There is a preliminary agreement between both countries to start negotiations with Israel on Double Taxation Avoidance Agreement soon,” the UAE finance ministry said in a statement, citing undersecretary Younis Haji Al Khoori.

“The Ministry of Finance is keen to expand its international relations network by signing double taxation avoidance agreements and agreements to protect and encourage investments,” Khoori said.

Such tax treaties help prevent similar taxes being imposed by two countries on the same tax payer, and are aimed at encouraging the exchange of goods, services and capital.

The UAE has around 100 double taxation agreements with most of its trade partners.

“The first round of negotiations on an agreement to protect and encourage investment confirms the two countries’ efforts to build investment partnerships in various fields,” said Khoori.

In a speech to Israel’s parliament ahead of a vote on Thursday that would ratify the normalisation accord with the UAE, Foreign Minister Gabi Ashkenazi said Abu Dhabi was expected to send its first official delegation to Israel next week.

A source briefed on the planning said the delegation would come on Tuesday. The UAE has yet to confirm this.

Ashkenazi said agreements were being prepared that would enable direct flights by Israeli airlines to the UAE and the opening of new markets for Israeli technology, as well as the establishment of official Israeli representative offices in the Gulf.

“I hope we will be able to sign some (of those agreements) next week and that we will soon see tourists and business people visiting both countries and touring the streets of Abu Dhabi and the beach, as well as in Jerusalem, our capital, the beaches of Tel Aviv and throughout the State of Israel.”

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Economy

Comptroller slams Israeli government’s Covid-19 failings

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Israel’s State Comptroller Matanyahu Englman has issued a series of special reports listing the government’s main failings in handling the Covid-19 pandemic and its resulting economic crisis.

On testing the report cites the NIS 98 million spent by the Ministry of Health on serological tests but it has yet to develop a comprehensive plan on how to use them.

On tracking while the Comptroller has some positive words to say about the Shin Bet icon and its efforts to break the chain of infection, he lists low figures for those observing isolation and high figures for falsely identifying people who had come into contact with an infected person. While praising the Shin Bet’s efforts to protect privacy, the Comptroller still suggests it would be better for a civilian organization to undertake the tracking.

The Comptroller also blasts the Ministry of Health for still not having an epidemiological investigation system as well as failing, together with the Health Funds, to set up properly for distributing a Covid-19 vaccination when it becomes available next year. Another criticism is of the failure to supply adequate personal protective equipment to medical teams.

The Comptroller slams the Ministry of Education, which eight months into the crisis, and with schools still closed and lessons given remotely, still has no idea how many students do not have an available computer at home and/or an Internet infrastructure. The Ministry of Education, based on OECD figures claims that only 6% of schoolchildren need computers but the Central Bureau of Statistics puts the figure at 16% and the Ministry of Finance Chief Economist says it is 20%. To meet the shortfall the Ministry of Education has procured 150,000 computers but it remains unclear who they are going to give them to.

The Comptroller also takes the Israel Tax Authority to task for failing to send out sufficient payment to the self-employed hit by the economic crisis because of problems in calculating the correct compensation.

Published by Globes, Israel business news – en.globes.co.il – on October 26, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020




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Israeli visual assistance co TechSee raises $30m

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Israeli intelligent visual assistance company TechSee today announced it has closed a $30 million Series C financing round co-led by OurCrowd, Salesforce Ventures, and TELUS Ventures with participation from Scale Venture Partners and Planven Entrepreneur Ventures.

The company has grown rapidly by reducing customer friction points for enterprises through its visual assistance technology, which bridges the visual gap in customer service, allowing customers and technicians to receive real-time AR guidance on their smartphone or tablet screens in assisted service or self-service mode. The company has also developed computer vision AI with technology that can provide visual guidance to users installing, operating, or troubleshooting networking devices, smart home products, home appliances, and more. TechSee’s AI platform can automatically identify components, ports, cables, LED indicators, and more to detect issues and suggest resolutions for consumers, contact center agents, and field technicians.




The Herzliya-based company was founded in 2015 by CEO Eithan Cohen, Prof. Gabby Sarussi and Amir Yoffe. TechSee also has offices in New York, Florida and Madrid. The company raised $16 million in a Series B financing round in December 2018.

Cohen said, “There has been a significant increase in demand for contactless customer service technologies propelled by Covid-19 social distancing requirements and the acceleration of digital transformation projects. Our Visual Automation technology is at the heart of it, and now that momentum is growing exponentially as businesses seek to reduce costs and optimize customer experience strategies in the current environment. Our vision is to get rid of the user manual and replace it with dynamic AR assistants.”

TechSee has established commercial partnerships with Verizon, Vodafone, Orange, Liberty Global, Accenture, Hitachi, and Lavazza, among others.

Published by Globes, Israel business news – en.globes.co.il – on October 26, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020




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China’s NEV sales to account for 50% of all new sales by 2035, industry body says By Reuters

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© Reuters. The Wider Image: Trade tensions with U.S. testing Chinese consumers

SHANGHAI (Reuters) – Sales of new energy vehicles (NEV) will make up 50% of overall new car sales in China, the world’s biggest auto market, by 2035, an industry official said on Tuesday.

The influential industry body, China Society of Automotive Engineers (China-SAE), has members of senior auto executives and academicians and is involved in the setting of the country’s mid- to long-term energy vehicle policies.

NEVs include battery electric, plug-in hybrid and hydrogen fuel-cell vehicles. Industry expects China to sell around 1.1 million NEVs this year.

Li Jun, president of China-SAE, told the association’s annual conference in Shanghai on Tuesday that the association predicts 95% of NEV sales in 2035 will be battery electric vehicles.

Li added hybrid vehicles will make up the rest 50% of all new vehicle sales by 2035.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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