The Cabinet Media Center published a report that included infographics highlighting the unprecedented boom in enhancing the status of Egyptian women in all sectors, and Egypt’s broad steps towards implementing the National Strategy for Women’s Empowerment 2030, after 10 years of supporting women’s rights and empowering them politically, socially and economically.
The report reviewed the positive international vision of women’s empowerment in Egypt, as UN Women in 2023 highlighted the improvement in women’s representation on boards of directors and senior leadership positions in companies listed on the Egyptian Stock Exchange, the banking sector, the public business sector, and non-banking financial institutions, as it increases annually by 3%, while these companies are expected to achieve the 2030 strategy goal of having women reach 30% on boards of directors by 2026.
For its part, the World Bank indicated in 2023 that Egypt has, over recent decades, made significant investments in narrowing gender gaps in
the fields of health and education, as well as launching the National Strategy for Empowering Egyptian Women 2030 in 2017, which represents an incentive to create more sustainable job opportunities.
In turn, Jeremy Hopkins, UNICEF Representative in Egypt in 2023, expressed his happiness at seeing the Egyptian government paying great attention to investing for girls in Egypt, stressing that the partnership led by the National Council for Women, the National Council for Childhood and Motherhood, UNICEF and the United Nations Population Fund will have an effective role. In accelerating the pace of work on the plan to achieve the desired transformation.
Source: State Information Service Egypt
DUBAI: In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No. (1) of 2024 on taxation of foreign banks operating in Dubai.
The Law applies to all foreign banks operating in Dubai, including special development zones and free zones, with the exception of foreign banks licensed to operate in the Dubai International Financial Centre (DIFC).
According to the law, foreign banks are subject to a 20% tax on their annual taxable income. However, if these banks pay corporate tax in accordance with Federal Law No. (47) of 2022 on the Taxation of Corporations and Businesses and its amendments, the amount of corporate tax will be deducted from their total tax liability.
The Law specifies the principles governing the calculation of taxable income, tax filing and payments, procedures for the audit of tax filing, voluntary disclosure, and responsibilities and procedures related to tax auditing.
The law also outlines the righ
ts of foreign banks and their branches licensed by the Central Bank of the UAE. It specifies the steps for notifying the results of the tax audit. Further, it allows the taxable entity to lodge objections with Dubai’s Department of Finance regarding the amount of tax or fines imposed on them, subject to certain conditions detailed in the law.
According to the Law, the Chairman of The Executive Council of Dubai will issue a decision on acts deemed as violations of this Law and penalties imposed for violations. The total penalties imposed should not exceed AED500,000. The fine will be doubled in case of repeat violations within two years up to a maximum of AED1 million.
This new Law applies to the tax year beginning after its enactment.
The Director-General of the Department of Finance will also issue the necessary decisions to implement the provisions of this Law, which will be published in the Official Gazette.
The new Law annuls Regulation No. (2) of 1996 or any other legislation that may contradict it.
Decisions and memos issued to implement Regulation No. (2) of 1996 will remain in place till the issuance of new decisions that replace it.
Law No. (1) of 2024 on taxation of foreign banks operating in Dubai is effective from the date of its publication in the Official Gazette.
Source: Emirates News Agency