The UAE's Federal Tax Authority (FTA) confiscated goods worth over AED 191.8 million in 2020 that failed to comply with the country's tax regulations.
It seized 9.4 million cigarette packs and 14,000 kg of shisha tobacco products that did not carry digital tax stamps.
Another 803,000 items that included carbonated beverages, energy drinks, sweetened drinks and electronic smoking devices (along with their tools and the liquids used in them) were also uncovered during the inspections last year.
The FTA relies on various field and electronic inspection procedures aimed at preventing the sale, circulation, and stockpiling of products that have not fulfilled their Excise or Value Added Tax (VAT) obligations.
The FTA's Director-General, Khalid Ali Al Bustani, emphasised that the Authority prioritises consumers' protection from harmful products that do not meet the UAE’s regulations and standards, while actively combating tax evasion.
ADNOC Distribution has reported a net profit growing by 15.6 per cent year-on-year to $579 million in the first nine months, with an EBITDA increase of 12 per cent to $885 million, its strongest performance since listing in 2017.
TECOM Group has announced a 20 per cent revenue growth reaching more than AED 2.1 billion, with a net profit exceeding AED 1.1 billion, marking an 18 per cent year-on-year increase.
The Dubai Financial Market (DFM) has announced its consolidated financial results for the nine months ending September 30, reporting a net profit before tax of AED 930.8 million, an increase of 212 per cent compared to the same period in 2024.
DMCC — Dubai’s leading international business district — has announced plans to create a new Financial Centre that will anchor trade finance, fintech innovation and digital asset solutions across its 26,000-member community.
The Central Bank of the UAE (CBUAE) has decided to cut the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points, from 4.15 per cent to 3.90 per cent, effective from Thursday, October 30.