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Pound near two and half month low against US dollar, IMF expects further rate cuts in UK

Pound near two and half month low against US dollar, IMF expects further rate cuts in UK

The British Pound is witnessing tepid moves today, consolidating around two and half month lows against the US dollar. Dollar index has been soaring recently and there have been some worries around the near-term economic outlook for the UK. The International Monetary Fund (IMF) has noted this week that it expects UK interest rates to drop from the current 4.25% to 3.75% over next few months. In an update to its World Economic Outlook, the IMF said it expects the UK economy to grow by 1.2% this year and 1.4% in 2026. Meanwhile, the US Federal Reserve held interest rates steady between the range 4.25% to 4.5%. This pulled down the GBP/USD around 1% in last session and the pair currently quotes at 1.3239, almost unchanged on the day. On the NSE, GBP/INR futures are trading at 116.15, down 0.78% on the day, witnessing a sustained correction throughout the session.
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How to claim your 15% VAT refund in Saudi Arabia: Everything visitors need to know
How to claim your 15% VAT refund in Saudi Arabia: Everything visitors need to know

Time of India

time2 hours ago

  • Time of India

How to claim your 15% VAT refund in Saudi Arabia: Everything visitors need to know

Tourists can find ZATCA-approved VAT refund stores by spotting 'Tax Free' signs or using the Global Blue store locator tool, which also helps locate refund counters at departure points/ Image: X TL;DR Tourists in Saudi Arabia can get a full refund on the 15% VAT for eligible purchases over SAR 500 (~USD 133). Refunds apply only to goods, not services, and must be made at ZATCA-approved retailers. Receipts, passport, and refund forms must be presented at the airport within 90 days of purchase. Use Global Blue's app or site to find participating stores and claim refunds via cash or card at authorised airport counters/kiosks. Visitors to Saudi Arabia are now entitled to reclaim the full 15% Value Added Tax (VAT) on eligible retail purchases made during their stay. This newly implemented VAT refund program, effective from April 18, aims to enhance Saudi Arabia's appeal as a tourist and shopping destination. Here's a comprehensive guide to help travelers understand the eligibility, process, rules, and important details, so they can easily claim their VAT refund before leaving the Kingdom. Understanding the VAT refund policy Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) has officially introduced a VAT refund system for international tourists and Gulf Cooperation Council (GCC) nationals. This move allows visitors to reclaim the 15% VAT paid on qualifying purchases, helping to support the Kingdom's larger strategy of attracting global tourism and stimulating spending in its retail sector. Effective Date: The VAT refund policy has been in effect since April 18. Applicable VAT Rate: Eligible purchases are effectively charged 0% VAT at the point of sale from approved retailers. The 15% VAT paid is refunded later via authorized providers. Scope of Eligibility: Non-residents aged 18 and above are eligible. GCC nationals are included until new electronic services laws are implemented. Shoppers who are not a member of cabin or crew on a flight, aircraft, ship, or any other means of transportation departing from the Kingdom of Saudi Arabia A minimum spend of SAR 500 (approx.$133) per retailer (can be combined from up to three invoices on the same day) is required. This VAT exemption only applies to goods and excludes services, meaning that accommodation, food, beverages, tobacco, vehicles, boats, aircraft, and petroleum products are not eligible. Where and how to shop To benefit from the refund, shopping must be done only at ZATCA-authorized retail outlets that are part of the tax refund system. As of now, there are: 1,442 authorized retailers across the Kingdom. These include major outlets in tourism-heavy cities such as Riyadh, Jeddah, and Dammam. At the point of sale, tourists must: Inform the retailer that they intend to claim a VAT refund. Present a valid passport or GCC ID. Request the VAT exemption form. Receive the original invoice, which must clearly show the VAT amount. Receive the VAT refund application form. Important: The goods must be unused, strictly for personal use, and exported within 90 days of the purchase date. How to spot ZATCA-approved retailers for VAT refunds If you're planning to claim back the 15% VAT on your shopping in Saudi Arabia, one of the most important steps is to make sure you're buying from the right stores, those officially partnered with the Zakat, Tax and Customs Authority (ZATCA). Only these approved retailers are authorized to issue the documents needed for your VAT refund. Here's how to make sure you're shopping at an eligible store: 1. Look for 'tax free' or 'VAT refund' signs Most ZATCA-approved retailers will clearly display signage that says 'Tax Free Shopping' or 'VAT Refund Available,' usually at the entrance, checkout counter, or both. This is your visual cue that the store is part of the VAT refund system and can provide the proper tax-free form for your purchases. 2. Ask the store staff before you buy If you're unsure, just ask. Most staff in major malls, international fashion boutiques, electronics stores, and tourist-friendly shops will know whether their store participates in the refund program. It only takes a moment to confirm and could save you from missing out on your refund later 3. Use the Global Blue store locator Saudi Arabia's VAT refund process is powered by Global Blue, a well-known tax refund operator. To plan your shopping more efficiently: Visit the Global Blue website or download the Global Blue mobile app. Use the store locator tool to search for participating retailers by city, mall, or category. This tool is updated regularly and is the most practical way to find approved stores across Riyadh, Jeddah, Dammam, and other cities. 4. Stay updated with ZATCA notices From time to time, ZATCA publishes official announcements or lists highlighting new or major retailers added to the VAT refund program. While this isn't always the most current source, it's still worth checking their official website for any updates. The airport process – claiming the refund Tourists must complete their VAT refund at the airport upon departure. Currently, 18 VAT verification points are set up across three international airports, and their locations, along with refund offices, can also be found using the Global Blue locator tool. Riyadh – King Khalid International Airport: 10 counters Jeddah – King Abdulaziz International Airport: 4 counters Dammam – King Fahd International Airport: 4 counters Note: The North Terminal at Jeddah's King Abdulaziz Airport currently does not offer cash refunds. Travelers departing from this terminal must opt for card refunds only. Required Documents for Refund: Original tax invoices from participating retailers Completed VAT refund form Valid passport Proof of departure (boarding pass or travel itinerary) Refund modes: Cash refunds: Capped at SAR 5,000 per person per day Card refunds: No stated limit Refunds are processed after ZATCA verifies the validity of documents and purchases. Tourists and service providers are jointly responsible for the correctness of the refund claim. Any improper claims may be subject to review or denial. Key tips and final reminders Before heading to the airport, ensure the following: All documents are in order: Original receipts, forms, passport, proof of travel. All purchases are made within 90 days of departure. All goods are eligible and unused. Check the availability of cash vs card refund options based on your airport terminal. Summary of eligibility and rules: Criteria Requirement Age 18 years or older Residency Non-residents only (no Saudi ID or residence permit) Minimum purchase SAR 500 (can combine 3 invoices from same retailer on same day) Goods only Services, food, and other specified items excluded Export deadline Within 90 days of purchase Refund limit (cash) SAR 5,000 per person per day Refund locations 18 verification points at Riyadh, Jeddah, and Dammam airports Required docs Passport, proof of departure, original receipts, completed refund form Saudi Arabia's VAT refund system is a tourist-friendly reform aimed at creating a seamless shopping and travel experience. By following the steps outlined, retaining all documentation, and shopping at participating outlets, visitors can ensure a hassle-free refund of the 15% VAT paid, maximizing value while exploring the Kingdom. FAQs: 1. How do I know if a store is part of the VAT refund program? Look for "Tax Free" or "VAT Refund" signage at the store, ask the staff directly, or use the Global Blue app or website to find approved retailers. Q. What purchases are actually eligible for a VAT refund? Only tangible goods bought for personal use, such as clothing or electronics, are eligible. Food, hotel stays, tobacco, and vehicles are excluded. Q. What documents do I need to claim my VAT refund at the airport? You must show your original tax invoices, completed refund form, passport, and proof of departure (like a boarding pass or travel itinerary). Q. Can I get my refund in cash? Yes, but cash refunds are limited to SAR 5,000 per person per day. If your refund is higher, the amount will be split between cash (up to SAR 5,000) and the rest credited to your payment card, with no upper limit on card refunds. Note: At Jeddah Airport's North Terminal, only card refunds are available, no cash is issued there. Q. What happens if I lose my receipts or forget to get the refund form? Unfortunately, you won't be able to claim the refund. Only receipts from ZATCA-approved retailers with the proper forms are accepted at the refund counters.

India, Philippines elevate ties to strategic partnership; focus on defence, Indo-Pacific
India, Philippines elevate ties to strategic partnership; focus on defence, Indo-Pacific

United News of India

time3 hours ago

  • United News of India

India, Philippines elevate ties to strategic partnership; focus on defence, Indo-Pacific

New Delhi, Aug 5 (UNI) India and the Philippines elevated their bilateral relationship to a "strategic partnership" following talks between Prime Minister Narendra Modi and visiting Philippine President Ferdinand Romualdez Marcos Jr. The move marks a significant upgrade in ties as the two nations seek to deepen cooperation across defence, trade, and the Indo-Pacific region. Addressing the media after delegation-level talks, Prime Minister Modi said, 'Dialogue at every level and cooperation in every sector have long defined our relations. Today, we held extensive discussions on mutual cooperation, regional issues, and the global situation. I am pleased to announce that we have agreed to elevate our ties to a strategic partnership.' Modi said a comprehensive action plan has been formulated to translate the potential of this new partnership into tangible results. 'Our bilateral trade continues to grow and has crossed USD 3 billion. To strengthen this further, we will prioritise the early completion of the India-ASEAN Free Trade Agreement review and move towards a bilateral Preferential Trade Agreement,' he said. 'The Philippines is a key partner in India's Act East Policy and SAGAR vision (Security and Growth for All in the Region). We are committed to peace, security, prosperity, and a rules-based order in the Indo-Pacific region. We support freedom of navigation in accordance with international law,' he said, highlighting India's broader East Asia policy. Highlighting the finalisation of the science and technology cooperation plan, PM Modi said, 'Indian companies are working in sectors such as information and digital technology, healthcare, automobiles, infrastructure, and minerals. In science and technology, joint research is underway — from virology to AI and additive manufacturing.' The regional centre of the International Rice Research Institute in Varanasi is working on ultra-low glycemic index rice. 'In other words, we are working together on both taste and health. I am happy to share that, under our Development Partnership, we will increase the number of Quick Impact Projects in the Philippines and support the development of sovereign data cloud infrastructure there,' Modi said. 'Our partnership on Earth is already strong — and now, we are preparing to collaborate in space as well. An agreement for this was signed today,' he added. The two sides also reaffirmed their commitment to peace, security, and a rules-based order in the Indo-Pacific. 'India and the Philippines are friends by choice and partners by destiny. We are committed to freedom of navigation in accordance with international law,' Modi said, while also thanking the Philippine government for condemning the recent terrorist attack in Pahalgam and expressing solidarity with India. 'Our growing defence ties are a sign of deep mutual trust. As maritime nations, maritime cooperation between our countries is both natural and necessary. We have worked together in humanitarian aid, disaster relief, and search and rescue operations. Today, while the President is in India, three Indian Navy ships are, for the first time, participating in a naval exercise in the Philippines. India's hydrography ship is also taking part,' Modi noted. 'We welcome Philippines' participation in the International Fusion Center set up by India for the Indian Ocean Region. We express our gratitude to the Government of the Philippines and the President for strongly condemning the terrorist attack in Pahalgam and for standing with us in our fight against terrorism,' he said. The agreements signed today on Mutual Legal Assistance and the Transfer of Sentenced Persons will further strengthen security cooperation between the two nations. Emphasising that the Cultural Exchange Programme signed today would further promote historic cultural ties, Prime Minister Modi also welcomed the Philippines' decision to offer visa-free entry to Indian tourists. India, in turn, has decided to offer free e-visas to tourists from the Philippines. Work is also underway to start direct flights between Delhi and Manila later this year. In his remarks, President Ferdinand Marcos Jr expressed gratitude for the warm welcome and underscored the significance of his visit, noting that he is the fifth Philippine President to visit India. 'This is a momentous decision to elevate our ties to a strategic partnership,' he said, adding that both sides had agreed to expand defence cooperation and promote naval and coast guard interoperability in the maritime domain. He highlighted the two countries' shared interest in ensuring safe navigation and maritime security in the Indo-Pacific, and reaffirmed the Philippines' commitment to a free, open, and rules-based regional order. 'We both have high stakes in the Indo-Pacific. As the incoming Chair of ASEAN, I thank Prime Minister Modi for his strong support,' President Marcos said. "We have decided to expedite the work on bilateral trade agreement, Visa free entry to Indian tourists to visit Philippines," President said. He also welcomed the resumption of private flights from October highlighting that safe navigation and security are also underscored the fact that both the countries have "high stakes in the free and open Indo-Pacific region". He said that as an "incoming chair of ASEAN, I thank PM for his support." UNI AAB PRS

Gujarat HC orders arrest of EU-sanctioned oil tanker at Alang
Gujarat HC orders arrest of EU-sanctioned oil tanker at Alang

Time of India

time3 hours ago

  • Time of India

Gujarat HC orders arrest of EU-sanctioned oil tanker at Alang

Ahmedabad: The Gujarat high court has ordered the arrest of the crude oil tanker MT Conico Atlas, currently docked at Alang, after a shipping firm sued the vessel's owner over an alleged breach of a sale agreement. Tired of too many ads? go ad free now The firm has claimed USD 4,342,233 in damages alleging that the vessel owners withheld information about sanctions on it by the European Union (EU) The petitioner, Global Maritime Limited, alleged that the vessel was falsely represented as free from international sanctions, when in fact it was sanctioned under multiple jurisdictions — including the United Kingdom, European Union, Australia, Canada, and New Zealand. The dispute stems from a Memorandum of Agreement (MoA) signed on May 29 for the vessel's sale by the owner, Tachio Trading Limited. The initial buyer, Moorgate Maritime LLC — now known as Global Maritime Limited — paid AED 3,109,932 (approx. USD 846,690) as a deposit under the agreement. Global Maritime submitted that though the ship owner had claimed that the vessel was not under any sanction, but itt was found to be under sanctions by several countries. The petitioner claimed that since the ship was under sanctions from various jurisdictions, the MoA should be declared annulled. Meanwhile, one Shri Gautam Ship Breaking India Pvt Ltd invested in scrapping the vessel, it sailed to Alang for dismantling. However, upon its arrival at Alang on June 17, financial institutions refused to process the remaining payment due to its sanctioned status, Global Maritime submitted. Tired of too many ads? go ad free now The petitioner's counsel assured the court that the company would compensate for any damage to the vessel caused by the arrest, as determined by the court. Following a preliminary hearing, Justice Mauna Bhatt directed Alang port authorities to arrest the vessel if the owner fails to pay the claimed amount. "The Port Officer and the Customs Authorities at Alang Port, Bhavnagar are directed to arrest the Defendant Vessel, MT Conico Atlas (IMO: 9288693), currently lying at Alang Port within Indian territorial waters, and to keep the Defendant Vessel under arrest until further orders of this Court," the court order states. The court has also issued a notice to the vessel owner and sought a reply by Sep 15, while clarifying that the defendants are free to approach the court before the returnable date, with prior notice to the plaintiff.

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