Latest news with #Dh610
Filipino Times
05-07-2025
- Business
- Filipino Times
UAE airfares drop as residents opt for shorter summer trips
Last-minute summer travel has become more accessible for residents of the United Arab Emirates this year, with airfares declining significantly compared to previous years. Economy-class fares from Dubai to London are now available for as low as Dh1,300 on connecting flights, a notable decrease from last year's average of Dh2,500. From Abu Dhabi, tickets to Mumbai are priced at Dh708 for travel between July 15 and 31, while some routes to destinations in the Commonwealth of Independent States (CIS) and India are being offered for as low as Dh610 to Dh800. 'We are seeing a much more manageable increase in airfares this July,' said Rashid Abbas, Managing Director of Arooha Travels. 'Prices to several destinations are far more attractive than in the past two years.' While some European destinations still carry higher fares, ranging from Dh2,500 to Dh3,800 for direct flights, budget airlines have helped lower costs. Carriers such as Eurowings, Wizz Air Abu Dhabi, and Air Arabia Abu Dhabi offer one-way fares from Dubai to Paris for Dh2,815 and to Berlin for Dh1,860. Travel agencies say the decline in prices is being driven by changing consumer behavior. 'People are no longer travelling for one to two months at a stretch, but rather for shorter durations of two to ten days. Travellers are now returning sooner,' said Sapna Aidasani, Head of Marketing at Pluto Travels. Aidasani added that destinations closer to the UAE, including Azerbaijan, select Schengen countries, and parts of Africa, are becoming increasingly popular among residents looking for short-term travel options.
Gulf Insider
26-05-2025
- Business
- Gulf Insider
UAE Fines 23 Companies Dh610,000 For Violating Global Tax Reporting Rules
The Financial Services Regulatory Authority (FSRA) of ADGM in Abu Dhabi on Monday announced Dh610,000 fine on 23 companies for violating reporting and tax regulations. The companies have been fined under the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022, which require entities to collect and report information on foreign account holders to help combat international tax evasion. The regulator added that action has been taken for compliance breaches and failures to submit risk assessments, required annual information returns, follow due diligence procedures, report information in a complete and accurate manner, and collect valid self-certification forms. The UAE entered into agreements with other countries for global tax transparency by facilitating the automatic exchange of financial account data between different jurisdictions. In April, FSRA imposed millions of dirhams fines on the Hayvn Group of Companies, its former CEO Christopher Flinos and related entities after an investigation found serious regulatory breaches and misconduct into regulatory breaches and misconduct. Emmanuel Givanakis, CEO of the FSRA at ADGM, said this decision reflects UAE's commitment to financial transparency and alignment with global commitments to information exchange. 'We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility,' said Givanakis. Earlier this month, the Registration Authority (RA) of ADGM joined the Enforcement Working Group (EWG) of the International Forum of Independent Audit Regulators (IFIAR), making it the only member in the group from the Middle Eastern region.
Al Etihad
26-05-2025
- Business
- Al Etihad
ADGM's Financial Services Regulatory Authority fines 23 entities
26 May 2025 16:43 ABU DHABI (WAM) The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) imposed penalties totalling Dh610,000 on 23 entities for contraventions of the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations Regulations implement international frameworks that require reporting entities to collect and report information on foreign account holders to help combat international tax underpinning inter-governmental arrangements entered into by the UAE enhance global tax transparency by facilitating the automatic exchange of financial account data between actions taken by the FSRA of ADGM address a range of CRS and FATCA compliance breaches, including failures on the part of in-scope entities to submit risk assessment; submit the required annual information return(s); follow due diligence procedures; report information in a complete and accurate manner; and collect valid self-certification Executive Officer of the FSRA at ADGM, Emmanuel Givanakis, said, 'ADGM is committed to upholding international tax reporting standards. These enforcement outcomes reflect the FSRA's firm support for the UAE's commitment to financial transparency and alignment with global commitments to information exchange.''We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility.'A copy of the FSRA's CRS and FATCA penalty notices can be found on the ADGM website.
