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.
Dubai's TECOM Group has announced a 15 per cent year-on year (YoY) growth in net profit to AED 293 million for the three month period ended March 31, 2024.
Sony Pictures Entertainment (SPE) and Apollo Global Management APO.N have made a $26 billion cash offer for Paramount Global, the Wall Street Journal reported.
Changpeng Zhao, the former chief executive of Binance has been sentenced to four months in prison after pleading guilty to violating US laws against money laundering at the world's largest cryptocurrency exchange.
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Submissions have opened for the first edition of a major initiative to honour food establishments in Dubai for their excellence in standards for safety, nutrition, sustainability and social responsibility.