Contact us!
The Law Firm of

JASON HUF INTERNATIONAL, pc

"Exploring the Boundaries
 
of Your Business." 

______________________________

NEW YORK

11 Broadway, Suite 615
New York, New York
USA  10004
+1 (917) 775-0198 (p)
+1 (646) 395-1725 (f)

______________________________

JEDDAH

Khalil Khazindar Law Firm
in Association with
JASON HUF INTERNATIONAL pc
Ammar Commercial Center

Al Murjan Street (off of King Abdul Aziz Street), Office # 202
P.O. Box 157,  Jeddah  21411
Kingdom of Saudi Arabia
+966 (2) 4204763 (p)
+966 (2) 4204729 (f)
www.khazindarlaw.com
______________________________

info@huflaw.com

Office Hours: By Appointment Only

Follow JHI
  • <iframe src="//www.facebook.com/plugins/follow?href=https://www.facebook.com/profile.php?i

  • @JasonHufIntl

 
Links


Big Brothers Big Sisters of Burlington, Camden & Gloucester Counties (NJ):

www.bbbsbcg.org


Salvation Army:

www.salvationarmy.org


Manar al-Athar:

www.manar-al-athar.ox.ac.uk


Figure Skating in Harlem:

https://figureskatinginharlem.org


Purses with a Purpose:

https://www.facebook.com/groups/1412771915622750/about/


American Red Cross (Donate Blood):

https://www.redcross.org/give-blood

Doha
Abu Dhabi
Bahrain
Dubai
  • The City of Dreams, or the Emirate of Reality?

    From time to time, a trial balloon is floated in one GCC jurisdiction or another concerning the imposition of a new tax, whether it be an individual income tax, corporate tax or a value added tax.  The most recent of these is now floating over Dubai, which is still grappling with the residual effects of the 2008 crash while maintaining high levels of infrastructure spending.

    A prominent Emirati businessman based in Dubai publicly raised the idea of a corporate income tax in Dubai and voiced his general support for such an idea.  This is easily to understand, given the depletion of Dubai's oil reserves, the reversal of 2008 and resulting cash crunch, and the Emirate's continued high level of spending.  However, it would be somewhat akin to Killing the Goose that Laid the Golden Egg.

    Dubai rose up from the desert, transforming itself from a small trading post adjacent to Sharjah into the "City of Dreams", on the basis of its business-friendly laws, easy access to the oil-rich Gulf region, an unburdensome regulatory environment, quick access to financing and investment capital, and clever marketing revolving around the fact that the Emirate is Tax-Free

    While there are numerous government fees, paid annually, along with payments to sponsors, exceedingly high rental costs and other expenses one could say amount to a sort of taxation, companies and individual entrepreneurs from all over the world continue to flock to Dubai, drawn to the City of Dreams by the prospect of Tax-Free wealth.  Imposition of a corporate income tax could threaten this influx and inspire existing businesses to relocate elsewhere in the Gulf.  Even if such a tax were quickly repealled, reestablishing Dubai's image, carefully crafted and astutely marketed for many years, might be next to impossible.  And, isn't the real "Dream" not quick wealth, but having a broad-based economy not entirely dependent upon oil in the very heart of the Gulf region? 

    If Dubai is the City of Dreams, the "Green Capital" of the United Arab Emirates, Abu Dhabi, has been the Emirate of Reality.  With much of the UAE's energy resources, over half the country's population and land mass (much of it still undeveloped), and a very similar body of business law and regulations, and a robust banking industry, Abu Dhabi is also Tax-Free Abu Dhabi may not be known for a miraculous boom of the sort that made Dubai famous, but it has enjoyed steady, broad growth that has withstood the 2008 crash.
     
    Today, and not accidentally, Abu Dhabi is a leading target for foreign direct investment.  A corporate income tax in Dubai would not only enhance the relative attractiveness of Abu Dhabi to newcomers to the region, it might also encourage some of Dubai's existing businesses to take a two-hour drive and check out why the Emirate of Abu Dhabi is "green" in more ways than one.

    Comments

  • (no comment)