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ADIB-Egypt, MasterCard grant free Gold bars to 47 winners
Published 2016-11-13 17:00:14| Amwal Al Ghad English
Abu Dhabi Islamic Bank-Egypt (ADIB) and MasterCard officials rewarded 47 lucky winners with gold bars during a ceremony held at ADIB’s headquarters in Omar Markam district, on Sunday October 16th, 2016.
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After several years marked by turbulence and uncertainty, Egypt’s economy encountered numerous challenges, from political unrest and declining tourism, to foreign currency and fuel shortages, which led the government to adopt an economic reform programme to improve Egypt’s public finances. Between September and November 2016, authorities introduced the value-added tax law (VAT), a free-floating currency, raised the price of subsidised fuel, and went on a borrowing spree from the International Monetary Fund (IMF), the World Bank, China, and others to finance its ambitious programme.
Egypt’s parliament gave a final approval on Monday to the implementation of the long-delayed value-added tax (VAT) at a rate of 13 percent for the current fiscal year. Parliament also increased the list of exempted goods and services to 56 from 52 items. In the next fiscal year, which starts in July 2017, the VAT rate will increase to 14 percent, according to the law, which Ahram Online obtained a copy of. The VAT aims at reducing tax evasion, as it will be applied to each member of the production chain of goods and services at the final retail stage, instead of the current sales tax that is imposed as a one-off on the final sale to customers.
The “UAE Reads” initiative will be launched next Monday under the directions of Sheikha Shamma bint Mohammed bin Khalid Al Nahyan. This cultural initiative is organised under the auspices of the Ministry of Interior, in partnership with the UAE University and the Mohammed bin Khalid Al Nahyan Cultural Center. It also coincides with the Abu Dhabi Book Fair and the “Abu Dhabi Reads” initiative. This event falls within the framework of the UAE’s ‘Year of Reading 2016’ initiative launched by Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE. Mohammed bin Khalid Al Nahyan will be taking part in the “World’s Largest Reading Hour”, along with more than 2500 ladies, female officials, decision-makers and students, at the UAE University’s main theatre in Al Ain at 2:00 p.m. The event will be attended by representatives of the Guinness World Records Organization, who will witness the UAE’s record attempt for the “Largest Reading Lesson.”
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The United Nations' World Refugee Day is observed on June 20 each year. This event honors the courage, strength, and determination of women, men, and children who are forced to flee their homeland under threat of persecution, conflict, and violence. “In countries where people have to flee their homes because of persecution and violence, political solutions must be found, peace and tolerance restored, so that refugees can return home. In my experience, going home is the deepest wish of most refugees.” Angelina Jolie said in an interview with BBC News on April 8, 2004. “No one leaves home unless home is the mouth of a shark.” Part of a poem ‘Home’ by Kenyan-born Somali poet Warsan Shire.
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