Business

Dubai suspends 30% tax on alcohol sales to boost tourism

Published

2 years ago

January 2, 2023 2:19 pm

BodexNG

The government of Dubai has cancelled its 30 percent alcohol tax in order to boost tourism in the emirate.

Dubai will also scrap the personal liquor licence fees, thereby making acquisition of the permit free for alcohol consumers in the United Arab Emirates region.

With an economy boosted by tourism, Dubai is one of the most visited cities in the UAE and globally.

The latest move is an attempt by the government to make the city more attractive to foreigners, in the face of competition stiff from its Persian Gulf neighbours like Saudi Arabia and Qatar.

Following the development, two alcohol distributors in Dubai — Maritime and Mercantile International (MMI), and African & Eastern — announced the tax cut on Sunday, in a bid to woo customers.

Tyrone Reid, group chief executive officer, MMI, and Emirates Leisure Retail, said the move to end the 30 percent tax on alcohol sales came after the government’s announcement, noting that it became effective immediately.

Reid added that personal liquor licences will be free-to-obtain for those eligible to legally purchase alcoholic beverages in the city.

He said people wishing to buy an alcohol licence in the city require a valid Emirates ID, or passport for tourists, and this can be done at any of MMI’s 21 stores.

“Following the announcement by the government of Dubai to remove the 30 percent municipality tax on sales of alcoholic beverages, we are pleased to announce that this will be reflected across all alcoholic beverage products in all our 21 MMI stores in Dubai, effective 1st January,” Reid said in a statement on Sunday.

“Since we began our operations in Dubai more than 100 years ago, the Emirate’s approach has remained dynamic, sensitive, and inclusive for all.

“These recently updated regulations are instrumental to continue ensuring the safe and responsible purchase and consumption of alcoholic beverages in Dubai and the UAE.”

However, while encouraging clients to “take advantage on these huge savings and stock up and apply for a free licence”, MMI said the value added tax (VAT) on its services would still apply.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

21 hours ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

24 hours ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Business

Allegation of missing fund untrue, says Access Bank

Published

1 day ago

November 25, 2024 9:16 am

BodexNG

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others