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  • Unconfirmed sources say India is planning to lower the much criticized import tax on polished diamonds and gemstones from 7,5% to 5%, as this was mentioned during the budget speech by India's Finance Minister. 

    To give a boost to the gems and jewellery sector, customs duty on cut and polished diamonds and gemstones has been reduced to 5 percent. "Simply sawn diamond would attract nil customs duty. To facilitate export of jewellery through e-commerce, a simplified regulatory framework shall be implemented by June this year," the finance minister said, according to Moneycontrol. 

  • According to Bloomberg, the UAE Ministry of Finance announced the UAE plans to implement a 9% federal tax on corporate earnings. Businesses will become subject to UAE corporate tax from the beginning of their first financial year that starts on or after 1st June 2023.

    Bloomberg reports this shift might be in view of the increasing competition of neighboring country Saudi Arabia in mind. The levy-free regime made the UAE, and especially business hub Dubai, a magnet for businesses from across the world.