Latest news with #DMTT
Mid East Info
5 days ago
- Business
- Mid East Info
TaxCom Middle East Returns on 18th June 2025 in Dubai - Middle East Business News and Information
Dubai, UAE – June 2025 — BConnect Global is ready to host the 2nd edition of TaxCom Middle East Summit & Awards, set to convene over 150+ tax, finance, and compliance leaders at Taj Dubai on 18th June. This year's summit aligns with the UAE's bold steps in digital tax transformation, as it prepares for mandatory e‑invoicing and introduces the Domestic Minimum Top‑Up Tax (DMTT) in line with OECD's Pillar Two framework. The event is honored to feature Zahra Al Dahmani, Director of Taxpayer Services at the Federal Tax Authority, who will provide key insights on the Future of Taxpayer Services: Digitalization, Compliance, and Innovation. Other notable industry experts who will be leading the conversation at the event include – Kalaiarasan Manoharan , Group Tax Director, noon , Group Tax Director, noon Parth Sharma , Group Tax Lead, Dubai Holding (Group Services) , Group Tax Lead, Dubai Holding (Group Services) Manish Arora , Director of Tax, Adidas , Director of Tax, Adidas Mohamed Ghazala , Head of Tax, Coca-Cola Al Ahlia beverage | GCC Region , Head of Tax, Coca-Cola Al Ahlia beverage | GCC Region Asiya Zargar , Group Head of Tax, Mantrac Group , Group Head of Tax, Mantrac Group Armia Fakhry , Head of Tax, MENA region, Fertiglobe , Head of Tax, MENA region, Fertiglobe Tiago Albuquerque Dias , Head of Tax, Emirates Water and Electricity Company (EWEC) , Head of Tax, Emirates Water and Electricity Company (EWEC) Seema Sharma , Global Head of Tax and ESG, Network International , Global Head of Tax and ESG, Network International Asif Khan , Senior Manager – Tax and Compliance, Danube Group , Senior Manager – Tax and Compliance, Danube Group Joao Vitor Cabral , Group Head of Tax & Treasury, Dutco Group , Group Head of Tax & Treasury, Dutco Group Wanieska Torri , Regional Head of Tax and Trade – IMEA, Henkel , Regional Head of Tax and Trade – IMEA, Henkel Laurent Bertin , AME Head of Tax, Airbus , AME Head of Tax, Airbus Ramkumar Balasubramaniam , Chief Financial Officer, Middle East & Africa, Barclays , Chief Financial Officer, Middle East & Africa, Barclays Saurabh Taparia , Group Finance Director, Dubai Holding Group , Group Finance Director, Dubai Holding Group Aparna Lakshminarasimhan , MENA Tax and Group Transfer Pricing Director, GFG Alliance , MENA Tax and Group Transfer Pricing Director, GFG Alliance Aatish Pravinkumar Shah , Head of Tax, DP World , Head of Tax, DP World Prateek Bothra , Vice President – Taxation | Finance, Gulf Islamic Investments , Vice President – Taxation | Finance, Gulf Islamic Investments Umamaheswaran Panneer Selvan , Indirect Tax Solutions Consultant, Thomson Reuters , Indirect Tax Solutions Consultant, Thomson Reuters Luis Ortega , Director – Product Management | CTC & E-invoicing Compliance, Pagero, a part of Thomson Reuters , Director – Product Management | CTC & E-invoicing Compliance, Pagero, a part of Thomson Reuters Srivatsan Chari , Co-Founder, ClearTax Middle East , Co-Founder, ClearTax Middle East Niraj Hutheesing , Founder & MD, , Founder & MD, Rutika Hardikar , Consultant, Alchemy Search , Consultant, Alchemy Search Maher Aoun , VP of Sales and Business Development, Wafeq , VP of Sales and Business Development, Wafeq CA Riddhesh Minesh Shah , Senior Manager – Corporate Tax, Suntech , Senior Manager – Corporate Tax, Suntech Aneta Grzyb , Partner, Tax Advisor Advocate, Alto Advisory , Partner, Tax Advisor Advocate, Alto Advisory Kamila Kania , Business Solution Manager, Comarch , Business Solution Manager, Comarch Ajit Jain , Partner and Head of Transfer Pricing, AJMS Global , Partner and Head of Transfer Pricing, AJMS Global Gururajan Krishnamurthy , Business Head – Finance Suite, MEA, Zoho Corp , Business Head – Finance Suite, MEA, Zoho Corp Alok Chugh, CEO and Managing Partner, Helios Consulting The agenda features critical discussions on Tax Risk, E-Invoicing & Compliance UAE's E-Invoicing Transformation Journey Digitalization of Taxpayer Services Future Tax Policies Shaping Dubai AI-Driven Compliance Preparing for UAE's E-Invoicing Mandate Evolving Landscape of International Taxation in the UAE Bridging Finance, Tax & Business Growth Rethinking Transfer Pricing Realities and more. Parvez Shariff, Managing Director of BConnect Global, shared: 'TaxCom Middle East is more than just a conference – it's a platform where tax and finance leaders come together to shape the future of compliance in the UAE and beyond. As regulations tighten and technology advances, the need for knowledge-sharing, collaboration, and innovation becomes critical. This year's edition is designed to spark those essential conversations.' Explore Cutting-Edge Tax & Compliance Innovation Join industry leaders like ClearTax, Wafeq, Pagero, Suntech, Comarch, ALTO, Amereller, Helios Consulting, Andersen, Zoho Corp, AJMS Global, Alchemy Search, and BDO UAE as they showcase game-changing solutions transforming the future of tax, finance, and business compliance. About Organizer BConnect Global is a global firm with a novel approach in organizing conferences, events, exhibitions, round-tables and awards. A platform that brings together industry game changers, seasoned entrepreneurs, new entrants and keen learners. Media Contact – ari@
CairoScene
05-05-2025
- Business
- CairoScene
Ministry of Finance Sets Domestic Tax for Multinational Enterprises
As a transitional measure, some newly established MNE groups will not be subject to the tax in their initial phase. Feb 09, 2025 The Ministry of Finance has introduced the Domestic Minimum Top-up Tax (DMTT), a new measure aligned with the OECD's global tax framework. The tax applies to multinational enterprises (MNEs) operating in the UAE with annual global revenues of USD 775 million or more in at least two of the past four financial years. The DMTT aims to ensure compliance with international tax standards while maintaining the UAE's appeal as an investment hub. It includes a Substance-Based Income Exclusion, reducing taxable income based on payroll and tangible asset values. Certain entities, such as investment firms and businesses meeting de minimis criteria, will be exempt. As a transitional measure, newly established MNE groups will not be subject to the tax in their initial phase, provided they are not controlled by a parent entity subject to a Qualified Income Inclusion Rule in another jurisdiction. The policy follows the OECD's GloBE Model Rules, with further guidance outlined in Cabinet Decision No. 142 of 2024.
Daily Tribune
01-05-2025
- Business
- Daily Tribune
Beyon reports Q1 profit, revenue increases 6%
Beyon yesterday reported net profit attributable to equity holders of BD18.1M (US$48.0M) for Q1 2025, a 4% decrease from BD18.8M (US$49.9M) reported for the corresponding quarter of 2024. The YoY decline in net profit attributable to equity holders is mainly due to additional taxes from the application of Domestic Minimum Top-Taxes ('DMTT'), effective 1 January 2025, and acquisition charges associated with the acquisitions completed in 2024. Earnings per share (EPS) are 10.9 fils for the first quarter of 2025, compared to 11.4 fils in Q1 2024. Total comprehensive income attributable to equity holders in Q1 2025 was reported at BD11.8M (US$31.3M), a 70% decrease from BD39.7M (US$105.3M) in the first quarter of 2024, mainly due to investment fair value changes. Operating profit in Q1 2025 of BD26.0M (US$69.0M) is 4% lower than BD27.0M (US$71.6M) reported in Q1 2024. EBITDA stands at BD45.4M (US$120.4M) in Q1 2025 compared to BD44.1M (US$117.0M) in Q1 2024, an increase of 3%. The company maintained a healthy EBITDA margin of 39% in Q1 2025. Revenues for the first quarter of 2025 increased by 6% to BD117.6M (US$311.9M) compared to BD110.5M (US$293.1M) in Q1 2024, mainly due to increases in digital, wholesale, mobile and fixed broadband services. Beyon's balance sheet remains strong with total equity attributable to equity holders of the company of BD540.9M (US$1,434.7M) as of 31 March 2025, 4% lower than BD564.2M (US$1,496.6M) reported as of 31 December 2024. Total assets of BD1,255.4M (US$3,330.0M) as of 31 March 2025 are in line with total assets of BD1,256.0M (US$3,331.6M) as of 31 December 2024. Net assets as of 31 March 2025 which stand at BD595.0M (US$1,578.2M) are 4% lower than BD621.8M (US$1,649.3M) reported as of 31 December 2024. The Company reported cash and bank balances of BD138.4M (US$367.1M) as of 31 March 2025. Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa said: 'The first quarter of 2025 was marked by continued topline growth and momentum across Beyon's digital companies as well as our telecom and connectivity businesses. The performance reflected strong performance in digital services, wholesale, mobile, and fixed broadband. We also recorded a 3% increase in EBITDA and sustained a robust EBITDA margin, demonstrating our operational efficiency and disciplined cost management. With a solid business strategy for the year and promising growth opportunities, we look forward to continuous achievements and success across Beyon's companies.' 'Due to the impact posed by non-operational factors such as the implementation of Domestic Minimum Top-Taxes (DMTT) and acquisition-related charges following our 2024 expansion strategy, net profit saw a minor year-on-year decline. Both of these were anticipated external factors, and Beyon continues to be well-positioned to capture emerging opportunities built on its operational strengths.' From his end, Beyon CEO Andrew Kvaalseth said, 'The results of the first quarter of 2025 reflect the solid fundamentals of our business and the ongoing execution of our growth strategy. Across our businesses our focus continues to be on delivering innovative solutions and expanding our footprint. On the connectivity front, Batelco deployed the Kingdom's first private 5G network for industrial use, a transformative move for Bahrain's manufacturing sector, and also saw a brand uplift alongside the announcement of 'One Plan' a first of its kind product plan designed to integrate customers' mobile and home connectivity needs all in one single plan.' 'Within our digital companies, Beyon Connect's contribution to eKey 2.0 continues to gain traction across banking, finance, insurance and telecommunications sectors in alignment with our commitment to digital transformation. Beyon Cyber was recognized with three major accolades at the 2025 Cyber Security Excellence Awards, marking their rapid growth, regional market penetration, and innovative in-house developments. Beyon Solutions signed a strategic agreement to deliver cloud services with Oracle Cloud Infrastructure (OCI) Dedicated Region, supported by its comprehensive suite of managed services to support businesses and government entities in the Kingdom of Bahrain.' 'Looking ahead, we remain confident in our trajectory for 2025. With a strong foundation and forward-looking strategy, Beyon is strategically positioned to capitalise on emerging opportunities and continue delivering value for all stakeholders.'
Zawya
01-05-2025
- Business
- Zawya
Bahrain: Beyon reports financial results for first quarter
Bahrain - Beyon has reported net profit of BD18.1 million ($48m) for the first quarter of 2025 (Q1 2025), a 4 per cent decrease from BD18.8m ($49.9m) reported for the corresponding quarter of 2024. The YoY decline in net profit is mainly due to additional taxes from the application of domestic minimum top-taxes (DMTT), effective January 1, 2025, and acquisition charges associated with the acquisitions completed in 2024. Earnings per share (EPS) are 10.9 fils for the first quarter of 2025, compared to 11.4 fils in Q1 2024. Total comprehensive income in Q1 2025 was reported at BD11.8m, a 70pc decrease from BD39.7m in the first quarter of 2024, mainly due to investment fair value changes. Operating profit in Q1 2025 of BD26m is 4pc lower than BD27m reported in Q1 2024. EBITDA stands at BD45.4m in Q1 2025 compared to BD44.1m in Q1 2024, an increase of 3pc. The company maintained a healthy EBITDA margin of 39pc in Q1 2025. Revenues for the first quarter of 2025 increased by 6pc to BD117.6m compared to BD110.5m in Q1 2024, mainly due to increases in digital, wholesale, mobile and fixed broadband services. Beyon's balance sheet remains strong with total equity of BD540.9m as of end-March 2025, 4pc lower than BD564.2m reported as of end-2024. Total assets of BD1,255.4m as of end-2025 are in line with total assets of BD1,256m as of end-2024. Net assets as of end-March 2025 which stand at BD595m are 4pc lower than BD621.8m reported as of end-2024. The company reported cash and bank balances of BD138.4m as of end-2025. Announcing the financial results for the first quarter of 2025 following a meeting of the board of directors yesterday, Beyon chairman Shaikh Abdulla bin Khalifa Al Khalifa said: 'The first quarter of 2025 was marked by continued top-line growth and momentum across Beyon's digital companies as well as our telecom and connectivity businesses. The performance reflected strong performance in digital services, wholesale, mobile, and fixed broadband. We also recorded a 3pc increase in EBITDA and sustained a robust EBITDA margin, demonstrating our operational efficiency and disciplined cost management. With a solid business strategy for the year and promising growth opportunities, we look forward to continuous achievements and success across Beyon's companies.' He added: 'Due to the impact posed by non-operational factors such as the implementation of DMTT and acquisition-related charges following our 2024 expansion strategy, net profit saw a minor year-on-year decline. Both of these were anticipated external factors, and Beyon continues to be well-positioned to capture emerging opportunities built on its operational strengths.' Shaikh Abdulla further said: 'This quarter sees us maintaining a healthy financial position, a strong balance sheet, and a clear strategic direction. Beyon continues to invest in innovation, infrastructure, and international expansion to deliver long-term growth and sustainable returns for our shareholders.' Beyon chief executive Andrew Kvaalseth said: 'The results of the first quarter of 2025 reflect the solid fundamentals of our business and the ongoing execution of our growth strategy. Across our businesses our focus continues to be on delivering innovative solutions and expanding our footprint. On the connectivity front, Batelco deployed the kingdom's first private 5G network for industrial use, a transformative move for Bahrain's manufacturing sector, and also saw a brand uplift alongside the announcement of 'One Plan' a first of its kind product plan designed to integrate customers' mobile and home connectivity needs all in one single plan.' He added: 'Within our digital companies, Beyon Connect's contribution to eKey 2.0 continues to gain traction across banking, finance, insurance and telecommunications sectors in alignment with our commitment to digital transformation.' Mr Kvaalseth further said: 'Looking ahead, we remain confident in our trajectory for 2025. With a strong foundation and forward-looking strategy, Beyon is strategically positioned to capitalise on emerging opportunities and continue delivering value for all stakeholders.' Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Biz Bahrain
01-05-2025
- Business
- Biz Bahrain
Beyon Announces Q1 2025 Financial Results
Beyon BSC (Ticker: BEYON), today announced its financial results for the first quarter of 2025. Beyon reported net profit attributable to equity holders of BD18.1M (US$48.0M) for Q1 2025, a 4% decrease from BD18.8M (US$49.9M) reported for the corresponding quarter of 2024. The YoY decline in net profit attributable to equity holders is mainly due to additional taxes from the application of Domestic Minimum Top-Taxes ('DMTT'), effective 1 January 2025, and acquisition charges associated with the acquisitions completed in 2024. Earnings per share (EPS) are 10.9 fils for the first quarter of 2025, compared to 11.4 fils in Q1 2024. Total comprehensive income attributable to equity holders in Q1 2025 was reported at BD11.8M (US$31.3M), a 70% decrease from BD39.7M (US$105.3M) in the first quarter of 2024, mainly due to investment fair value changes. Operating profit in Q1 2025 of BD26.0M (US$69.0M) is 4% lower than BD27.0M (US$71.6M) reported in Q1 2024. EBITDA stands at BD45.4M (US$120.4M) in Q1 2025 compared to BD44.1M (US$117.0M) in Q1 2024, an increase of 3%. The company maintained a healthy EBITDA margin of 39% in Q1 2025. Revenues for the first quarter of 2025 increased by 6% to BD117.6M (US$311.9M) compared to BD110.5M (US$293.1M) in Q1 2024, mainly due to increases in digital, wholesale, mobile and fixed broadband services. Beyon's balance sheet remains strong with total equity attributable to equity holders of the company of BD540.9M (US$1,434.7M) as of 31 March 2025, 4% lower than BD564.2M (US$1,496.6M) reported as of 31 December 2024. Total assets of BD1,255.4M (US$3,330.0M) as of 31 March 2025 are in line with total assets of BD1,256.0M (US$3,331.6M) as of 31 December 2024. Net assets as of 31 March 2025 which stand at BD595.0M (US$1,578.2M) are 4% lower than BD621.8M (US$1,649.3M) reported as of 31 December 2024. The Company reported cash and bank balances of BD138.4M (US$367.1M) as of 31 March 2025. Q1 2025 Q1 2024 Variance BDM US$M BDM US$M % Gross Revenues 117.6 311.9 110.5 293.1 +6 EBITDA 45.4 120.4 44.1 117.0 +3 Operating Profit 26.0 69.0 27.0 71.6 -4 Net Profit attributable to equity holders of the company 18.1 48.0 18.8 49.9 -4 Total Comprehensive income attributable to equity holders of the company 11.8 31.3 39.7 105.3 -70 Customer Base (telecom operations)* 4.5M 4.2 M +7 Contribution to Revenues by International Operations 55% 52% +3 Contribution to EBITDA by International Operations 57% 55% +2 Financial and Operational Highlights *Excludes subscriber numbers from Sabafon, Beyon's associate company in Yemen, and Etihad Atheeb Telecom, Beyon's investment in Saudi Arabia. Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa announced the financial results for the first quarter of 2025 following a meeting of the Board of Directors on Wednesday 30th April, at Beyon's Campus, Hamala, Kingdom of Bahrain. 'The first quarter of 2025 was marked by continued top-line growth and momentum across Beyon's digital companies as well as our telecom and connectivity businesses. The performance reflected strong performance in digital services, wholesale, mobile, and fixed broadband. We also recorded a 3% increase in EBITDA and sustained a robust EBITDA margin, demonstrating our operational efficiency and disciplined cost management. With a solid business strategy for the year and promising growth opportunities, we look forward to continuous achievements and success across Beyon's companies.' 'Due to the impact posed by non-operational factors such as the implementation of Domestic Minimum Top-Taxes (DMTT) and acquisition-related charges following our 2024 expansion strategy, net profit saw a minor year-on-year decline. Both of these were anticipated external factors, and Beyon continues to be well-positioned to capture emerging opportunities built on its operational strengths.' Shaikh Abdulla further noted, 'This quarter sees us maintaining a healthy financial position, a strong balance sheet, and a clear strategic direction. Beyon continues to invest in innovation, infrastructure, and international expansion to deliver long-term growth and sustainable returns for our shareholders.' From his end, Beyon CEO Andrew Kvaalseth said, 'The results of the first quarter of 2025 reflect the solid fundamentals of our business and the ongoing execution of our growth strategy. Across our businesses our focus continues to be on delivering innovative solutions and expanding our footprint. On the connectivity front, Batelco deployed the Kingdom's first private 5G network for industrial use, a transformative move for Bahrain's manufacturing sector, and also saw a brand uplift alongside the announcement of 'One Plan' a first of its kind product plan designed to integrate customers' mobile and home connectivity needs all in one single plan.' 'Within our digital companies, Beyon Connect's contribution to eKey 2.0 continues to gain traction across banking, finance, insurance and telecommunications sectors in alignment with our commitment to digital transformation. Beyon Cyber was recognized with three major accolades at the 2025 Cyber Security Excellence Awards, marking their rapid growth, regional market penetration, and innovative in-house developments. Beyon Solutions signed a strategic agreement to deliver cloud services with Oracle Cloud Infrastructure (OCI) Dedicated Region, supported by its comprehensive suite of managed services to support businesses and government entities in the Kingdom of Bahrain.' 'Looking ahead, we remain confident in our trajectory for 2025. With a strong foundation and forward-looking strategy, Beyon is strategically positioned to capitalise on emerging opportunities and continue delivering value for all stakeholders.' This press release, along with the full set of financial statements, is available on the Bahrain Bourse website and on Beyon website, Caption: 1. Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa 2. Beyon CEO Andrew Kvaalseth
