Brussels: New figures from Member States show that more than £33 billion in VAT revenues were collected in 2024 via the EU’s e-commerce VAT systems, a clear sign that the 2021 reforms are delivering on their promise to simplify compliance, support businesses, and ensure fairer taxation. According to Emirates News Agency, the One Stop Shop (OSS) and Import One Stop Shop (IOSS) systems allow businesses to declare and remit VAT for cross-border sales of goods and services within the EU, as well as for imports of low-value goods, through a single registration in one Member State. The figures confirm that

Abu dhabi: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has announced the release of its 2024 Annual Development Effectiveness Report (ADER), signaling a significant financial commitment to the world’s least developed nations. According to Emirates News Agency, the ADER is a critical tool that allows ITFC to measure and communicate its efforts towards sustainable development. The 2024 report underscores ITFC’s commitment to promoting sustainable trade, economic resilience, and inclusive growth among its member countries. Eng. Adeeb Y. Al Aama, CEO of ITFC, emphasized the importance of innovative solutions to meet the

New york: A senior UN official on Wednesday urged the Security Council to push for an immediate ceasefire in Gaza and the release of all hostages, warning that the war has become ‘a nightmare of historic proportions’. According to Emirates News Agency, Khaled Khiari, Assistant Secretary-General for the Middle East, addressed ministers and ambassadors, emphasizing that ongoing discussions must result in a permanent end to hostilities, the release of all hostages, and unimpeded access for humanitarian aid to facilitate recovery and reconstruction efforts. Khiari described the severe conditions on the ground, highlighting expanded Israeli military operations, particularly in Deir Al-Balah,

Seoul: The Republic of Korea economy grew 0.6 percent in the second quarter on the back of a recovery in private consumption and robust exports, central bank data showed Thursday. The country’s real gross domestic product (GDP) — a key measure of economic growth — rose 0.6 percent in the April-June period from the previous quarter, rebounding from an unexpected 0.2 percent contraction in the first quarter. According to Emirates News Agency, the growth exceeded the market expectation of a 0.5 percent gain. On a year-on-year basis, the economy expanded 0.5 percent in the second quarter, compared with zero growth

Nghe an: Heavy rains triggered by tropical storm Wipha have caused severe flooding in the central Vietnamese province of Nghe An, killing at least three people and leaving one more missing. With a long coastline facing the South China Sea, Vietnam is prone to typhoons that often cause deadly floods and mudslides. Wipha is the first major storm to hit the country this year. According to Emirates News Agency, more than 3,700 houses in Nghe An province have been inundated by floodwaters, and another 459 were damaged by strong winds. Floodwaters have also damaged 1,600 hectares of rice plantations and

Surin: Thailand’s army reported that three civilians were injured in a Cambodian rocket strike as clashes erupted between the two countries’ militaries over a disputed border. The conflict took place on Thursday morning along the border separating Thailand’s Surin province and Cambodia’s Oddar Meanchey. According to Emirates News Agency, the Cambodian Defence Ministry stated that the Thai military violated Cambodia’s territorial integrity by initiating an armed assault on Cambodian forces stationed to defend the nation’s sovereign territory. The Cambodian armed forces responded by exercising their right to self-defense in accordance with international law to repel the Thai incursion and protect