United Arab Emirates (UAE) Current Affairs - 2020

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EU Adds 10 Countries to Tax Blacklist

The European Union has expanded its tax haven blacklist by including 10 countries. The list now has 15 countries. The list was first drawn up by EU in 2017 in the wake of several scandals, including the Panama Papers and LuxLeaks, that pushed the EU into doing more to fight tax evasion by multinationals and the rich.

Expansion of the List

  • Seven countries Aruba, Belize, Bermuda, Fiji, Oman, Vanuatu and Dominica were moved from greylist to blacklist due to their inability towards reform commitments.
  • Three other countries added into the list are Barbados, the United Arab Emirates and the Marshall Islands.

EU list of Tax Blacklist or Tax Havens

Tax Havens provide taxpayers with opportunities for tax avoidance, while their secrecy and opacity also serve to hide the origin of the proceeds of illegal and criminal activities. Features of these Tax Havens include low or zero taxation, fictitious residences (with no bearing on reality) and tax secrecy.

EU initiated the naming and shaming tactics through Tax blacklist or Tax havens as a tool for securing a level playing field and as an external strategy for effective taxation by assessing, screening and listing third-country tax jurisdictions which are non-cooperative in tax matters.

World Future Energy Summit begins in Abu Dhabi

The World Future Energy Summit 2015 has begun in Abu Dhabi, United Arab Emirates (UAE).

It is eight edition of the summit and will be four day event.

It will provide platform to delegates including world leaders, international policy makers, industry leaders, investors, experts, academia, intellectuals and journalists from all over the world including India.

Delegates will discuss the future of renewable energy and how to overcome the challenges in tapping potential of it.

Key highlights of World Future Energy Summit

  • It will provide a platform for commercial solutions to clean and green energy.
  • It will include exhibition of first-of-its-kind, fully integrated hybrid product that captures both solar and wind energy to provide more consistent power generation.
  • Summit will also display a mobile solar power plant on a trailer with a 4.8 kWp capacity and battery storage of up to 20 kWh and a new turbine that converts energy from sea waves.
  • It will also display parabolic sun-dish concentrators combined with a specialized steam generator suitable for enhanced oil recovery, power generation, water desalination operations and power generations are on display.