Business In Brief [Archives:2007/1023/Business & Economy]

February 8 2007

Director of Tax Authority: Amending Sales Tax law

Noman Al-Sohaibi, director of the Tax Authority, has indicated the proposals and comments of the private sector and business community were taken into consideration and that the General Sales Tax law would be amended further in order to better suit the nature of business in Yemen, hoping that the business community will cooperate with the government in order to implement the law.

Al-Sabri: Private sector benefits from corruption

Secretary General of the Cabinet, Mohammed Al-Sabri, has indicated the private sector has played a prime role in spreading corruption in the tax authority and the current taxation mechanism and therefore refuses any measures for transparency and the implementation of a sophisticated taxation mechanism such as the 2001 General Sales Tax.

Finance Minister: A stock market is far fetched

Minister of Finance Saif Al-Asali has indicated that the establishment of a stock market is far fetched because the private sector insists on hindering the development of the Yemeni market, adding that the private sector is still weak and ignorant as it refuses to accept and implement modern management systems and endorse transparency in their dealings.

Over 340,000 Yemenis caught entering Saudi

An official Saudi report has indicated that the number of Yemeni illegal immigrants who attempted to enter the kingdom of Saudi Arabia reached 344,781 during 2006. A group representing Saudi border patrol will meet with their Yemeni counterparts to discuss the problem of the increasing numbers of illegal immigrants.

Saudi funds more development projects in Yemen

The Saudi Development Fund for has agreed with the Ministry of Planning to fund several health projects worth $84 million, to establish a hospital in Hodieda, faculty of medicine in Taiz, as well as a hospital and a cancer therapy center in Hadhramout.

Indian Investors study investment options in the Yemeni Oil Sector

Several Indian Investors are studying the prospects of investing in Yemen's Oil and Gas sector, focused on building and upgrading oil refineries as well as building other infrastructure projects such as pipelines and power generation facilities.

Middle East Development Corporation in Yemen

Tariq bin Laden, the director of the Middle East Development Corporation arrived in Yemen yesterday, following a discussion with President Saleh on the prospect of constructing a new and modern city in Yemen with its own airport, seaport and infrastructure.

Ministry of Higher Education to use VISA in money transfers

The Ministry of Higher Education has indicated that it will use the VISA card in cooperation with the Cooperative and Agricultural Credit Bank in order to transfer the monthly allowances for the Yemeni students who are undertaking their higher studies abroad on scholarship schemes administered by the ministry.