Business in Brief [Archives:2007/1025/Business & Economy]

February 15 2007

– Compliance with Sales Tax becomes a requirement for public tenders

The Ministry of Finance now requires the presentation of compliance certificates with the General Sales Tax from companies that which to participate in bids and compete for public tenders from the government. This measure was made in order to enforce the compliance of the privet sector with the Sales Tax law.

– COCA investigates corruption

in Hodieda customs authority

The Central Organization for Control and Audit is investigating cases of fraud and corruption in the Hodieda customs some of which date back to 1996. The main violations were accepting uncertified and fraudulent documents on the nature of imported goods, where the goods imported were found to be different that the documents on which the customs were based.

– Family Business Conference to take place next week

The Yemeni Businessmen Club has completed preparations for the Family Business Conference to be held in Sana'a on the 21st and 22nd of this month. The conference will discuss the development of family business and the problems family-based corporations face in this part of the world as well as the prospects for growth and development.

– Al-Qudra investment group to venture into Yemen

Head of the board of directors of Al-Qudra investment group has recently announced that the group is seriously considering investing in Yemen in the sectors of infrastructure development, real-estate and other services. Al-Qudra constitutes of over 30 corporations spread all over the region.

– GCC honors Hayel Saeed group

The Gulf Cooperative Council has honored the Yemen Company for Ghee and Soap with the Crest of excellence for their recruitment and Human Resources policy, as the company has increased the percentage of local manpower to 98 percent compared to 50 percent when the company was first established in the 1970s.