THE HOT STORY

UAE may relax tax residency rules to lure back expats amid Iran conflict

The United Arab Emirates is expected to show flexibility on tax residency rules for expatriates who left the country due to the Iran conflict, aiming to encourage their return and protect its appeal as a low-tax hub. Authorities are likely to allow more time abroad without jeopardising tax status, particularly for Dubai, which relies heavily on wealthy foreign residents. Currently, expats must spend a minimum number of days in the UAE to qualify for tax residency, but officials are considering case-by-case exemptions, taking into account travel disruptions and force majeure conditions. The move comes as ongoing conflict, flight cancellations, and security concerns have made it harder for residents to return, raising the risk they could lose their tax advantages.

IFA Magazine

Financial Times

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STRATEGY

HSBC weighs deep job cuts amid AI overhaul

HSBC is considering deep job cuts that could ultimately affect around 20,000 ‌roles, or about 10% of its total workforce, Bloomberg reports, citing people familiar with the matter. Non-client facing roles in global service centres are among those expected to be the most impacted as ⁠the bank bets on AI, although the assessment is at an early stage and no final decisions have been made. A spokesperson for HSBC declined to comment. A Bloomberg Intelligence report published last year said global banks could eliminate as many as 200,000 positions in the next three to five years due to AI. Chief information and technology officers surveyed for the report indicated that on average they expect a net 3% reduction in workforce.

Bloomberg

Ikea owner cuts jobs in streamlining move

Ikea owner Ingka has announced plans to cut 800 jobs as part of a strategy to streamline operations. The move aims to accelerate decision-making and shift more responsibility to frontline staff. The job cuts will primarily impact employees in Sweden and at the company's headquarters in the Netherlands. Ingka employs around 166,000 people globally.

The Times

WORKFORCE

Kuwait sets six-hour workday

Kuwait's Civil Service Commission (CSC) has issued new guidance on official working hours and staffing levels in government entities following the end of the Eid al-Fitr holiday. The CSC confirmed that official working hours will be reduced to six hours per day, and employee presence in government workplaces will be capped at 30%, with mandatory rotation systems to be implemented.

Zawya EN

TAX

UAE rolls out up to 50% tax credit for businesses

The UAE has introduced its Research and Development (R&D) Tax Incentives Programme, allowing businesses to claim a non-refundable tax credit of up to 50% on qualifying R&D expenses, capped at Dh5m. The initiative aims to stimulate private-sector research and bolster the nation's economic growth. The Ministry of Finance said the programme aligns with international tax standards, including the OECD's Pillar Two framework. Officials will monitor the programme's impact to inform future enhancements, potentially expanding eligibility and introducing refundable tax credits in later phases.

Emirates24

Gulfnews.com

Egyptian taxpayers enroll voluntarily in simplified tax system

Egyptian Minister of Finance Ahmed Kouchouk has announced that 120,000 taxpayers have joined the country's simplified tax system. “Last year, we promised the first package of tax facilitation measures, and together we delivered on that promise,” Kouchouk said at the annual conference of the Federation of Small and Medium Enterprises Investors.

Zawya

INTERNATIONAL

Hong Kong 'attracts more talent due to Middle East tensions'

Hong Kong labour chief Chris Sun Yuk-han has said geopolitical tensions in the Middle East have made the city “a more attractive place” for global talent, including those from Gulf countries. “A significant number of overseas talents choosing Hong Kong as their base for development truly demonstrates the city’s importance and attractiveness as a talent hub,” he said at Hong Kong's Global Talent Summit Week. “We know that, given the geopolitical tensions in the Middle East, Hong Kong – with our secure environment and very stable opportunities – has become a more attractive place for talent from around the world, including those from the region who can use Hong Kong as a base for development.”

South China Morning Post

PwC staff must embrace AI, US chief warns

Paul Griggs, the chief executive of PwC's US business, has warned senior staff that they may not have a future at the firm if they fail to embrace AI, saying that employees who think they have the "opportunity to opt out" of the technology are "not going to be here that long." Griggs, who noted that PwC is hiring more data specialists, said the firm will be changing some tax and consulting services into AI-powered automated tools, adding that these new tax and consulting tools could be accessed "without a PwC person in the loop."

Financial Times

The Guardian

UK firms fined for underpaying staff

The UK's Department for Business and Trade has identified almost 400 firms, including Costa, Bupa Care Services, Hays Travel, and KPMG, that have been underpaying employees. The department released a list of 389 firms that have been forced to repay about 60,000 employees a total of £7.3m in unpaid wages. The firms were fined a total of £12.6m for paying staff less than the statutory minimum, with fines capped at double the amount owed to workers. Peter Kyle, the business secretary, said: "A good employer doesn't build their business on the back of unpaid wages, and I look forward to working with the new Fair Work Agency to ensure its powers are used to crack down on those who think the rules don't apply to them." Employment Rights Minister Kate Dearden added: "Nobody should finish a week's work and find they've been paid less than they've earned."

The Times

Daily Mirror

The Times

Australian hiring practices 'deeply concerning'

A survey by the Australian HR Institute (AHRI) has revealed that nearly one-third of Australian employers exclude job candidates with mental or long-term illnesses. The findings indicate that 70% of employers discriminate against certain groups, including those over 55 and individuals with disabilities. AHRI chief executive Sarah McCann-Bartlett said that such discrimination is illegal and also limits the talent pool. Gayle McNaught from SANE, a national mental health organisation, said the survey's findings were "deeply concerning" and were indicative of the "entrenched prejudice and discrimination" faced by so many people in Australia.

ABC Online

OTHER

Disneyland Abu Dhabi plans remain intact

Despite ongoing conflict in the Middle East, plans for Disneyland Abu Dhabi are still moving forward. The park, developed by Miral Group in collaboration with Disney, is set to open in the early 2030s. The park aims to blend Disney's storytelling with Emirati heritage, offering unique attractions and experiences.

Daily Mail

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