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A gratuity (often called a tip) is a sum of money customarily given by a customer to certain service sector workers such as hospitality for the service they have performed, in addition to the basic price of the service.
ET Money is an Indian fintech and wealth management platform which was founded in 2015 . [2] It offers a variety of financial products and services, including mutual funds, insurance, fixed deposits, NPS and SIPs. [3] The investments tracked and managed on the app is US$3 billion (₹ 22,500 crore) as of March 2022. [1]
Mandatory tipping (also known as a mandatory gratuity or an autograt) is a tip which is added automatically to the customer's bill, without the customer determining the amount or being asked. It may be implemented in several ways, such as applying a fixed percentage to all customer's bills, or to large groups, or on a customer-by-customer basis ...
The Payment of Gratuity Act, 1972 is an Indian law that makes companies pay a one-time gratuity to retiring employees or employees who resigns after a minimum of 5 years of service. The law applies to all companies of at least 10 employees. [1] The gratuity is 15 days' wages for every year of employee service, or partial year over six months.
The UAE federal tax system is administered by the Federal Tax Authority (FTA), which was founded ahead of the 2018 implementation of a federal value added tax (VAT). The current standard VAT rate in the country is 5%. [2] [3] In January 2022, the UAE Ministry of Finance announced the implementation of a federal corporate tax starting June 2023. [4]
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The Central Bank of the UAE also stated that it had commenced an examination of the UAE Exchange in order to verify its compliance with applicable laws and regulations. [25] During June 2020, Xpress Money, a group business, had its authorisation to operate withdrawn by the UK's Financial Conduct Authority. [26]
The UAE is vulnerable to money laundering due to its position as a major commercial driver in the region. [9] The UAE leadership has taken several measures for combating organized crime. A law was enacted in January 2002 for the purpose of curbing money laundering. [10]