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DUBAI Nike VaporMax Mens UK Sale , Sept. 27 (Xinhua) -- Director-General of the Federal Tax Authority (FTA) of United Arab Emirates(UAE), Khalid Ali Al-Bustani, said here on Wednesday that the Gulf state will levy excise tax from October 1st.


The move aims to "propel the UAE to the highest ranks on global competitiveness indicators," the official said in a media briefing.


The new tax will be imposed on carbonated drinks by 50 percent, and tobacco products by 100 percent and energy drinks by 100 percent.


The tax affects specific "excise" goods that are produced in the UAE, imported into it or stockpiled in the Gulf state, a major oil supplier.


Al-Bustani said the excise tax has been adopted to reduce the consumption of goods that damage people's health.


The Gulf Arab states have introduced a number of taxes and special fees recently in order to partially mitigate the fell in oil revenues.


The price of the "black gold" fell from 110 U.S. dollar per barrel in mid-2014 to 27 dollars in January 2016 before stabilizing at around 50 dollars per barrel where it stands nowadays.


The UAE needs a price of 67 dollars and above in order to reach fiscal break-even.


The six Gulf Arab states of Gulf Cooperation Council(GCC), UAE, Saudi Arabia, Kuwait, Bahrain, Qatar and Oman, will jointly raise five percent value-added tax for the first time from January 1st 2018.


At current oil prices, only the GCC member Kuwait generates a balanced budget, said the IMF.


Due to spending cuts and with the implementation of taxes, the IMF said earlier this year, the GCC would achieve a current account surplus of 26 billion dollars in 2017 compared to a combined deficit of 28 billion dollars last year.


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PANAMA CITY, Sept. 19 (Xinhua) -- Chinese Foreign Minister Wang Yi said here Sunday that China and Panama can become long-term reliable partners that can enjoy shared progress and prosperity.


Wang made the remarks while meeting with Isabel Saint Malo de Alvarado, Panama's vice president and foreign minister, during his visit to the Latin American country.


The foreign minister hailed the first 100 days since China and Panama established diplomatic ties by giving it "a full score of 100 points."


Over the past more than three months since the two countries established diplomatic ties, the two sides have seen intensive exchanges and early results of bilateral cooperation, said Wang.


During these 100 days, the two sides opened their respective embassies in each other's countries, initiated negotiations on more than a dozen cooperation agreements concerning trade, investment, quality inspection, maritime transportation, aviation, finance, tourism, culture and justice so as to build up the basic framework for long-term development of China-Panama relations, he said.


Wang noted that a group of Chinese firms came to Panama a few days ago, and signed at once contracts for the export of Panamanian goods to Chinese markets valued at 38.7 million U.S. dollars.


He said China would like to join hands with Panama tightly and continue to strengthen exchanges at all levels and in various sectors so as to promote mutual understanding and trust.


Meanwhile, Wang noted that China welcomes Panamanian President Juan Carlos Varela to visit China later this year so as to boost the two countries' cooperation in economy, trade, investment, industrial capacity, maritime transportation, aviation, tourism and culture.


Wang also said that China is willing to work with Panama to enhance the political foundation for bilateral ties, and is ready to volume up its communications and coordination with Panama in multilateral affairs, and help preserve Panama's legitimate rights on international occasions.


For her part, Isabel Saint Malo de Alvarado said that her country values its traditional friendship with China, and welcomes more Chinese businesses to invest in Panama.


The Latin American country hopes to negotiate and reach a free trade agreement with China as early as possible and to cooperate with China in infrastructure, finance, maritime transportation, aviation, tourism and culture so as to benefit the two peoples, she said.


She also noted that her country will firmly abide by the one-China policy and honor its promises in the joint communique on the establishment of diplomatic relations without having any form of official contacts or exchanges with Taiwan.


On Sunday, Wang also attended the inauguration ceremony of the Chinese embassy in Panama, together with Varela.


In a speech delivered at the ceremony, Wang said that although there were interruptions in the development of China-Panama relations, bilateral ties have finally embarked upon a correct path with bright prospects.


"This is a historic moment for China-Panama relations," Wang said, noting that the Chinese embassy will strictly observe its duty to implement the Chinese government's policy of friendship with Panama, so as to open up a new era of common development.