share. Abu Dhabi: The UAE pledged to increase oil production to 3.5 million barrels per day to meet energy demand by 2017 as Abu Dhabi International Petroleum Exhibition and Conference (Adipec) got under way in Abu Dhabi on Monday.bdullah Nasser Al Suwaidi, director-general of Adnoc, said that it will increase crude oil production capacity to 3.5 million barrels per day by 2017. âWe reaffirm our commitment to meet growing global demand for energy.â.
Contributions which do not exceed the annual exclusion amount (now $13,000 per donee per year) are not implicated since, even if they are subject to gift tax, they are specifically excluded. However, contributions exceeding $13,000 each year to a social welfare organization may risk a gift tax. If gift tax is imposed on contributions to social welfare organizations which exceed the $13,000 annual exclusion, there may be some potential defenses.
Gift Tax. The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not. The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return.