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.
Gifts. According to the IRS, certain gifts are not taxable. These include gifts that are less than the annual exclusion amount. As of 2012, a married couple can give up to $26,000 tax-free, referred to as gift splitting.. If you pay tuition or medical expenses for someone, you don't have to pay tax on the money.Gifts to your spouse are also tax-free.ift Tax. The IRS assesses a gift tax of up to 35 percent on any amount above the annual exclusion limit. If you give a gift worth more than the yearly threshold, you'll have to file a gift-tax return using Form 709. The donor pays the tax, but the recipient can agree to pay it.