Benjamin Filaferro, Author at LexisNexis Middle East

Bahrain: Draft VAT Exemptions Decision Approved

09/10/202009/10/2020
by Benjamin Filaferro

Bahrain’s Cabinet has approved a draft decision, which if further approved, would exempt the Bahrain Defence Force and Internal Security Forces imports from import VAT and customs tax fees. It follows a review of a memorandum submitted by the Interior Minister. The Cabinet also approved the Kingdom’s accession to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. The Convention enables Governments to modify existing bilateral tax treaties in an efficient way to eliminate double taxation.

News developments

UAE:Abu Dhabi Investment Office Signs Cooperation Agreement with Israel Institute Export

09/10/202009/10/2020
by Benjamin Filaferro

Abu Dhabi’s Investment Office has signed a cooperation agreement with the Israel Export Institute to boost bilateral trade opportunities between the Emirate and Israel. The Office is currently in talks with more than 85 Israeli companies in several sectors about doing business in the Emirate. The remote signing of the agreement was attended by the Director General of the Abu Dhabi Investment Office, Dr. Tariq bin Hindi, the Chairman of the Board of Directors of the Israel Export Institute, Adif Baruch and the Director General of the Institute, Gadi Arieli.

Weekly Spotlight

Qatar: Non-Qataris Can Own and Use Real Estate

09/10/202009/10/2020
by Benjamin Filaferro

Qatar has set conditions and regulations for non-Qataris to own real estate in 25 areas in the country. Non-Qataris may own real estate and use it in these areas in line with Qatar Cabinet Decision No. 28/2020. The aim is to encourage more foreign investment in this sector in this country.
Non-Qataris will be able to own real estate in nine freehold areas and be able to use real estate in 16 other areas on a 99-year lease.
The Justice Ministry stated non-Qataris may also own a detached unit in one of the residential complexes and may also own detached units like offices and shops in commercial malls in areas which aren’t included in the 25 areas. However, they will not be able to modify or change the nature, shape or outward appearance of the unit.
In a related development, Qatar’s Justice Ministry and Interior Ministry have announced an Office for Non-Qatari Real Estate Ownership has been established.
It will provide real estate ownership and utilisation services through a single window for investors.
It provides all the requirements for the sale and purchase of real estate, residential units and offices in the areas covered by Qatar Cabinet Decision No. 28/2020. This specifies the areas in which non-Qataris may own and benefit from real estate and the conditions, controls, benefits and procedures for their ownership.
It will enable beneficiaries to obtain a title deed in under an hour and through an automated system which has been developed by the Interior and Justice Ministries, will enable the issuing of residency on completion of ownership or usufruct procedures, where the property of the owner or the beneficiary is in the category whose value is not less than 730.000 Riyals. An owner of property in this category will be able to obtain a residence permit for themselves and their family without a recruiter for the duration of their ownership of the property.
As well as residency for them and their family, the owner of the property will also receive permanent residency benefits which include health, education and investment in some commercial activities, where the property value is at least 3,650,000 Riyals.
Elsewhere, the first real estate bond for the first investor to apply for real estate ownership was issued.

News developments

Saudi Arabia: New Property Deal Tax Introduced

02/10/202002/10/2020
by Benjamin Filaferro

Saudi Arabia’s’ King has approved the introduction of a new property deal tax. They issued a Royal Order to this effect and the tax will be levied at 5%. The Government will pay the costs of the new Real Estate Transaction Tax up to one million Riyals for Saudi citizens buying their first home. Property deals will also be exempt from VAT according to the Royal Order. It is part of the Kingdom’s response to the adverse economic effects of Coronavirus but is also aimed at encouraging Saudi citizens to own their own homes and supporting the residential and commercial property sector.

News developments

Oman:Non-Omani Lawyers Cannot Make Court Pleadings From 31 December

02/10/202002/10/2020
by Benjamin Filaferro

Oman’s Justice and Legal Affairs Ministry has announced non-Omani lawyers will not be able to make court pleadings from 31 December. Omani advocacy offices, civil law firms and the relevant authorities will be responsible for complying. It will apply to non-Omani lawyers of all seniority.

News developments

Lebanon: Amended Illicit Enrichment Law Approved

02/10/202002/10/2020
by Benjamin Filaferro

Lebanon’s House of Representatives has approved an amended Illicit Enrichment Law. They also approved a draft law to protect areas affected by the Beirut Port explosion and pay compensation for damaged buildings. Finally, they approved a law to amend an article of the Criminal Procedures Law to enshrine the rights of individuals accused of crimes to seek legal assistance during initial investigations.

News developments

Kuwait: Draft Bankruptcy Law Approved

02/10/202002/10/2020
by Benjamin Filaferro

Kuwait’s National Assembly has approved the draft bankruptcy law. It is aimed at reorganising the legal framework for bankruptcy provisions and the rules for debt restructuring. The first chapter dealt with definitions of all the terms contained in the law and the second chapter singles out the general provisions explaining the scope of its application It also contains provisions governing requests for preventive settlement, restructuring, or bankruptcy for debts owed to Government companies, insurance and companies regulated by the Capital Markets Authority. There are also provisions on requests for preventive settlement, restructuring and bankruptcy, as well as how the mechanisms for appointing the trustee, the controller and the inspector will be regulated and the duties and powers of each of them in the event the bankruptcy judge accepts the opening of the restructuring procedures or the declaration of bankruptcy in addition to organising frames and announcements related to the claims, requests and appeals through an electronic data room.

News developments

Bahrain:Amendment of Decree Law No. 21/2001 on the Kingdom’s Commercial Companies

02/10/202002/10/2020
by Benjamin Filaferro

Bahrain’s King Hamad has approved a Law amending the Kingdom’s Commercial Companies Law. Bahrain Decree-Law No. 28/2020 will amend Bahrain Decree-Law No. 21/2001. The Prime Minister and the relevant ministers will be responsible for implementing the Law. It has been published in the Official Gazette and will come into force the day after it is issued.

News developments

UAE:Abu Dhabi’s Khalifa Fund for Enterprise on Development Announced the Launch of an SME Rating Classification

02/10/202002/10/2020
by Benjamin Filaferro

Abu Dhabi’s Khalifa Fund for Enterprise on Development has announced it is going to launch an SME rating classification. It will provide SMEs with an overview of their operations and performance and the rating will help them identify their strengths and weaknesses. The aim is to help them grow and boost their operations. It will launch as a web-based solution and will be used by Khalifa Fund counsellors when assessing businesses who are making applications to the Fund.

Weekly Spotlight

Qatar:Representative Office Rules 2020 QFCRA Rules 2020-5

02/10/202002/10/2020
by Benjamin Filaferro

Qatar Financial Centre’s Regulatory Authority has issued the Representative Office Rules 2020. They came into force on 1 October 2020. The new Rules introduce a Representative Office framework which allows financial services firms to carry out a limited range of activities in respect of services or products offered by its head office or corporate group. The activities of a Representative Office may include providing information, carrying out market research, assessing business trends and opportunities for the head office, acting as a channel of communication to the head office and generic marketing. The new Rules are aimed at being proportionate and reflecting the narrower range of activities and services which can be undertaken by Representative Offices.
The Authority also issued the Miscellaneous Amendments Rules 2020. They come into force on 15 October 2020. The amendments include changes to the General Rules 2006 relating to the regulation of captive finance and providing leases. In addition they include changes to GENE clarifying the application of the ‘late fees’ framework to late submissions of regulatory reports for Designated Financial Businesses and Professions and reduce the number of business days to elapse before late fees are payable by all authorised firms and Designated Financial Businesses and Professions. They also include changes to the Collective Investment Schemes Rules 2010 regarding Real Estate Investment Trusts or REITs.