Tanya Jain, Author at LexisNexis Middle East

Qatar: Financial Law Amendments Reviewed

27/03/202427/03/2024
by Tanya Jain

Qatar Tribune, 26 March 2024: Qatar’s Shoura Council has reviewed a draft law amending Qatar Law No. 7/2005 (the Qatar Financial Centre Law).

It was referred to the Council by the government. The Council has decided to refer it to the Legal and Legislative Affairs Committee to consider and report back to them on.

The Council has also approved a draft law regarding exemptions and facilitations for the State’s hosting of sports tournaments.

They approved it after reviewing a report from their Financial and Economic Affairs Committee and discussing it.

In addition, the Council approved a request to extend the Information and Cultural Affairs Committee’s study of a draft higher education institutions law.

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News developments

Oman: Biosignatures Law Issued

27/03/202427/03/2024
by Tanya Jain

Oman Daily Observer, 26 March 2024: Oman’s Sultan has issued Oman Sultani Decree No. 21/2024 approving the Biosignatures Law.

They issued the Decree after presenting it to the Council of Oman.

The Inspector General of Police and Customs will be responsible for issuing the Implementing Regulations to the Law.

Anything which contravenes or contradicts the Law is repealed.

The Decree will be published in the Official Gazette and will come into force the day after it is published.

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News developments

Kuwait: Real Estate Property Description Certificate Controls

27/03/202427/03/2024
by Tanya Jain

Alrai, 23 March 2024: The Director General of Kuwait’s Municipality, Engineer Saud Al-Dabbous has directed governorate branches to review the last inspection and inspect all engineering plans and their conformity with the technical requirements of properties before issuing a real estate description certificate.

Sources have said the Director-General is in the process of establishing a committee to research the validity of the description certificates issued throughout the last year.

They pointed out that description certificates have a direct relationship to the issue of building violations and single people’s housing in private and model housing areas.

For the full story, click here.

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News developments

Dubai: Electronic Permits for GCC National Companions

27/03/202427/03/2024
by Tanya Jain

Al Bayan, 22 March 2024: The General Directorate of Residency and Foreign Affairs in Dubai has announced it has activated a service for issuing prior electronic entry permits for companions of GCC nationals.

The aim is to guarantee smooth and easy entry to the UAE.

For the full story, click here.

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News developments

Bahrain: Private Sector Will Offer Small Vessel Inspections

27/03/202427/03/2024
by Tanya Jain

Gulf Daily News, 25 March 2024: The Ship Registration and Seafarers’ Director of Bahrain’s Transportation and Telecommunications Ministry, Mayas Al Agha has announced the private sector will offer small vessel inspections.

The sector will be responsible for inspecting small vessels weighing less than 150 tonnes.

They made the announcement during the latest Shoura Council meeting.

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News developments

Oman: Financial Services Authority to be Established

27/03/202427/03/2024
by Tanya Jain

Times of Oman, 25 March 2024: Oman’s Sultan has issued three Decrees including a Decree establishing the Financial Services Authority.

Under Oman Sultani Decree No. 20/2024, the Financial Services Authority will have its own legal personality, financial and administrative independence.

It will also report to the Cabinet and will be headquartered in Muscat.

It may establish branches in other governorates following a Decision from its board of directors.

All allocations, origins, rights, obligations and assets of the Capital Market Authority will be transferred to the Financial Services Authority.

All employees of the Capital Market Authority will also be transferred to the Financial Services Authority, along with their financial grades.

The Chairman of the board of directors of the Financial Services Authority will issue the regulations and decisions required to implement the Decree.

Until they do, the current laws, regulations and decisions will continue to be applied without prejudice to the new Decree.

Under the Decree, responsibility for regulating the profession of accounting and auditing will be transferred from the Commerce, Industry and Investment Promotion Ministry to the Financial Services Authority.

The phrase Financial Services Authority will replace the phrases Ministry of Commerce, Industry and Investment Promotion and Section of Professions and Crafts at the Department of Corporate Affairs at the Ministry of Commerce, Industry and Investment Promotion and the Director General of the Directorate General of Commerce wherever they appear in Oman Sultani Decree No. 77/1986 (the Law Regulating the Profession of Accounting and Auditing).

The phrase Minister of Commerce, Industry and Investment Promotion wherever it appears in Oman Sultani Decree No. 77/1986 will also be replaced with the phrase Chief Executive Officer of the Financial Services Authority.

The board of directors of the Financial Services Authority will be responsible for structuring the Committee referred to in Article 24 of Oman Sultani Decree No. 77/1986. It should have two or more accountants as members.

The phrase Capital Market Authority, wherever it appears in legislation will be replaced with the phrase Financial Services Authority. The phrases Chairman of the Board of Directors of the Capital Market Authority and Chief Executive Officer of the Capital Market Authority will be replaced, wherever they appear in legislation with the phrases Chairman of Board of Directors of the Financial Services Authority and Chief Executive Officer of the Financial Services Authority.

Anything which contradicts or contravenes the Decree will be repealed.

The Decree will be published in the Official Gazette and come into force on its issued date.

The Sultan also issued Oman Sultani Decree No. 18/2024 amending the Sultanate’s Criminal Procedures Law. It will be published in the Official Gazette and come into force on the day after it is pubished.

In addition, the Sultan issued Oman Sultani Decree No. 19/2024 promulgating the Sultan Qaboos University System.

The Vice Chancellor of the University will be responsible for issuing the regulations and decisions required to implement the Decree.

Until they do, the existing regulations and decisions will remain in force without prejudice to the new Decree.

Oman Sultani Decree No. 19/2024 repeals Oman Sultani Decree No. 71/2006. It also repeals anything which contradicts or contravenes the Decree.

The Decree will be published in the Official Gazette and come into force the day after it is published.

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News developments

Bahrain: Gulf Air on Brink of Being Privatised

26/03/202426/03/2024
by Tanya Jain

Bahrain Daily Tribune, 23 March 2024: Bahrain’s House of Representatives is going to consider a report from a Parliamentary Committee on Gulf Air’s future in its upcoming session.

The Committee has suggested privatisation is the best way for the company to return to profit.

The Committee is responsible for overseeing Gulf Air’s affairs and has been reviewing them since November 2023.

It launched its investigation after reports about the company’s financial stability. The national airline is struggling with growing financial issues.

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News developments

Abu Dhabi: Tourism Tax Waived

25/03/202425/03/2024
by Tanya Jain

Khaleej Times (United Arab Emirates), 22 March 2024: Abu Dhabi’s Culture and Tourism Department has announced the Emirate’s tourism tax is being waived.

The tax is usually levied at 10% of the value of tickets sold.

The waiver applies until 31 December 2024 and applies to the issuing, distributing and marketing of event tickets in the Emirate.

The waiver is the latest measure to be announced to support the tourism and events industry in the Emirate and help it grow.

However, event organisers will still have to obtain event licences through the Abu Dhabi Events Licensing System in line with specific regulations.

They will also still have to declare revenues generated from their events, submit supporting financial statements and cooperate with revenue auditors or individuals designated by the Culture and Tourism Department to verify the accuracy of their declarations.

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News developments

UAE: Finance Ministry Launches Consultation on Global Minimum Tax Rules Implementation

22/03/202422/03/2024
by Tanya Jain

The UAE’s Finance Ministry has announced it has launched a consultation on the Global Minimum Tax or Global Anti-Base Erosion Model (Pillar Two) or GloBE Rules approved by the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting or BEPS. It ends on 10 April 2024.

The consultation has been launched to determine how the Ministry should respond to the implementation of the GloBE Rules worldwide.

The Ministry is looking for feedback on how the GloBE Rules will be able to be implemented in the country. This includes how it will interact with the UAE’s corporate income tax system. It also includes ways to minimise compliance costs and the policy options for potential implementation of the GloBE Rules.

The consultation paper covers Pillar Two implementation in the UAE. This includes GloBE implementation, the design of a potential UAE domestic minimum top-up tax and administration matters as well as substance-based incentives.

In addition to the consultation paper, a guidance paper has been issued by the Ministry. This provides details on the specific aspects of the GloBE Model Rules.

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News developments

Saudi Arabia: Initiative to Evaluate E-stores with Artificial Intelligence Launched

22/03/202422/03/2024
by Tanya Jain

Saudi Gazette, 17 March 2024: Saudi Arabia’s Commerce Ministry has announced it has launched an initiative to evaluate e-stores with artificial intelligence.

The initiative was launched to mark World Consumer Rights Day and is aimed at helping merchants understand store evaluations.

It is also aimed at offering them opportunities to improve their scores by adhering to 11 standards.

These standards include displaying the commercial registry number, necessary licences and tax number on the homepage. They also include registering the store’s link in the registry and the Saudi Business Centre platform and providing policies for protecting consumer data and privacy.

In addition, they include policies for replacements, returns and refunds as well as dealing with customer complaints and suggestions.

They include polices on consumer rights and duties for shipping and delivery too.

The standards require e-stores to offer easy means of communication for customer service as well.

They also require e-stores to ensure the website is secure and of high quality. This will take the site speed, ease of use, and HTTPS link with cybersecurity protection into account.

Finally, they include verifying all fines imposed on the e-store have been paid.

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