Tanya Jain, Author at LexisNexis Middle East

Qatar: Shoura Council Approves Draft Judicial Enforcement Law

15/12/202315/12/2023
by Tanya Jain

Al-Sharq, 11 December 2023: Qatar’s Shoura Council has approved a draft Judicial Enforcement Law.

It was submitted to the Council by the government.

The Council approved it after reviewing a report on it from the Legal and Legislative Affairs Committee.

It aims to improve the speed of implementation of judicial rulings.

It states cheques are enforcement documents and that the amount of the cheques can be collected without a plenary lawsuit having to be filed.

A request can be submitted directly to the Enforcement Judge instead. The aim is to tackle the issue of bounced cheques.

To read more, click here.

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News developments

Kuwait: Electronic Driving Licences for Expatriates Launched

15/12/202315/12/2023
by Tanya Jain

Gulf News (United Arab Emirates), 11 December 2023: Kuwait’s Interior Minister has approved a Decision introducing electronic driving licences for expatriates in the country.

Under Kuwait Ministerial Decision No. 410/2023, the licences will be valid for one year and may be renewed.

It means physical driving licences will not be available to this group.

Expatriates will be able to renew their licences electronically via the Interior Ministry’s website or the Sahel application.

The Kuwait Mobile ID section in the application will activate the new licences.

Residents can check their licence status via this section as well. If the licence is valid, there will be a green tick. If the licence has expired, there will be a red mark instead.

The licences of domestic and international truck drivers are not affected by the new Decision.

Kuwait residents travelling abroad must use licences from their respective countries.

Also reported in Alrai on 10 December 2023. For the full story, click here.

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News developments

Dubai: Dubai Investment Fund Established

15/12/202315/12/2023
by Tanya Jain

Khaleej Times (United Arab Emirates), 11 December 2023: Dubai’s Ruler has announced they have approved a Law to establish the Dubai Investment Fund.

It will be an independent public entity and operate on a commercial basis.

It will have its own financial and administrative independence.

The Law defines its organisational structure, details the composition and responsibilities of its Board of Directors as well as its executive structure. This includes the appointment of the Fund’s CEO, which will be done in line with an Executive Council Decision.

The Fund has to uphold principles of justice, transparency and fair competition in the conducting of its activities and operations.

It will have the authority to make data and information accessible to the public in line with the principles and regulations set out by the Board of Directors.

From the date the Law comes into force, the Fund will act as Dubai Government’s vested authority in owning shares in entities like the Dubai Electricity and Water Authority, Salik Company, Dubai Taxi Company and other companies directly owned by the Dubai Government. It also covers government-owned companies as identified by Dubai’s Supreme Fiscal Committee.

The Fund will relieve the Dubai Government of rights and obligations related to companies, specifically in terms of ownership of shares comprising the capital of these companies, as well as all contracts, agreements, commitments, deposits, bank accounts and loans associated with those shares.

All relevant government entities in Dubai must register all their assets, stocks, shares, movable and immovable properties, licences, permits, bonds, privileges and other instruments with the Fund.

In addition, Dubai World will be affiliated with the Fund without preserving its legal identity under Dubai Law No. 3/2006 (as amended).

Under the Law, the Fund will be responsible for investing Dubai government funds, surpluses and general reserves locally and internationally. The investments made will aim to generate returns benefiting current and future generations. It will also implement best practices and the investment policy approved by the Board of Directors.

In addition, the Fund will improve the financial stability of the Dubai Government by financing the government’s deficit and establishing strong financial reserves. The aim is to promote long-term financial sustainability.

The Fund will be responsible for actively contributing to the realisation of the Emirate’s strategic priorities and approving public policies through efficient investments in strategic and development projects.

Priority will be given to initiatives that support the Emirate’s sustainable development across vital sectors, including economic and social.

It will also give priority to initiatives that help diversify income sources.

The Law will not affect the powers and jurisdiction of the Investment Corporation of Dubai. The Corporation was established by virtue of Dubai Law No. 11/2006 (as amended).

It will also not affect the regulations currently in force in the Emirate.

The Fund will focus on investments in stocks, bonds, and securities to achieve sustainable returns.

It can explore prospects in local or international financial markets providing it follows investment policies approved by the Board of Directors.

It will also be able to deal in movable and immovable assets, manage funds, provide mortgages and guarantees and participate in the financial derivatives business.

The Chairman of Dubai’s Executive Council has also issued Dubai Executive Council Decision No. 94/2023 establishing the Board of Directors for the Fund.

The appointment of Abdulaziz Mohammed Al Mulla as Managing Director and CEO of the Fund has also been approved.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum will be the Chairman of the Board of Directors.

The First Deputy Ruler of Dubai. Abdulrahman Saleh Al Saleh will be Vice-Chairman and Abdulaziz Mohammed Al Mulla, Rashid Ali bin Obood and Ahmad Ali Meftah will be Board members.

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News developments

Lexis Middle East Gulf Tax – Winter 2023 Edition

11/12/202311/12/2023
by Tanya Jain

We are excited to introduce the newest edition of Lexis Middle East Gulf Tax. Our complimentary magazine provides valuable insights into the latest tax and financial developments throughout the region.

This issue covers a spectrum of critical topics reshaping the taxation landscape in the GCC region. It delves into the substantial impact of the OECD’s Subject to Tax Rules (STTR) on Gulf countries and examines the recent alterations in Saudi Arabia’s Real Estate Transaction Tax (RETT). The issue spotlights the new VAT reporting and documentary requirements affecting B2B local supplies of electronic devices in the UAE as of October 30, 2023.

FEATURE: CREATING A STTR

Anand Krishnan from KPMG Qatar delves into the implications of the OECD’s Subject to Tax Rules (STTR) within the GCC states. Exploring the impact of these rules on taxpayers in Gulf countries, this feature sheds light on how these regulations align with Pillar Two’s minimum income tax levels for multinational companies.

FEATURE: SHIFTING SANDS OF RETT

Deloitte Middle East experts, Michael Camburn, Manish Bansal, and Maliha Asghar, dissect the recent changes in Saudi Arabia’s Real Estate Transaction Tax (RETT). They discuss regulatory amendments, providing insights into key developments and potential future changes in this domain.

TAX NEWS ROUND-UP

Stay informed about the latest updates in tax treaties and regulations throughout the region.

WHAT’S CHANGED?

Focusing on the new VAT reporting and documentary requirements for B2B local supplies of electronic devices in the UAE effective from October 30, 2023.

PRACTICAL FOCUS: RELATED PARTIES AND CONNECTED PERSONS

Patryk Karczewski, Partner at Amereller offers practical insights into related parties and connected persons concerning taxation.

TAX PROFESSIONAL PROFILE:

Featuring John O’Leary, Group Head of Tax at Ghobash Group, discussing tax challenges within a diversified business strategy.

ANY QUESTIONS?

Mahmoud Abuwasel from Wasel & Wasel provides an analysis of the UAE Federal Supreme Court’s perspective on related company tax liabilities.

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Lexis Middle East Gulf Tax | Winter 2023

Have you read the Lexis® Middle East Gulf Tax – Spring and Summer 2023 editions? Click the links below to access them.

Lexis Middle East Gulf Tax | Autumn 2023

Lexis Middle East Gulf Tax |Spring 2023

Lexis Middle East Gulf Tax | Autumn 2023

News developments

UAE: New Emiratisation Rules Announced

08/12/202308/12/2023
by Tanya Jain

Arabian Business, 30 November 2023: The UAE’s Human Resources and Emiratisation Ministry has announced new Emiratisation rules.

Under the new rules, companies with between 20 and 49 employees in specific sectors have to hire an Emirati worker in 2024 and another in 2025.

From January 2025, an annual financial contribution will be imposed on companies that fail to meet their requirements in 2024. This will equate to 96,000 AED for each Emirati not recruited.

A financial contribution of 108,000 AED will be imposed in January 2026 for 2025.

Companies can pay their contributions in instalments in agreement with the Ministry.

Companies in the information and communications, finance and insurance, real estate, professional and technical activities, administrative and support services, education, healthcare and social work, arts and entertainment, mining and quarrying, transformative industries, construction, wholesale and retail, transportation and warehousing, hospitality and residency services will be affected.

They will have to do so in line with Cabinet Decision No. 33/5W/2023, which will come into force in January 2024.

The companies were selected in line with specific criteria and information, including the quality of their jobs, the extent of their compatibility with Emiratisation goals, geographic locations, growth and other conditions that would attract Emiratis to work in these economic activities and ensure job continuity.

The activities were also chosen because of their rapid growth rate and ability to provide jobs and a suitable work environment.

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News developments

Saudi Arabia: Zakat, Tax and Customs Authority Issues Final Tax Warning

08/12/202308/12/2023
by Tanya Jain

Arabian Business, 3 December 2023: Saudi Arabia’s Zakat, Tax and Customs Authority has issued a tax warning about unpaid taxes.

The Authority had warned businesses to pay unpaid taxes before the end of the year or face being fined.

They have urged affected entities to take advantage of the Cancellation of Fines and Exemption of Financial Penalties Initiative, which ends on 31 December 2023.

Under the Initiative, taxpayers will be exempt from paying fines for late registration, delayed payments, overdue tax return filings, VAT return adjustments and violations of e-invoicing and general VAT provisions.

To be eligible for the Initiative, taxpayers must be registered, file all tax returns with the Authority and settle all outstanding tax returns.

Taxes owed may be paid in instalments if a request is submitted to the Authority by 31 December and outstanding amounts paid within the timeframe specified by the Authority.

Fines for tax evasion and fines paid before the effective date of the Initiative are not eligible.

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News developments

Qatar: Amendments to Law on Combating Use and Trade of Drugs Approved

08/12/202308/12/2023
by Tanya Jain

Qatar Tribune, 30 November 2023: Qatar’s Cabinet has approved amendments to Qatar Law No. 9/1987 on combating drugs and dangerous psychotropic substances and regulating their trade and use.

The Cabinet also approved a draft law to repeal Qatar Law No. 2/1991 on the imposition of fees for issuing certificates issued by the Interior Ministry and its affiliated entities.

In addition, they approved amendments to Qatar Law No. 7/1991 on the imposition of fees for issuing certificates issued by the Defence Ministry.

They have referred it to the Shoura Council to consider.

The Cabinet went on to approve a decision approving a draft law amending Qatar Decision No. 33/2006 on the establishment of the National Committee for Ports Security and an agreement between Qatar and Uzbekistan on the elimination of double taxation with regard to taxes on income and the prevention of tax evasion and avoidance.

Finally, they approved a draft agreement between Qatar and Kuwait on the avoidance of double taxation and the prevention of financial evasion regarding taxes on income and capital.

Additional reporting from Al-Sharq on 29 November 2023. Read full story here.

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News developments

Oman: Telecommunications Regulatory Authority Launches Public Consultation on Postal Services Licences Framework

08/12/202308/12/2023
by Tanya Jain

Shabiba, 28 November 2023: Oman’s Telecommunications Regulatory Authority has launched a public consultation on a postal services licences framework. It ends on 29 December 2023.

The framework aims to create qualitative and value-added investments, in addition to simplifying and facilitating procedures, developing a workforce, and creating a flexible regulatory environment.

It aims to improve the quality of postal services provided and encourage investment in new postal companies.

Read more here.

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News developments

Kuwait: New Residency Law Finalised

08/12/202308/12/2023
by Tanya Jain

Kuwait Times, 2 December 2023: The Kuwaiti government has announced it has finalised a new residency law. It will refer the law to the Interior and Defence Committees of the country’s National Assembly to consider. It is then expected to be approved by the National Assembly by the end of the year.

The law specifies the regulations for foreigners’ entry, deportation, iqama trade and penalties.

It also grants Kuwaiti women married to foreigners the right to sponsor their husbands and children, provided they haven’t obtained nationality under Article 8 of the new law., This provision relates to expatriate women naturalised by marrying Kuwaiti citizens. In addition, it authorises hotels and aparthotels to report the residence of foreigners.

A Ministerial Decision will determine fees for residency permits, renewals and all entry visas.

The law prohibits iqama trade through exploitation and imposes penalties of up to three years in jail and a fine of between 5,000 and 10,000 Dinars on violators. Only the country’s Public Prosecution will be able to issue residency trade pardons.

Domestic worker amendments mean domestic workers will be allowed to have regular residency permits for the duration of their contract period. If a domestic worker’s permit is cancelled when they leave the job, they must leave Kuwait within the specified timeframes unless a new residency is obtained.

To transfer the domestic worker’s permit, the employer must give their approval and the worker cannot stay outside Kuwait for more than four months without permission from the Interior Ministry.

The Interior Minister will be able to deport foreigners, even if they have residency permits, on public interest, general security, public morality or lack of a legal source of income grounds.

Deportation decisions may include dependents and the deportee can be jailed for up to 30 days. This can be extended if required.

The Interior Minister can exempt deported foreigners from fines after they have left Kuwait. Heads of state, members of the diplomatic corps and official employees are exempt from the law. Foreigners will be able to stay for up to three months. This can be extended for up to a year.

Foreigners can also stay in Kuwait for five years, while children of Kuwaiti women and real estate owners can stay for 10 years and investors may be granted residency permits for 15 years.

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News developments

Dubai Financial Services Authority Waives Regulatory Fees for Sustainability-related Debt Security Listings

08/12/202308/12/2023
by Tanya Jain

Dubai’s Financial Services Authority has announced it will waive all regulatory fees for sustainability-related debt security listings in the DIFC throughout 2024.

This fee waiver comes into force immediately and will apply throughout 2024 until 31 December.

The waiver applies to all environmenta;, social and governance-related bonds and Sukuk categorised as green, social, sustainable, sustainability-linked, climate, climate adaptation, climate transition or similar.

It applies to all new and existing issuers who make a relevant application to the Authority.

The waiver was announced by the Authority’s CEO, Ian Johnston at COP28 and has been approved as part of the Authority’s efforts to accelerate the growth of sustainable capital markets in the DIFC.

It published its first set of Guidelines on best practices for listing green bonds and Sukuk in 2018.

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