Tanya Jain, Author at LexisNexis Middle East

UAE: Finance Ministry Issues Regulatory Decisions

26/05/202326/05/2023
by Tanya Jain

Emaratalyoum, 23 May 2023: The Ministry of Finance in the UAE has released three regulatory decisions in line with Federal Decree-Law No. 47/2022 On the Taxation of Corporations and Businesses.

These decisions include Ministerial Decision No. 114/2023 on Accounting Standards and Methods, Ministerial Decision No. 115/2023 on the Fund for Pensions and Social Insurance, and Decision No. 116/2023 on exemptions from participation.

The Undersecretary of the Finance Ministry has stated the purpose of these three decisions is to enhance the flexibility of the Companies Tax system in the country and create a supportive environment for businesses.

Regarding the Pensions and Social Insurance Fund, specific conditions need to be fulfilled by the funds in order to qualify for exemption from this tax.

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News developments

Saudi Arabia: Health Professional Classification and Registration Draft Regulation Published for Consultation

26/05/202326/05/2023
by Tanya Jain

Alwatan, 23 May 2023: The Saudi Commission for Health Specialties has released a draft update for the Health Professional Classification and Registration on the National Centre for Competition platform.

The Commission’s objective is to engage both the private and public sectors by seeking their input to enhance the experience and expertise of its members.

The draft aims to revise the existing list and its accompanying rules, which were initially published in 1438 Hijri. It also seeks to clarify the criteria and prerequisites for professional classification and registration in alignment with the authority’s strategy to enhance standards.

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News developments

Qatar: Central Bank Reduces Certain Commissions

26/05/202326/05/2023
by Tanya Jain

Mubasher, 21 May 2023: The Qatar Central Bank has announced it is reducing and unifying commissions paid by merchants to collecting banks to encourage businesses to use electronic payments using cards.

The commission for micro businesses and petrol stations through the local direct deduction card will be 0.5% with a maximum of 50 riyals for each service. Other businesses will have to pay 1.1% with a maximum of 110 riyals.

The use of the Himyan National Card by micro businesses and petrol stations will result in a 0.5% commission while other businesses will have to pay 0.85% for using this card.

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News developments

Oman: Biometrics Law Under Discussion

26/05/202326/05/2023
by Tanya Jain

Alwatan, 21 May 2023: The State Council and Shura Joint Committee has held a meeting to discuss the articles in the Biometrics Law which has been referred to the Council of Ministers which are currently causing a dispute between the two councils.

Currently there is agreement on some of the articles in the law but some others are still being disputed.

Dr Rashed Bin Salem Albadi, the chairman of the Legal Committee at the State Council, stated that the joint committee has discussed 12 articles and 5 new articles which were added by the State Council.

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