Tanya Jain, Author at LexisNexis Middle East

Bahrain: Proposed New Bill To Implement Corporate Income Tax

20/06/202420/06/2024
by Tanya Jain

The Daily Tribune, 19 June 2024: Bahraini lawmakers have proposed a new law to introduce a corporate income tax, aiming to foster sustainable economic growth and improve collaboration between the public and private sectors.

This initiative seeks to achieve balanced development, contributing to the prosperity and well-being of citizens.

The proposed legislation establishes a comprehensive framework for a tax system governing companies operating in the Kingdom of Bahrain.

The memoranda accompanying the new bill emphasises that it has been proposed to exempt lower-income individuals from taxation, ensuring that the minimum standard of living is not compromised.

The bill also highlights the alignment of this initiative with the nation’s broader strategy of diversifying its revenue sources beyond natural resources like oil and gas.

Additionally, the memoranda states that the new bill aims to revitalise the national economy by imposing taxes on financial institutions and commercial companies engaged in specific economic activities, as outlined in the proposed legislation.

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News developments

UAE: Abortion Regulations Announced

14/06/202414/06/2024
by Tanya Jain

Al-Bayan, 8 June 2024: The Ministry of Health and Community Protection has announced the procedures and controls related to cases in which abortion is permitted, with the aim of preserving the life and health of pregnant women and enhancing oversight of health facilities operating in the country.

The Ministry has explained that the procedures and cases in which abortion is permitted have been regulated by several rules.

These rules state that abortion requests are studied and decided upon by a committee formed within each health authority, as per the decision of the Minister or the head of the respective health authority.

The committee must include three members, a specialist in obstetrics and gynecology, a doctor specialising in psychiatry, and a representative from the Public Prosecution.

The committee may seek the assistance of whomever it deems appropriate with expertise and experience.

The Ministry has explained that an abortion may be performed if the continuation of the pregnancy poses a threat to the pregnant woman’s life and there is no other way to save her life.

Additionally, an abortion may be performed if the fetus is proven to have a serious deformity that would affect its health and life after birth, but this requires a medical report issued by a committee as proof.

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News developments

Saudi Arabia: Working Under Direct Sunlight Banned

14/06/202414/06/2024
by Tanya Jain

Okaz, 10 June 2024: The Human Resources Ministry and Social Development and the National Council for Occupational Safety and Health will begin prohibiting working under the sun on all private sector establishments, from 12pm to 3pm.

The ban will start from 15 June 2024, until15 September 2024.

This decision aims to protect the well-being and health of private sector employees by ensuring a safe and healthy work environment that complies with international occupational safety and health standards.

The Ministry has urged employers to regulate working hours and comply to this decision, contributing to the provision of a safe work environment free from various risks.

This measure aims to enhance efficiency and preventive measures, thereby reducing occupational injuries and illnesses, and safeguarding workers from accidents.

Additionally, the Ministry has published the “Procedural Guide for Occupational Safety and Health to Prevent the Effects of Exposure to Sunlight and Heat Stress” on its website.

For the full story, click here.

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News developments

Qatar: Early Retirement Decision Issued

14/06/202414/06/2024
by Tanya Jain

Raya, 7 June 2024: The General Retirement and Social Insurance Authority has confirmed that the Council of Ministers’ decisions were in line with Qatar Law No. 1/2022.

These decisions covered the conditions for early retirement eligibility, the formation and operating procedures of the authority’s dispute resolution committee, as well as the rules and regulations to be followed.

It aims to safeguard their rights, promote their active participation in society, and ensure they receive adequate income to maintain a decent standard of living.

The Cabinet decision provides exceptional benefits for certain cases of end of service.

It applies to those whose service ended on or after 3 January 2023.

Individuals born in 1983 or earlier can benefit from the decision in case of resignation without pension entitlement.

Those born in 1984 are eligible for early retirement pension, provided they are at least 44 years old.

However, for those born in 1983 or earlier, the subscription period in the insurance system must be at least 17 years.

Additionally, the dispute resolution committee includes judicial elements.

The Legal Affairs Director has noted that those previously covered under the repealed Qatar Law No. 24/2002, whose service ended due to resignation, disciplinary action, or other reasons under the new Social Insurance Law, may qualify for the pension, subject to certain conditions set by the Council of Ministers.

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News developments

Oman: New Agricultural City to be Established

14/06/202421/06/2024
by Tanya Jain

Oman Daily Observer, 16 June 2024: A new agricultural city is to be established in Saham by the Ministry of Housing and Urban Planning in conjunction with the Oman National Spacial Strategy.

Saham Agricultural City (SAM) will occupy 65 square kilometers. Under its plan 70% of the land will be set aside for agriculture and 30% for urban planning. Both agriculture and civil units will be included in this unique master plan. Fish farming is also expected in the area.

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News developments

Kuwait: Capital Markets Authority Issues Disciplinary Decisions Against Companies and Individuals

14/06/202414/06/2024
by Tanya Jain

Mubasher, 11 June 2024: The Kuwait Capital Markets Authority has imposed nine disciplinary actions on individuals and companies.

According to the Authority, the first disciplinary Kuwait Capital Markets Authority Decision No. 84/2023 imposed a financial penalty on Capital Holding Company for violating disclosure and transparency rules.

The decision has fined Capital Holding Company 10,000 Kuwaiti dinars for two related violations.

As for the second violation, it relates to the issuance of Kuwait Capital Markets Authority Decision No. 84/2023 imposing a financial penalty on the Gulf Petroleum Investment Company for violating listing rules.

The company Gulf Petroleum Investment Company was fined 1,000 Kuwaiti dinars for a violation.

Regarding the third violation, Kuwait Capital Markets Authority Decision No. 85/2023 was issued, imposing a financial penalty on Agility Public Warehousing Company for violating listing rules.

The Authority has fined Agility Public Warehousing Company 3,000 Kuwaiti dinars for a violation.

For the fourth violation, the Kuwait Capital Markets Authority Decision No. 86/2023 fined Metals and Transformative Industries Company 1,000 Kuwaiti dinars for violating disclosure and transparency rules.

As for the fifth violation, Kuwait Capital Markets Authority Decision No. 88/2023 was issued, imposing a financial penalty on Wethaq Takaful Insurance Company for violating disclosure and transparency rules.

A financial penalty of 3,000 Kuwaiti dinars was imposed on the Insurance Company for the violation.

For the sixth violation, Kuwait Capital Markets Authority Decision No. 89/2023 fined Arabi Holding Group Company, its Chairman, Vice Chairman, four Board members, Financial Manager, and external auditor for violating disclosure, listing, governance, and securities rules.

The decision included imposing a financial penalty of 20,000 Kuwaiti dinars on Arabi Holding Group Company for the first violation, 1,000 Kuwaiti dinars for the second violation, and 3,000 Kuwaiti dinars for the third violation assigned to it with all its items.

A financial penalty of 3,000 Kuwaiti dinars was also imposed on each of the Vice Chairman of the Board of Directors of Arabi Holding Group Company, three members of the Board of Directors, and the Financial Manager of the company for the violation attributed to them with all its items.

Additionally, a 5,000 Kuwaiti dinar fine was imposed on an “Arabi Holding” Board member acting as CEO for related violations, and a 1,000 Kuwaiti dinar fine on the company’s auditor for two violations.

For the seventh violation, Kuwait Capital Markets Authority Decision No. 90/2023 fined Al-Midan Dental Clinic Company, its Chairman, former Vice Chairman, and two Board members for violating disclosure, transparency, and corporate governance rules.

The decision included imposing a financial penalty of 2,000 Kuwaiti dinars on Al-Midan Dental Clinic Company for violating the provisions of items (16) and (17) of Article (4-1-1) of Chapter 10 (Disclosure and Transparency) of the Executive Regulations of Kuwait Law No. 7/2010 and their amendments.

A 50,000 Kuwaiti dinar fine was imposed on the Chairman, former Vice Chairman, and two Board members of the “Al-Midan” Company for violating Articles 3(1) and 7(3) of Chapter 15 (Corporate Governance Rules) of the Executive Regulations of Kuwait Law No. 7/2010 and their amendments.

In the eighth violation, Kuwait Capital Markets Authority Decision No. 91/2023 was issued, imposing a financial penalty on Equipment Holding Company for violating listing rules.

The Authority has stated that this was for violating the provisions of Article 1-14 of Chapter 12 (Listing Rules) of the Executive Regulations of Kuwait Law No. 7/2010 and its amendments.

It continued that this was represented in the company’s non-compliance with International Financial Reporting Standard No. 9 (Financial Instruments) and the third qualification from the auditor’s report for the year ended 31 December 2022.

In addition to the company’s non-compliance with International Accounting Standard No. 16 “IAS 16” (Property, Plant and Equipment) and the fourth qualification from the auditor’s report for the year ended December 2022.

The decision included imposing a financial penalty of 5,000 Kuwaiti dinars on Equipment Holding Company for each of the two violations attributed to it.

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News developments

Dubai: RTA Cracks Down On Violators Of Right-Of-Way Rules

14/06/202414/06/2024
by Tanya Jain

Khaleej Times, 11 June 2024: The Roads and Transport Authority (RTA) in Dubai has conducted an extensive inspection campaign on 698 developer sites and free zones across the Emirate.

The campaign’s main objective was to monitor the occupation of the right-of-way, ensure compliance with regulations, and guarantee the safety of road users and compliance to standards in development and free zones.

The campaign, which began at the start of the year, included inspections of all free zones and 57 development areas managed by 24 developers in Dubai.

Through this intensive inspection campaign, RTA aims to maintain Dubai’s civilised and aesthetic appearance and ensure the sustainability of the operational condition of roads, facilities, and pavements in development and free zones.

The campaign’s main focus was to ensure pedestrians’ smooth movement and safety using the right-of-way and to prevent obstacles impacting motorists in these areas.

The Director of Right-Of-Way at the Traffic and Roads Agency of RTA has stated that RTA carries out inspection visits and campaigns as part of an annual plan and in response to public complaints and feedback.

These campaigns are required by Dubai Law No. 4/2021, which governs road regulations in Dubai.

The inspection teams focused on monitoring abandoned barriers and construction waste at developers’ sites where applicable.

They also checked the conformity of existing project fences to approved specifications, the readiness of pedestrian walkways and crossings, and auditing billboards within developers’ areas.

Additionally, they addressed issues such as random parking of scooters within the right-of-way, illegal use of the right-of-way for refuelling vehicles, greenery that affects the safety of road users, placing groundwater equipment on the right-of-way, and detecting damage on roads and facilities caused by rainwater.

The RTA has also urged development entities and free zones to follow the rules and conditions for using the right-of-way and comply with Dubai’s standards and specifications to ensure the safety of road users and smooth traffic flow in the Emirate.

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News developments

Bahrain: Issues Several New Decisions

14/06/202414/06/2024
by Tanya Jain

Mubasher, 11 June 2024: The Bahraini Council has approved the memorandum of the Coordinating Committee regarding the draft regulation of the unified banking account for commercial establishments.

It has endorsed the memorandum from the Ministerial Committee for Legal and Legislative Affairs concerning the government’s response to two proposed laws and three proposals submitted by the Council of Representatives.

The government has adopted the memorandum from the Ministerial Committee for Legal and Legislative Affairs regarding a draft resolution to designate certain areas in Wadi Al-Bahair as protected natural reserves.

It has also approved the memorandum from the Ministerial Committee for Legal and Legislative Affairs on a cooperation agreement between the General Directorate of Civil Defense and the American National Fire Protection Association.

Regarding a Cooperation Agreement on the Patent Prosecution Highway between Bahrain’s Directorate of Foreign Trade and Industrial Property and the United States Patent and Trademark Office, the Council has endorsed the memorandum from the Ministerial Committee for Legal and Legislative Affairs.

For public benefit and urban development, the Council has approved the cooperation agreement from the Municipal Affairs and Agriculture Minister on the expropriation of several properties.

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News developments

Ajman: Emiratisation Enhancement Agreement Signed

14/06/202414/06/2024
by Tanya Jain

Ajman has affirmed that the government will continue to launch initiatives and programs in support of the Emiratisation file.

The Ajman government, represented by the General Secretariat of the Executive Council and the Human Resources Department, have signed a cooperation agreement with the Details Holding Group.

This agreement aims to enhance Emiratisation plans in the private sector and attract national talent.

The agreement aims to further Emiratisation plans in the private sector by attracting and qualifying national talents in the Emirate of Ajman, as well as providing employment, training, and development opportunities for recent Emirati graduates and job seekers.

The areas of cooperation in the agreement include providing a workplace at the Sanad Centre in the Masfout area.

It also involves supporting Emirati private sector companies in the emirate.

Additionally, the agreement aims to provide job vacancies and various practical training opportunities for the targeted national groups.

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News developments

Abu Dhabi: Digital Assets Agreement Signed

14/06/202414/06/2024
by Tanya Jain

The Abu Dhabi Global Market Financial Services Regulatory Authority and the Bermuda Monetary Authority have announced the signing of an agreement on digital assets.

The agreement establishes a framework for cooperation between the two authorities to support the establishment of digital asset companies under their supervision and ensure effective oversight.

This framework includes cooperation in regulatory areas, oversight mechanisms, assistance in investigations, and capacity-building initiatives.

The CEO of the Bermuda Monetary Authority has stated that the agreement with the Abu Dhabi Global Market Financial Services Regulatory Authority represents an important step towards strengthening ties between our regulatory authorities.

It supports innovation, develops capabilities and resources through international cooperation, enhances market stability, and enriches expertise to meet the evolving needs of the digital assets sector.

For the full story, click here.

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