News developments Archives - Page 100 of 223

UAE: Federal Tax Authority Launches Business Support Initiative

23/03/202323/03/2023
by Benjamin Filaferro

Alittihad, 17 March 2023: The UAE’s Federal Tax Authority has launched an initiative which aims to support small and medium-sized businesses (SMEs) by offering a range of services and incentives tailored to the sector to promote tax compliance.

Muwafaq package is a project that offers a set of privileges to small and medium-sized enterprises (SMEs) in the UAE, along with training programmes and educational material on the basics of tax procedures to enhance compliance with tax laws and regulations in the sector.

Small and medium-sized enterprises (SMEs) are eligible to use this scheme. Those covered by the scheme will have an SME relationship manager appointed. There will be tax agent discounts and will be supplied with tax accounting software at competitive prices. SMEs will also be given priority on the use of certain Federal Tax Authority services. In addition, they will be given educational material onr tax procedures, tailored awareness sessions and workshops. Additional benefits will also be offered to SMEs.

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Saudi Arabia: Commercial Registry Translation Service Transferred

23/03/202323/03/2023
by Benjamin Filaferro

Almadina, 15 March 2023: The Saudi Trade Ministry has announced the commercial registry translation service has been transferred to the Saudi Centre for Business and has been renamed the “Printing Record in English Language.”

The service is now instant and free of charge, with the Ministry no longer charging the previous 100 riyals fee.

The Business Platform and physical branches of the Centre offer services from various authorities concerned with business, including the Trade Ministry, Investment Ministry, Human Resources and Social Development, Municipal, Rural and Housing Affairs Ministry, Zakat, Tax, and Customs Authority, the General Organization for Social Insurance, and the Saudi Chambers Federation.

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Qatar: Ministry Launches First Phase of Qatar’s Real Estate Platform

23/03/202323/03/2023
by Benjamin Filaferro

The Peninsular, 16 March 2023: Qatar’s Ministry of Municipality has announced, on 15 March 2023, the launch of the first phase of the country’s real estate platform.

The platform aims to collect and store real estate data from various sources in a central platform to achieve future and strategic goals of the real estate sector.

The platform will provide indicators for those involved in the real estate sector by collecting and analyzing real estate data from various authorities in the country and will benefit both government agencies and the private sector.

The second phase of the project will involve more accurate linking with concerned authorities, while the third phase will focus on launching services more effectively through the platform.

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Oman: Social Protection Law Under Consideration

23/03/202323/03/2023
by Benjamin Filaferro

Shabiba, 20 March 2023: Oman’s Shura Council has held discussions regarding the Social Protection Law, which was urgently referred by the government.

The law aims to address the challenges of the retirement law and improve the current social insurance system by aligning it with the best international standards.

During the discussions, the Council chairman had requested opinions and proposals to ensure the law is in line with the national vision and supports the public interest.

The aim is to develop a comprehensive social protection system which serves the needs of citizens and aligns with global best practices.

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Kuwait: Central Bank Request Information on Exposure to Credit Suisse

23/03/202323/03/2023
by Benjamin Filaferro

Alrai, 16 March 2023: According to sources, the Central Bank of Kuwait has requested local banks to disclose information on their exposure to Credit Suisse Bank due to the intense pressure it is facing.

The bank’s shares have dropped by 31 per cent in value in the Zurich Exchange, and its bonds have reached levels indicating financial hardship.

Kuwaiti banks are reported to have an exposure of around 1.88 million dinars to the collapsing American banks Silicon Valley, Signature Bank, and Silver Gate.

Despite this, the Central Bank’s Governor has stated the Kuwaiti banking system’s financial situation is stable and robust.

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Dubai: Online Scheme to Boost Government Customer Service

23/03/202323/03/2023
by Benjamin Filaferro

The National, 21 March 2023: Dubai has launched an online initiative named 04 platform, aimed at enhancing customer service in over 40 participating government departments.

The platform will allow people to submit complaints, suggestions and queries directly to the departments via notes or audio messages, with the goal of receiving feedback in less than two minutes.

Officials and stakeholders can directly receive and respond to customers’ opinions, suggestions and ideas.

The platform supports submission via WhatsApp for Business as well.

The initiative aims to bridge the gap between government and its customers and strengthen the connection between the leadership and customers.

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Kuwait: 233 Fake Companies Raided

16/03/202316/03/2023
by Benjamin Filaferro

Arab Times, 14 March 2023: According to the Al-Qabas daily, the Employment Protection Sector’s Inspection Department in Kuwait’s Public Authority for Manpower (PAM) has conducted a thorough operation against fraudulent businesses in Farwaniya Governorate.

The campaign has led to the confiscation of 233 fake commercial enterprises in five commercial centres, as it was discovered they were not involved in any commercial activities.

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Saudi Arabia: Initiatives to Support Private Sector Launched

16/03/202316/03/2023
by Benjamin Filaferro

Alarabiya, 14 March 2023: The Public Investment Fund of Saudi Arabia has launched three initiatives to support local private sector companies, including a program called “Musahama” aimed at increasing local content participation to 60 per cent by the end of 2025.

The fund is also working with its affiliated companies to improve procurement practices to increase local content.

The second initiative is a supplier development program which supports the skills of local suppliers to meet the increasing demands of the fund and its companies.

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Kuwait: Banks Mull Freezing Amounts Transferred Via Hacked Links

16/03/202316/03/2023
by Benjamin Filaferro

Alrai, 14 March 2023: Kuwaiti banks have reported an increase in fraudulent activities, where customers’ accounts have been hacked using links which offer fake rewards or gain unauthorised access to Apple Pay.

Sources have disclosed banks are exploring the possibility of implementing additional protective measures, including new procedures for freezing funds transferred through hacked links to local bank accounts.

Criminals are deceiving individuals, including friends and family members, into transferring money to the hacked accounts.

The funds are then seized by the criminals.

For the full details, click here.

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Qatar: Shura Discusses Labour Market Issues

16/03/202316/03/2023
by Benjamin Filaferro

Lusailnews, 14 March 2023: During a regular session, the Shura Council has discussed labour market issues, including the appointment of Qatari nationals in the private sector.

The Labour Minister has stated the new draft labour law will impose penalties on establishments which violate the conditions and regulations for employing Qataris, including warnings, transaction suspensions, and financial fines.

Additionally, the law includes incentives and facilities to attract Qatari talent, such as financial benefits and exemptions from government fees.

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