News developments Archives - Page 14 of 226

UAE: Securities Authority Announces Major Regulatory Updates

08/08/202508/08/2025
by Hannah Gutang

Gulf News, 4 August 2025: The Securities and Commodities Authority (SCA) of the UAE has unveiled four new regulatory initiatives to modernise the country’s financial markets, including frameworks for carbon credit trading and retail sukuk.

SCA Chief Executive announced that the authority is revising the Capital Market Authority Law to expand its oversight of emerging financial activities. The updates include new legislation for the public company division and standards for goodwill valuation in listed firms.

The authority has established a comprehensive framework for green bonds and sukuk issuance.

The regulatory package introduces specific requirements for carbon credit trading platforms, with operators required to develop their own operational rules within the prescribed framework. A draft regulation for retail sukuk is being finalised to enable fractional investment instruments.

The SCA has maintained its fee waiver for green bond and sukuk listings, whilst implementing new frameworks for tokenised securities and commodity contracts as part of its digital transformation agenda.

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Saudi Arabia: Introduces Tourist VAT Refund Scheme at Airports

08/08/202508/08/2025
by Hannah Gutang

Saudi Gazette, 5 August 2025: Saudi Arabia has launched a new value-added tax (VAT) refund programme allowing tourists and Gulf Cooperation Council (GCC) nationals to claim back 15% VAT on eligible purchases made within the Kingdom.

The scheme, which is now operational across 1,442 authorised retail outlets, enables non-resident visitors aged 18 and above to reclaim VAT on purchases exceeding SR500.

To participate, shoppers must present their passport or GCC ID at participating stores to obtain a VAT exemption form. Customers can combine up to three same-day receipts from individual retailers to meet the minimum spending requirement.

The Kingdom has established 18 verification points across three international airports to process refund claims. Refunds are available via card payment or cash, with daily cash refunds capped at SR5,000 per person.

Key exclusions from the scheme include:

Services such as accommodation and meals
Vehicles, boats, and aircraft
Food and beverages
Tobacco products
Petroleum derivatives

Purchased items must remain unused, be intended for personal use only, and be exported within 90 days of purchase to qualify for the refund.

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Sharjah: Introduces New Human Resources Regulations for Government Workers

08/08/202508/08/2025
by Hannah Gutang

Gulf Today, 30 July 2025: The Sharjah Executive Council (SEC) has approved comprehensive new human resources regulations, including extended paid leave for mothers of children with disabilities and updated guidelines for military personnel.

A significant addition to the policy allows female employees who give birth to children requiring constant medical care to receive fully paid leave for up to three years. The new maternal care provision includes:

One year of fully paid leave following standard maternity leave
Possible annual extensions for up to three years with appropriate approvals
Requirement for medical documentation from authorised bodies
Continued performance evaluation during the leave period
Integration with existing service records

The council has also implemented new regulations for military personnel in Sharjah’s regulatory bodies. These address:

Job classification and recruitment
Salary structures and allowances
Promotion systems
Internal transfers and secondments
Training programmes
Educational leave
Performance assessment
End-of-service benefits

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Qatar: Introduces Prison Terms and Fines for Online Privacy Violations

08/08/202508/08/2025
by Hannah Gutang

The Peninsula, 5 August 2025: Qatar has implemented stringent new cybercrime legislation that imposes jail sentences and substantial fines for publishing or sharing individuals’ images or videos online without consent.

The amendment adds Article 8 (bis) to Qatar Law No. 14/2014 on Cybercrimes. The new provision carries penalties of up to one year in prison and fines of up to QR100,000.

Under the revised legislation, individuals who violate others’ privacy in public places by sharing their images or video clips through information networks or other technology platforms without permission will face prosecution. The law applies to any unauthorised sharing that occurs outside legally permitted circumstances.

The amendment specifically targets:

Unauthorised publication of images and videos
Distribution of content without subject consent
Privacy violations in public spaces
Sharing via information networks and technology platforms

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Oman: Tightens Enforcement of Building Permit Requirements

08/08/202508/08/2025
by Hannah Gutang

The Arabian Stories, 4 August 2025: Muscat Municipality has announced strict enforcement of building regulations, warning property owners and developers that unauthorised construction will face penalties, including possible demolition orders.

The municipality states that all construction activities within the Governorate of Muscat must obtain official permits before work begins. This includes any modifications or extensions to existing structures.

The authority emphasises that violations of building codes will result in financial penalties, with serious breaches potentially leading to mandatory removal of unauthorised constructions.

The announcement forms part of the municipality’s regulatory oversight of urban development within the governorate, with enforcement focusing on compliance with local construction laws and standards.

Property owners, developers, and contractors have been instructed to ensure all necessary permits are in place before initiating any building work.

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Kuwait: Sets Stricter Rules for Co-operative Societies

07/08/202507/08/2025
by Hannah Gutang

Al Qabas, 3 August 2025: The Ministry of Social Affairs in Kuwait has finalised amendments to the Co-operative Societies (Kuwait Law No. 24/1979), introducing significant changes to board composition and membership requirements.

Under the new amendments, co-operative society boards will consist of nine members, with four appointed by government ministries and five elected by the general assembly. The changes also establish stricter eligibility criteria for board membership.

Key requirements for board candidates include: Minimum age of 30 years, three years of society membership, Property ownership or civil ID in the nomination area, a University degree, a clean criminal record, and completion of ministry-approved training in cooperative work.

The revised law grants the Minister of Social Affairs the authority to dissolve boards or dismiss members for serious financial or administrative violations. In such cases, the minister can appoint a temporary director for up to two months until new elections are held.

Board members found guilty of violations will be barred from running for two consecutive terms, extending to three terms for criminal offences. The law also introduces penalties, including up to two years imprisonment and fines up to 2,000 dinars for various infractions.

The amendments require boards to follow employment policies aligned with the ministry’s Kuwaitisation directives. Each society must appoint a general manager, who cannot be a board member, subject to conditions set by the Social Affairs Minister.

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Dubai: Metro Announces New Fines for Rule Breaches

07/08/202507/08/2025
by Hannah Gutang

Gulf News, 2 August 2025: Dubai’s Roads and Transport Authority (RTA) has released an updated schedule of fines for Dubai Metro violations, with penalties ranging from Dh100 to Dh2,000.

The most severe penalties target safety breaches, with Dh2,000 fines for damaging metro property or misusing emergency equipment. Carrying dangerous materials incurs a Dh1,000 penalty, whilst travelling with alcohol results in a Dh500 fine.

Fare evasion and ticket misuse attract penalties up to Dh500, with standard fare dodging resulting in a Dh200 fine. Using counterfeit Nol cards carries the maximum Dh500 penalty in this category.

Behavioural violations, including eating in prohibited areas, causing disturbance to passengers, and misusing facilities, will result in Dh100 fines. Sleeping in metro facilities carries a Dh300 penalty.

The RTA has also implemented parking regulations at metro stations, with daily fines of Dh100 for vehicles exceeding permitted parking durations, up to a maximum of Dh1,000.

Additional violations include a Dh200 fine for smoking, selling goods without permission, or failing to follow the inspector’s instructions.

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Bahrain: Introduces Specialist Unit for Human Trafficking Victims

07/08/202507/08/2025
by Hannah Gutang

The Daily Tribune, 5 August 2025: Bahrain’s Ministry of Interior has launched a new dedicated unit to support victims of human trafficking, operating under the General Directorate of Criminal Investigation and Forensic Science.

The purpose-built facility features specially designed spaces for victim testimonies, including a separate area for children. The unit has been constructed to meet international standards for handling trafficking cases.

The office will work directly with judicial authorities throughout the investigative and prosecution processes, strengthening the connection between law enforcement and the courts.

The establishment of this specialist unit follows Bahrain’s existing anti-trafficking legislation, specifically Bahrain Law No. 1/2008 with Respect to Trafficking in Persons.

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Abu Dhabi: Introduces New Cyber Security Rules for Financial Firms

07/08/202507/08/2025
by Hannah Gutang

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market has announced new cyber risk management requirements for financial institutions.

Key measures include:

Mandatory integration of cyber risk management into existing frameworks
Updated IT risk management guidance
Revised requirements for IT service provider arrangements
New cyber incident notification procedures

Implementation details:

Six-month transition period for compliance
Applies to all Authorised Persons and Recognised Bodies
Changes follow Consultation Paper No. 3 of 2025
Updated incident notification template to be released by year-end

The amendments were finalised following industry consultation, with modifications made to:

Clarify proportionality principles
Refine integration requirements
Adjust IT service provider arrangements
Update incident materiality assessment guidance

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Lexis Middle East Gulf Tax – Autumn 2025 Edition

05/08/202505/08/2025
by Hannah Gutang

Brought to You by Tolley+ Middle East

The Autumn 2025 edition of Lexis Middle East Gulf Tax delivers a focused and timely overview of the latest tax developments across the GCC. Packed with expert commentary, legislative updates, and actionable advice, this edition is an essential resource for tax professionals working through the region’s increasingly intricate fiscal environment.

FEATURE: CRS AND FATCA: THE FINER POINTS

Dhana Pillai of DP Taxation Consultancy examines the key takeaways from recent penalties imposed by UAE authorities, shedding light on crucial compliance insights related to CRS and FATCA regulations.

FEATURE: NOW THAT’S VAT

Chadi Abou-Chakra, PwC Middle East’s Indirect Tax Leader and ME TLS Chief Operating Officer, provides insights into the implications of the recent changes to Saudi Arabia’s VAT Implementing Regulations.

TAX NEWS ROUND-UP

A focused overview of key tax treaty revisions and regulatory changes in the Gulf, offering valuable insights for navigating compliance and cross-border impact.

PRACTICAL FOCUS: FOCUS ON PARTNERSHIP

Authored by Aunali Merchant, Sanjay Shukla, and Palak Khetawat of MMJS Consulting, this article examines the impact of UAE corporate tax reforms on partnership structures and their compliance obligations.

TAX PROFESSIONAL PROFILE: ADDING VALUE

Manish Arora, Tax Director at Adidas, emphasises that delivering value as an in-house tax professional requires more than just staying informed about the latest tax developments.

ANY QUESTIONS? WHAT DOES FORMAL ADOPTION OF OECD GUIDANCE MEAN?

Bhumit Gangar of Deloitte breaks down the practical implications of the UAE’s official implementation of the OECD’s Pillar 2 Guidance.

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Lexis Middle East Gulf Tax_Autumn 2025

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

Lexis Middle East Gulf Tax | Summer 2025

Lexis Middle East Gulf Tax | Spring 2025

Lexis Middle East Gulf Tax | Autumn 2024

Lexis Middle East Gulf Tax | Summer 2024