News developments Archives - Page 155 of 224

Kuwait: Development Plan Tax Rejected

08/06/202108/06/2021
by Benjamin Filaferro

Alqabas, 6 June 2021: A Kuwaiti MP and member of the Financial Committee has announced the Committee has rejected a proposed development plan tax.

They added the Committee rejected the points related to the unified tax procedures law, amending fees for using public facilities and services and applying the tax law on selective commodities.

They went on to say the Committee will not accept any law which could add more fees on nationals.

For full story click here.

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Saudi Arabia: Justice Ministry Launches Labour Calculator Service

07/06/202108/06/2021
by Benjamin Filaferro

Al Riyadh, 3 June 2021: Saudi Arabia’s Justice Ministry has announced it has launched a labour calculator service.

It is aimed at ensuring speedier settlement of disputes.

It is also aimed at boosting human rights awareness among labour groups, making the application of the labour system and its regulations easier in terms of rights and financial disputes and improving the accuracy of the results of calculations related to labour rights.

It will help judges, parties in a case and workers in case preparation.

For full story see https://www.alriyadh.com/1888920.

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Dubai: Utico to Issue Region’s First Utilities Sustainability Sukuk

07/06/202107/06/2021
by Benjamin Filaferro

Oman Daily Observer, 3 June 2021: Dubai-based Utico has announced it is going to issue the region’s first utilities sustainability Sukuk.

It follows the company being given an international sustainability rating for its benchmark Sukuk from DNV UK.

It will be the first Sustainability Private Corporate Sukuk of its kind in the region and will be issued in the next few weeks.

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Saudi Arabia: MMG Investors Win First Class Action

03/06/202103/06/2021
by Benjamin Filaferro

Arab News, 1 June 2021: MMG investors have been awarded 40.2 million Riyals and won the Kingdom’s first ever class action.

Executives at the construction company, Mohammad Al Mojil Group and an auditor have been ordered to pay.

It follows a ruling by the General Secretariat of Committees for Resolution of Securities Disputes in the case which involved the manipulation of financial statements to give a false impression of the company following its 2008 Initial Public Offering and the subsequent three years.

The Kingdom introduced a new class action regime in 2017 for claims by shareholders of listed companies in the country.

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Saudi Arabia: Cybersecurity Framework Implemented

02/06/202102/06/2021
by Benjamin Filaferro

Arab News, 30 May 2021: Saudi Arabia’s Communications and Information Technology Commission has announced it has started implementing a cybersecurity framework.

It contains a comprehensive set of cybersecurity requirements and controls which will contribute to regulating the communications, IT and postal service sectors.

A risk management methodology has to be adopted and all cybersecurity requirements have to be met by service providers to enable them to effectively deal with cyber threats.

It will apply to service providers in the communications, IT, and postal services sector and is aimed at increasing their security levels.

It aims to ensure adequate cybersecurity measures are adopted in line with best international practices.

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Kuwait: Compensation for Frontline Workers Law Approved

30/05/202130/05/2021
by Benjamin Filaferro

Kuwait Times, 27 May 2021: Kuwait’s National Assembly has approved a draft compensation for frontline workers law.

If approved, it will allocate 600 million Dinars to grant financial rewards for over 200,000 frontline workers who were involved in tackling Coronavirus. It will apply to Kuwaiti and expatriate employees who took part in the efforts to combat the coronavirus pandemic in the period between 24 February and 31 May 2020.

They also approved principles on amendments to expand the scope and penalties of a Zionist entity boycott law. The amendments state a jail term of up to three years for dealing with Israel will be imposed.

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Saudi Arabia: Issuing of Tourist Visas to Resume Soon

30/05/202130/05/2021
by Benjamin Filaferro

Arab News, 27 May 2021: According to Saudi officials, the issuing of tourist visas is going to resume soon.

They were suspended last year because of Coronavirus.

The official added the Saudi Arabian authorities are also working with other Middle Eastern and European nations on a unified protocol to facilitate travel.

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Oman: Expatriate Work Permit Fees to be Imposed From 1 June 2021

30/05/202130/05/2021
by Benjamin Filaferro

Oman’s Labour Ministry has announced expatriate work permit fees will be imposed from 1 June 2021.

They will apply to expatriates working in high and medium level jobs, as well as technical and specialist jobs. Fees for obtaining business licenses of SMEs will also be implemented on the same date.

It will cover existing and new applications as well as previous applications of business owners who failed to pay the prescribed fees before the enforcement of this decision.

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UAE: Conditions for Financial Activity Licenses Being Revoked Announced

27/05/202127/05/2021
by Benjamin Filaferro

Mubasher, 26 May 2021: The UAE’s Securities and Commodities Authority has announced the conditions for financial activity licenses being revoked.

The license will be revoked if the company violates its obligations or engages in a bankruptcy case before the courts.

A license will also be revoked if the company fails to engage in a financial activity within six months of receiving the license. For full story, click here.

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UAE: Anti-tax Evasion Plan Approved

27/05/202127/05/2021
by Benjamin Filaferro

The UAE’s Economic Integration Committee of the UAE has approved an anti-tax evasion plan.

It will involve collecting the data of ultimate beneficial owners. These individuals own 25% directly or indirectly of a company’s capital.

It will include a flexible plan and is aimed at obtaining data on beneficial owners of over 400,000 companies registered in the UAE and an action plan to tackle tax evasion.

It follows the issuing of Cabinet Decision No. 57/2020 last year.

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