News developments Archives - Page 174 of 223

Dubai: International Financial Centre Becomes Region’s First Fully Accredited Member of Global Privacy Assembly

17/10/202017/10/2020
by Benjamin Filaferro

The Dubai International Financial Centre has announced the Centre has become the region’s first fully accredited member of Global Privacy Assembly. The Centre will work with Global Privacy Assembly Members to implement global best practice in data protection and privacy to support sustainable business growth and shape the future of finance, whilst effectively fulfilling privacy mandates. It follows the enactment of the Centre’s Data Protection Law (DIFC Law No. 5/2020). It also reinforces key privacy principles including accountability, safeguards for international transfers and support of data subjects’ rights especially in terms of emerging technology issues.

Bahrain: Real Estate Regulatory Authority and E-government Launch Real Estate Licenses

17/10/202017/10/2020
by Benjamin Filaferro

Bahrain’s Real Estate Regulatory Authority together with the Information and e-Government Authority has launched a licensing services system. The system includes a number of services which can be used through the national Bahrain.bh portal. It includes a group of important electronic services for real estate professionals, including brokers and sales agents. It also includes facilities to issue licenses and pay fees, enquiring about the status of applications, renewing expired licenses, displaying all licenses approved by the institution and presenting the documents required for issuing or renewal.

UAE: Guidelines for Payment Orders in Commercial Matters Approved

17/10/202017/10/2020
by Benjamin Filaferro

The Head of Abu Dhabi’s Judicial Department has issued a Decision approving the guidelines for performance orders in commercial matters. The aim is to enhance the business environment in the Emirate and boost the Emirate’s position as an attractive environment for foreign investment and capital. This will also be achieved by activating fair and simplified litigation systems and provide fast and effective mechanisms for dispute resolution. The guidelines address all questions and inquiries, so court officers can familiarise themselves with these provisions in a way which guarantees the issuing of the payment order and the access by interested parties to their rights without delay.

Saudi Arabia: Wiretapping Law Clarification Issued

09/10/202009/10/2020
by Benjamin Filaferro

Saudi Arabia’s Public Prosecution has issued a clarification on the Kingdom’s Wiretapping Law. Under the clarification, correspondence, letters, publications, parcels or phone conversations cannot be intercepted or monitored unless it is authorised by the Law and the Public Prosecution have given a warrant or permission in line with Article 57 of Saudi Arabia Cabinet Decision No. 200/1422 (the Criminal Procedure Law). Even in these circumstances, monitoring should only be carried out for up to ten days initially although this can be renewed and in connection with a crime which has actually occurred.

Oman: EU Removes Oman From Non-cooperating Jurisdictions for Tax Purposes List

09/10/202009/10/2020
by Benjamin Filaferro

The EU has announced it has decided to remove Oman from their List of non-cooperative jurisdictions for tax purposes. Their removal follows the reforms by the Sultanate to improve their tax policy framework.

Lebanon: International Arrest Warrants for Owner and Captain of Ship Accused of Bomb Blast Requested

09/10/202009/10/2020
by Benjamin Filaferro

Lebanese judicial authorities have requested international arrest warrants for the owner and captain of the Moldovan-registered ship accused of being responsible for the bomb blast in Beirut on 4 August. The ship contained a shipment of ammonium nitrate. It is alleged to be the Rhosus which set sail from Georgia and was heading for Mozambique but was stopped in Beirut Port in 2013. It was facing technical problems and security officials said it was impounded after a Lebanese company filed a lawsuit against its owner. Its cargo was moved from the ship to a warehouse which allegedly had structural defects. The blast killed over 190 people, injured thousands and damaged large parts of the city. Cypriot police questioned the ship’s owner in August but an investigation by the Organised Crime and Corruption Reporting Project found the real captain was a Cypriot shipping magnate but this was denied. The names of the accused have been passed on to the public prosecution and they have referred them to Interpol and asked them to issue an international warrant for their arrests. So far arrested 25 people have been arrested as part of the Lebanese investigation, including top port and customs officials.

Kuwait: National Assembly Approves Law to Enable Banks to Help Customers Struggling Financially

09/10/202009/10/2020
by Benjamin Filaferro

Kuwait’s National Assembly has approved a draft law to support and enable local banks to support customers adversely affected by the repercussions of Coronavirus financially. The aim is to reduce the risks of indirect effects as a result of the interlocking of economic sectors. The explanatory note to the draft law mentions incentives will be offered to banks to provide the necessary financing to affected individuals and companies to prevent their temporary lack of liquidity from becoming a prolonged problem.

Bahrain: Draft VAT Exemptions Decision Approved

09/10/202009/10/2020
by Benjamin Filaferro

Bahrain’s Cabinet has approved a draft decision, which if further approved, would exempt the Bahrain Defence Force and Internal Security Forces imports from import VAT and customs tax fees. It follows a review of a memorandum submitted by the Interior Minister. The Cabinet also approved the Kingdom’s accession to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. The Convention enables Governments to modify existing bilateral tax treaties in an efficient way to eliminate double taxation.

UAE:Abu Dhabi Investment Office Signs Cooperation Agreement with Israel Institute Export

09/10/202009/10/2020
by Benjamin Filaferro

Abu Dhabi’s Investment Office has signed a cooperation agreement with the Israel Export Institute to boost bilateral trade opportunities between the Emirate and Israel. The Office is currently in talks with more than 85 Israeli companies in several sectors about doing business in the Emirate. The remote signing of the agreement was attended by the Director General of the Abu Dhabi Investment Office, Dr. Tariq bin Hindi, the Chairman of the Board of Directors of the Israel Export Institute, Adif Baruch and the Director General of the Institute, Gadi Arieli.

Saudi Arabia: New Property Deal Tax Introduced

02/10/202002/10/2020
by Benjamin Filaferro

Saudi Arabia’s’ King has approved the introduction of a new property deal tax. They issued a Royal Order to this effect and the tax will be levied at 5%. The Government will pay the costs of the new Real Estate Transaction Tax up to one million Riyals for Saudi citizens buying their first home. Property deals will also be exempt from VAT according to the Royal Order. It is part of the Kingdom’s response to the adverse economic effects of Coronavirus but is also aimed at encouraging Saudi citizens to own their own homes and supporting the residential and commercial property sector.