Oman’s Justice and Legal Affairs Ministry has announced non-Omani lawyers will not be able to make court pleadings from 31 December. Omani advocacy offices, civil law firms and the relevant authorities will be responsible for complying. It will apply to non-Omani lawyers of all seniority.
Lebanon’s House of Representatives has approved an amended Illicit Enrichment Law. They also approved a draft law to protect areas affected by the Beirut Port explosion and pay compensation for damaged buildings. Finally, they approved a law to amend an article of the Criminal Procedures Law to enshrine the rights of individuals accused of crimes to seek legal assistance during initial investigations.
Kuwait’s National Assembly has approved the draft bankruptcy law. It is aimed at reorganising the legal framework for bankruptcy provisions and the rules for debt restructuring. The first chapter dealt with definitions of all the terms contained in the law and the second chapter singles out the general provisions explaining the scope of its application It also contains provisions governing requests for preventive settlement, restructuring, or bankruptcy for debts owed to Government companies, insurance and companies regulated by the Capital Markets Authority. There are also provisions on requests for preventive settlement, restructuring and bankruptcy, as well as how the mechanisms for appointing the trustee, the controller and the inspector will be regulated and the duties and powers of each of them in the event the bankruptcy judge accepts the opening of the restructuring procedures or the declaration of bankruptcy in addition to organising frames and announcements related to the claims, requests and appeals through an electronic data room.
Bahrain’s King Hamad has approved a Law amending the Kingdom’s Commercial Companies Law. Bahrain Decree-Law No. 28/2020 will amend Bahrain Decree-Law No. 21/2001. The Prime Minister and the relevant ministers will be responsible for implementing the Law. It has been published in the Official Gazette and will come into force the day after it is issued.
Abu Dhabi’s Khalifa Fund for Enterprise on Development has announced it is going to launch an SME rating classification. It will provide SMEs with an overview of their operations and performance and the rating will help them identify their strengths and weaknesses. The aim is to help them grow and boost their operations. It will launch as a web-based solution and will be used by Khalifa Fund counsellors when assessing businesses who are making applications to the Fund.
Following the issuing of an equal wages Decree by the UAE’s President, under Article 32 of Federal Law No. 8/1980, it came into force on 25 September. The amendment to Federal Law No. 8/1980 was contained in Federal Decree-Law No. 6/2020. It states the new Article 32 will say ‘Female employees shall receive wages equal to that of Males if they perform the same work or another of equal value’.
Saudi Arabia’s Monetary Authority has launched a public consultation on insurance policies for those who are involved in car accidents abroad and die or are injured. The proposal is for insurance companies to offer additional coverage including covering deaths, injuries and medical costs for insured people or drivers in accidents which happen outside the Kingdom. The aim of the law is to regulate the contractual relationship between an insured individual and an insurance company.
Following the issuing of Oman Sultani Decree No. 118/2020 amending Oman Sultani Decree No. 28/2009, the Sultanate’s Tax Authority has announced the dual tax return system has been abolished. It means taxpayers only have to file one tax return within four months of the end of the relevant tax year from the 1 January 2020. Previously, taxpayers had to file a provisional return of income within three months and an annual return of income within six months from the end of the accounting year. Despite the change being welcomed, tax professionals have advised taxpayers to be aware audits of financial statements will need to be carried out well in advance of the tax return filing deadline. Oman Sultani Decree No. 118/2020 was published in the Official Gazette on 20 September 2020. It also includes provisions to facilitate the Automatic Exchange of Information (AEOI) between tax jurisdictions, the introduction of tax residency provisions and changes in the proceedings for appeals.
Bahrain’s King issued has issued a Decree restructuring the Industry, Commerce and Tourism Ministry. Under Bahrain Decree No. 60/2020, Bahrain Decree No. 55/2019 restructuring the Industry, Commerce and Tourism Ministry will be repealed. The Industry, Commerce and Tourism Minister will be responsible for implementing this Decree. It will be published in the Official Gazette and will come into force on its issued date.
Dubai’s Chamber of Commerce and Industry has signed a strategic cooperation agreement with Tel Aviv’s Chamber of Commerce who were represented by the Federation of Israeli Chambers of Commerce. The aim of the agreement is to explore business opportunities and boost bilateral cooperation following the signing of the peace treaty between the UAE and Israel. Under the agreement the two bodies will cooperate on conducting economic studies on bilateral markets, investment opportunities, growth prospects, and partnerships which can form the basis for bilateral cooperation in various economic sectors. They will also cooperate on organising virtual events on growth opportunities and cooperation between the business communities in both countries and visits of economic delegations. They will also organise joint business forums and cooperate in the fields of entrepreneurship and emerging enterprises.
