News developments Archives - Page 181 of 226

Egypt: Amendments to Intellectual Property Law Approved

23/08/202023/08/2020
by Benjamin Filaferro

Egypt’s House of Representatives has approved amendments to the country’s Intellectual Property Law (Egypt Law No. 82/2002). It follows the proposed amendments being referred to a joint Parliamentary Committee on 17 June. The amendments state those under 21 are allowed to record their actions on the works, performances, sound and radio recordings subject to the Law. The relevant registration fee will be 100 Egyptian Pounds instead of 1,000 Pounds. People with special needs and students will be exempt from these fees. The aim is to provide more support to young creators and encourage them to innovate in culture and the arts. The Government are also committed to care for disabled people. The Law will be published in the Official Gazette and will come into force one month after it is published.

Dubai: International Financial Centre Issues Common Reporting Standard Law Amendments

23/08/202023/08/2020
by Benjamin Filaferro

Dubai’s Ruler has issued amendments to the Dubai International Financial Centre’s Common Reporting Standard Law (DIFC Law No. 2/2018). The amendments were contained in the Common Reporting Standard Law Amendment Law, DIFC Law No. 6/2020. They came into force on 16 August 2020. The Board of Directors of the DIFC Authority also issued new Common Reporting Standard Regulations which came into force on 30 July 2020. The aim of the amendments is to ensure the Common Reporting Standard issued by the Organisation for Economic Cooperation & Development is properly adopted in the DIFC and is applied consistently across the UAE. The amendments also introduce offences and penalties for providing false self-certifications and offences and penalties for financial institutions failing to obtain valid self-certifications. They also formally adopt the explanatory material issued and published by the OECD for the purpose of assisting with the interpretation of the Common Reporting Standards and there are other miscellaneous enhancements.

Kuwait: Draft Bankruptcy Law Being Referred to Parliament

17/08/202017/08/2020
by Benjamin Filaferro

The Kuwaiti Government has referred a draft bankruptcy law to Parliament to consider. The aim is to improve the business environment in the country, address bankruptcy cases and preserve commercial companies. It also aims to maximise the returns of creditors, collect as much money for them as possible and create a legal system which attracts local and foreign investment. In addition, it aims to keep commercial companies operating and provide systems and mechanisms to enable this. This includes allowing preventive settlement and restructuring and protecting the owners of small and medium enterprises; by reducing the periods stipulated by the law. Finally, it will abolish the role of expert management in the bankruptcy process and replace it with a bankruptcy committee. Those on the committee will have financial expertise and be responsible for supervising the procedures for restructuring, bankruptcy and reconciliation regarding debts.

Egypt: Decision to Establish a Supreme Committee to Examine Airports Storage Areas

17/08/202017/08/2020
by Benjamin Filaferro

Egypt’s Civil Aviation Minister has issued a Decision to establish a supreme committee including representatives from the relevant departments. It will be chaired by the Security Sector Chairman in the Ministry. They will examine and compile an inventory of shipments, storage and containers in the goods village and storage areas in Cairo airport and all airports. The aim is to take all of the necessary measures against dangerous materials.

UAE: Services and Purchases Made on Online Shopping Sites Are Now Subject to 5% VAT

17/08/202017/08/2020
by Benjamin Filaferro

The UAE’s Federal Tax Authority has confirmed all services and purchases made on online shopping sites are subject to 5% VAT. The purchases will have to be made in line with special conditions and controls which govern the tax treatment applicable to those supplies. The tax is imposed on the actual use of these services. Many of the general tax rules apply to e-commerce transactions in line with the existing rules.

Oman: Employment Rules Clarified

17/08/202017/08/2020
by Benjamin Filaferro

Oman’s Public Prosecution has clarified the employment rules. They clarified expatriate employees who leave an employer to work for another will be jailed for one month and fined 1,000 Rials. The penalties will be doubled for multiple violators. Those who work without a permit from the relevant authorities by an expatriate or work for another employer apart from their licensed employer will also be jailed for a month and fined 800 Rials. They will also be deported and refused entry to the Sultanate.

Bahrain: Reorganisation and Bankruptcy Law Proposed

17/08/202017/08/2020
by Benjamin Filaferro

Bahrain’s Cabinet has proposed amendments to the Kingdom’s Reorganisation and Bankruptcy Law. The proposed amendments are contained in a draft law which has been submitted to the Council of Representatives to consider. If approved, it will amend Bahrain Law No. 22/2018.

Qatar: Illegal Food Seizures

09/08/202007/08/2020
by Benjamin Filaferro

In Qatar, the Health Monitoring Section of Al Sheehaniya Municipality has seized illegal food from a number of food outlets in Umm Al Zubar. The outlets had been running without the appropriate licenses. The Ministry of Municipality and Environment has stated the measures were taken during an inspection campaign in line with Qatar Law No. 8/1990 on regulating food items.

Bahrain: Electronic Trade Law Amendment Proposed

08/08/202007/08/2020
by Benjamin Filaferro

Bahrain’s MP Ahmed Alsalloum who is the chairman of the financial and economic affairs committee has revealed his intention to propose an amendment to the electronic trade law. The aim of the proposal is to protect local traders against the international electronic trade. The MP has stated Bahrain needs to settle rules and regulations to create a balance between international electronic trade and local traditional trade.

Ajman: New Free Zone Incentives

08/08/202007/08/2020
by Benjamin Filaferro

The President of Ajman Free Zone has announced eight new incentives designed to support existing and new companies in the free zone during the second half of 2020. The incentives will include a wide range of deductions and exemptions. The incentives include a full exemption for returned cheques fines, cheques replacement fines, license renewal fees, and a 100% exemption on fees to guarantee participation in smart services. During the second half of the year existing and new companies in the free zone will also have the opportunity to benefit from a wide range of flexible instalments plans for a period of three months when renting a business centre, and flexible instalments for a period of six months when renting offices, executive offices or warehouses, and a 25% discount on workers’ housing fees.