News developments Archives - Page 184 of 247

Qatar: Simplified Tax Returns Introduced

09/04/202109/04/2021
by Benjamin Filaferro

Qatar’s General Tax Authority has announced it has started implementing a simplified tax returns system. It will simplify the returns which have to be submitted by companies and permanent establishments who are exempt from tax and who are owned by Qatari and GCC citizens as well as whose share capital is less than one million Riyals and annual revenue is less than five million Riyals. The system has been introduced in line with Qatar Circular No. 2/2021. These entities will have to submit the tax return and audited financial statements based on the approved tax return form.

Oman: Sultani Decree No. 33/2021 on the pension and social protection law has been issued

09/04/202109/04/2021
by Benjamin Filaferro

Oman Sultani Decree No. 33/2021 on the pension and social protection law has been issued.The decree establishes a new fund called the Social Protection Fund which has egal capacity and enjoys financial and administrative independence. The funds’ articles of association will be issued by a Sultani Decree. The decree also establishes another fund called the Military and Security Military Fund which also has legal capacity and enjoys financial and administrative independence.

Kuwait: The Trade and Industry Minister has issued a ministerial decision that permits transferring workers between SMEs

09/04/202109/04/2021
by Benjamin Filaferro

The Trade and Industry Minister has issued a ministerial decision that permits transferring workers between small and medium enterprises (SMEs) one year after they have been issued the work permit instead of after three years The decision requires the approval of the employer and the fulfilment of the conditions and controls which are provided for by Kuwait Ministerial Decision No. 9/2016 on the controls of the work of SMEs owners.

Dubai: Al Quoz Creative Zone Launched

09/04/202109/04/2021
by Benjamin Filaferro

Dubai’s Crown Prince and Chairman of the Executive Council has launched the Al Quoz Creative Zone which will offer a hub for artists and designers to live, work and create in. It will offer various facilities, services and incentives to drive innovation and boost investment in creative businesses. It is the first plan and initiative to be launched as part of the Dubai Creative Economy Strategy which aims to transform the Emirate into a global innovation hub. Artists with projects and activities in Al Quoz Creative Zone and emerging creative entrepreneurs will receive an exclusive Al Quoz Creative Membership. This will give them access to various incentives including fee exemptions, reduced rents and logistic business support. It will also provide access to relevant training and programmes to help artists transform their creative ideas into business.

Bahrain: The Legislative and Legal Affairs parliamentary committee has discussed a draft law

09/04/202109/04/2021
by Benjamin Filaferro

The Legislative and Legal Affairs parliamentary committee has discussed a draft law on the issuing of the advocacy law and decided to approve it with the amendments which have been introduced. The law has been subject to extensive examination by the committee. The chairman of the committee stated the aim is to issue a new law to regulate the profession of advocacy law to keep up with the developments that happened since the current law Bahrain Law No. 26/1980 was issued.

UAE: Abu Dhabi’s Global Market has announced amendments to the Insolvency Regulations 2015

09/04/202109/04/2021
by Benjamin Filaferro

Abu Dhabi’s Global Market has announced amendments to the Insolvency Regulations 2015. The amendments to the 2015 Insolvency Regulations boost the Market’s insolvency framework by providing additional flexibility for administrators following the execution of a deed of company arrangement used to restructure an insolvent company.

UAE: Accedes to Strasbourg Agreement on International Patent Classification

02/04/202102/04/2021
by Benjamin Filaferro

The UAE authorities have announced it has acceded to the Budapest Treaty on the International Recognition of the Deposit of Microorganisms for the Purposes of Patent Procedure. They have also acceded to the Strasbourg Agreement Concerning the International Patent Classification. It comes as the country looks to develop a legal intellectual property framework and legislative environment which support innovation and patents. After joining the Budapest Treaty, Emirati inventors and researchers will be able to benefit from the services of the International Depositary Authority which is recognised by the World Intellectual Property Organisation. The country’s accession to the Strasbourg Agreement will facilitate patent classification and increase the number of patents registered in the country, as well as improve their quality.

Oman: Clarity Sought on VAT Impact on Oil and Gas Industry

02/04/202102/04/2021
by Benjamin Filaferro

The oil and gas industry in Oman is awaiting clarity on the impact of VAT on them. Upstream and midstream activities are zero-rated for VAT purposes. Downstream activities are likely to be taxed at the standard rated of 5%. This includes refining and petrochemicals. These expectations are based on the provisions of the Implementing Regulations to the VAT Law. The Regulations to Oman Sultani Decree No. 121/2020 were issued in Oman Decision No. 53/2021.

Kuwait: SMEs Support Law Approved

02/04/202102/04/2021
by Benjamin Filaferro

Kuwait’s National Assembly has approved a draft SMEs support Law. It will help SMEs adversely affected by Coronavirus. It will do this by securing guarantees for local banks to extend loans to businesses which have been adversely affected by Coronavirus. They also agreed to allow citizens who have been affected to delay repayments to both public and private institutions for six months.

Egypt: Ever Given Inquiry Launched

02/04/202102/04/2021
by Benjamin Filaferro

Egypt’s Suez Canal Authority has announced it has launched an inquiry into the grounding of the Ever Given cargo ship. The inquiry will examine events before, during and after the accident. It will consider whether the ship’s captain responded to the Authority’s instructions before it ran aground. The Authority has requested the ship’s black box. The Authority added they expect to finalise a compensation agreement with the ship in three or four days. If the ship rejects the investigation findings, the case will be transferred to a civil court and the vessel will be seized. The inquiry’s findings will be made public.