News developments Archives - Page 186 of 247

UAE: Payment Systems Regulations Come into Force

19/03/202119/03/2021
by Benjamin Filaferro

The UAE’s Central Bank’s Large-Value Payment Systems Regulation and the Retail Payment Systems Regulation have come into force. They apply to payment systems operating in the UAE and payment systems which offer clearing or settlement in Dirhams outside the UAE. They aim to promote robust financial infrastructure, which is essential for financial stability and consumer protection. They also facilitate the UAE’s international competitiveness. The Large-Value Payment Systems Regulation sets standards for financial infrastructure systems which support wholesale payment activities in the UAE. The Retail Payment Systems Regulation focuses on systems for retail payments, which provide funds transfer, clearing and settlement services related to retail activities. The regulation covers all retail payment systems irrespective of currency or means of exchange in which the transactions are conducted. System operators and settlement institutions of existing large-value payment systems and retail payment systems operating in the UAE must comply with the requirements of these two regulations by the end of the transition period at the end of February 2022.

Saudi Arabia: Private Sector Participation Law Approved

19/03/202119/03/2021
by Benjamin Filaferro

Saudi Arabia’s Cabinet has approved a Private Sector Participation Law. The law will enable the privatisation of 16 key industries. It is aimed at boosting the private sector’s involvement in the Kingdom’s economy, particularly in infrastructure projects and public services. It has been approved as part of the new private sector participation programme.

Qatar: Financial Markets Authority Issues New Offering & Listing of Securities on the Financial Markets Rulebook

19/03/202119/03/2021
by Benjamin Filaferro

The new offering and listing rules in Qatar will come into force on 1 April. They introduce various controls for listing financial securities in public offerings. Under the rules, the issuing authorities, be they Qatari or foreign ones, as well as enterprises in the Qatari Financial Centre or Free Zones can list financial securities in public offerings provided they meet a number of conditions including submitting a request to get the approval of the Authority, prepare an announcement on the listing which includes full and sufficient details which matter to investors using the designated template and pay the relevant fees.

Oman: Labour Ministry Issues Warning

19/03/202119/03/2021
by Benjamin Filaferro

Oman’s Labour Ministry has issued a warning to all private sector companies to benefit from the facilities offered by the Ministry for companies and expatriate employees. It comes ahead of a 31 March 2021 deadline. All employers and employees who want to leave the country should use the time left to comply. The Ministry added no applications will be considered after this date. Foreign employees will be able to leave before 31 March 2021 and all approvals will be cancelled after this.

Kuwait: Partial Curfew Appeal Rejected

19/03/202119/03/2021
by Benjamin Filaferro

Kuwait’s lower court has rejected appeals against the partial curfew. The curfew was imposed as part of anti-Coronavirus measures introduced by the authorities. The court said the Health Minister is authorised by law to recommend measures to tackle the spread of serious diseases. However they called on the authorities to continuously review the restrictions and measures to establish a balance between serving public interests, securing the safety of society and safeguarding the health system while preserving the rights of individuals and their economic and social rights. They called on authorities to revise the duration of the curfew and travel restrictions.

Bahrain: Telecommunication Regulatory Authority Signs Cooperation Agreement with Arab Centre for Dispute Resolution

19/03/202119/03/2021
by Benjamin Filaferro

Bahrain’s Telecommunications Regulatory Authority has signed a cooperation agreement with the Arab Centre for Dispute Resolution. The agreement aims to organise and manage disputes relating to the BH and Albahrain’ Internationalised Domain Name domain names. The Centre will coordinate with complainants, respondents and registrars to complete the necessary documents for filing cases, in addition to the panellists adopted by the Centre.

UAE: Artists and Social Media Influencer Activities Subject to VAT

12/03/202112/03/2021
by Benjamin Filaferro

The UAE’s Federal Tax Authority has issued a bulletin clarifying that services provided by artists and social media influencers for consideration are subject to VAT. The bulletin specifies VAT applies to these services provided by artists and social media influencers which include any online promotional activities performed on behalf of other businesses for consideration, like promoting a product in a blog or a video or otherwise promoting a business on a social media post. It also includes any physical appearances, marketing and advertising related activities, providing access to any social media influencers’ networks on social media, and any other services the social media influencer may provide for consideration. It clarifies that if an artist or influencer incurs any costs in providing a service and subsequently recovers that cost from their client, the reimbursement falls within the scope of VAT in the UAE.

Saudi Arabia: Accounting and Auditing New Law Reduces Experience Requirement

12/03/202112/03/2021
by Benjamin Filaferro

Saudi Arabia’s Accounting and Auditing Law, which has recently been approved by the Cabinet amends the title of the Saudi Authority for Chartered Accountants to the Saudi Authority for Auditors and Accountants. It authorises the issuing of licenses to practice accounting and auditing for part timers and reduces the experience requirement to a year instead of three years.

Qatar: New Contracts for Domestic Workers on the Way

12/03/202112/03/2021
by Benjamin Filaferro

Following the issuing of Qatar Law No. 15/2017 by the Administrative Development, Labour and Social Affairs Ministry, an official at the International Labour Organisation Project Office in Qatar has announced new contracts will soon be issued to domestic workers coming to Qatar. They will specify their working hours, tasks and leave and overtime entitlements. Domestic workers will not be able to work more than two hours overtime and there are provisions on how compensation for overtime will be calculated. It will be calculated on the same basis as overtime for workers covered by the Labour Law. Domestic workers will also be entitled to the same sick leave benefit as any other workers in Qatar. Both domestic workers and employers will be able to terminate the contract providing they give reasonable notice. The new contract also specifies domestic workers should not be charged for their recruitment. These costs should be paid by the employer. The new contract aims to equalise the rights between domestic workers and workers covered by the Qatari Labour Law. It will reduce miscommunication in employment relationships and improve transparency in tasks between employers and domestic workers.

Bahrain: Minimum Salary for Sponsoring Family Members Increased

12/03/202112/03/2021
by Benjamin Filaferro

Bahrain’s Interior Minister has issued a Decision to increase the minimum monthly salary requirement for expatriates looking to sponsor their family members. Previously, the minimum monthly salary requirement was 250 Dinars. It has now been increased to 400 Dinars. To sponsor children who are over 24 or parents, the minimum monthly salary has to be at least 1,000 Dinars. They must also have valid health insurance in Bahrain. The Nationality, Passports and Residence Affairs may issue exceptions.