News developments Archives - Page 193 of 226

UAE: Terms of Loans Can be Extended for Decreased Salaries

13/12/201912/12/2019
by Benjamin Filaferro

The UAE Central Bank has issued a circular confirming that banks can amend the deduction percentage for loan repayment if the salary has been decreased for reasons other than retirement. Banks can deduct up to 50% of the salary and extend the term of the loan, be it a personal loan or a loan for real estate. The circular has also confirmed that if the said loans exceeded the permissible terms due salary reduction, the bank or finance company cannot give the customer more credit facilities.

Qatar: Independent Body to Oversee Public Private Partnership Projects Should be Established

07/12/201911/12/2019
by Benjamin Filaferro

A group of experts have called for an independent body to oversee public private partnerships in Qatar to be established. The experts made their call during a seminar on Public-Private Partnerships (PPP) which was hosted by the Qatar Chamber, the Qatar International Centre for Conciliation & Arbitration and the College of Law at Qatar University. The body would serve a similar function to competition commissions in other countries.

Oman Joins Multilateral Convention on Mutual Administrative Assistance in Tax Matters

07/12/201911/12/2019
by Benjamin Filaferro

Oman has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. It aims to tackle offshore tax evasion and avoidance. It provides for all forms of administrative assistance in tax matters: exchanges of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection. It also guarantees extensive safeguards for protecting taxpayers’ rights. The Sultanate also signed the Common Reporting Standard Multilateral Competent Authority Agreement.

Kuwait: Draft Anti-corruption Law Submitted

07/12/201911/12/2019
by Benjamin Filaferro

A Kuwaiti MP has submitted a draft amendment to the country’s law establishing the Kuwait Anti-Corruption Authority in terms of the provision on disclosing assets and liabilities. If approved, the amendment will mean MPs suspected of corruption will be immediately suspended and prohibited from contesting the next parliamentary election until a court verdict is issued. It will also mean that if a public prosecutor thinks they have collected sufficient evidence of the involvement of an MP in corruption, they will have to immediately inform the Speaker of the National Assembly and the relevant MP as well as refer the case to the appropriate court. The MP will then be suspended with full pay until a court verdict is issued or the current Parliamentary term ends.

Saudi Arabia: Yellow Band Companies Transferred to Red Band Under Nitaqat System

06/12/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Labour and Social Development Minister has issued a Decision cancelling the yellow band under the Nitaqat system. All companies which fell under this band will now be transferred to the red band. The Decision will come into force on 28 December 2019. The aim is to encourage businesses to increase Saudisation rates.

Kuwait: New Health Insurance Fees on Expats in 2020

30/11/201911/12/2019
by Benjamin Filaferro

Kuwait’s health ministry and the Health Assurance Hospitals Company (Dhaman) have started work to prepare a plan to implement new health insurance fees on expats by the beginning of 2020, according to official sources. The new fee would be KD 130 per expat working in the private sector and the same for each of their dependents. The sources said the new fee will cover medical and radiology tests and treatment. However, the new law does not specify who will be responsible for providing visitors with healthcare, but paying for healthcare of dependents will be the responsibility of the company the expat is registered with. The health ministry is expected to fully support insurance hospitals as part of its plan to force expats to receive medical treatment in private hospitals and leave public hospitals for citizens. Nonetheless, public hospitals are expected in exceptional circumstances to treat expats in emergency cases for specific fees which will be determined in related ministerial decisions.

Dubai: Golden Residency Visa System for Expatriates to be Introduced

30/11/201911/12/2019
by Benjamin Filaferro

Following an agreement between Dubai’s Chamber of Commerce and Industry and the General Directorate of Residency and Foreigners Affairs and Dubai Free Zone Council, a golden residency visa system for expatriates is going to be introduced. It will be launched as part of the ‘Be Part of Dubai’ initiative. As part of the agreement, the three organisations will work together to identify priority investment sectors in Dubai, in line with the Emirate’s income diversification targets. They will also work together to familiarise businesspeople with the opportunities available in key economic sectors, as well as with the incentives offered to foreign investors in Dubai. The agreement was signed on the sidelines of the Global Business Forum Africa 2019 in Dubai.

Bahrain: Verdicts Issued Against Six Terror Suspects

29/11/201911/12/2019
by Benjamin Filaferro

Bahrain’s First High Criminal Court issued verdicts in the case of six suspects found guilty of joining a terrorist group and attempting an explosion. They were also charged with acquiring and possessing explosives without a license, and training on the making of explosives. Five were sentenced to life in prison and the sixth was jailed for five years. They were each fined 500 Dinars and the items were seized. They had received money, advice and materials from abroad and had attempted to blow up a bank ATM but the device failed.

Oman: Discounting Rules Stressed

29/11/201911/12/2019
by Benjamin Filaferro

Oman’s Public Authority of Consumer Protection (PACP) has called on consumers to file complaints if they notice price manipulations in discount offers. There have been recent reports of so called discount prices being quoted which represent the real value of the goods in the market and another larger price is stated as the value of the goods before the discount was applied which is incorrect. The Commission has stated that it follows up on such complaints and will issue directions to violating institutions. Consumers are being asked to send the name of the shop and details of their complaints. Oman Sultani Decree No. 66/2014 and its executive regulation issued by Oman Decree No. 77/2017 under Article 36, when making discounts on the prices of goods and services, a supplier must obtain the approval of the relevant authority after coordination with the Authority, to ascertain the prices in accordance with the regulations determined by the Authority, provide a list of the number of goods available for each type of discounts and declare the sale price before and during the period of discounts for each commodity in a clear manner which is readable and provide the percentage of discount. In addition, it will cost 200 Rials to issue or renew a license for glasses shop in Muscat Governorate, 3000 Rials to renew a license of a private hospital in Muscat Governorate and 500 Rials to renew a license of a private clinic.

Kuwait: New Decision Including Regulations for Mobile Vehicles

23/11/201911/12/2019
by Benjamin Filaferro

Kuwait’s Trade and Industry Minister has issued a Decision including regulations for mobile vehicles. The Ministry said the Decision sets out five conditions for mobile vehicles operation including establishing a sole trader enterprise or a company with limited liability to operate mobile vehicles. The person establishing the company should be a natural person with Kuwaiti citizenship. The manager should be Kuwaiti and the number of vehicles shouldn’t exceed one vehicle for pensioners and two for those who operate them under Section 5 of the Social Insurance Law or those who work in the civil sector according to Section 3 of the Social Insurance Law.