News developments Archives - Page 204 of 223

Bahrain: Consultation on Draft Crypto-Asset Platform Operator Rules launched

22/12/201811/12/2019
by Benjamin Filaferro

Bahrain’s Central Bank has launched a consultation on draft crypto-asset platform operator rules. The consultation ends on 31 December 2018. The proposed framework will cover licensing requirements, financial resources and measures to safeguard client or customer interests, technology standards and cyber security risk management measures, reporting and other requirements. The aim is to provide a regulatory framework for licensing and supervising crypto-asset services including those provided by a platform operator as a principal, agent and as a custodian, in or from the Kingdom.

Bahrain: Real Estate Regulatory Authority License Deadline Confirmed

15/12/201811/12/2019
by Benjamin Filaferro

Bahrain’s Real Estate Regulatory Authority has urged property managers and owner association managers to apply for a license from the Authority ahead of the 4 January 2019 deadline. Real estate brokers, sales agent and developers have already had to apply for licenses. Property managers and owner association managers are the latest categories to be regulated by the Authority. From 5 January 2019, property managers and owner association managers who operate without a license will be breaking the regulatory regime and will have the penalties outlined in Bahrain Law No. 27/2017 imposed on them.

Oman: VAT Implementation Could Be Introduced Earlier than Expected

15/12/201811/12/2019
by Benjamin Filaferro

Preparations for VAT in Oman are continuing. Comments made by a representative of the Finance Ministry in a seminar organised by the Oman Chambers of Commerce and Industry indicate VAT implementation could be introduced as early as 1 September 2019. Industry body meetings, including the financial sector and the telecoms industry, are now starting, with a view to the Government devising practical guidelines for dealing with VAT compliance requirements.

UAE: Anti-corruption Law Amendments Approved

08/12/201811/12/2019
by Benjamin Filaferro

The UAE’s President has issued a Decree-Law amending the country’s 1987 Penal Code (Federal Law No. 3/1987) and Federal Decree-Law No. 24/2018 was published in the Official Gazette on 7 October 2018. Under the changes, the law now covers foreign and domestic bribery in both the public and private sectors and international organisations. Its provisions apply outside the UAE’s territory, to anyone who commits any of the offences set out in the Code, if the criminal or victim is a UAE citizen or if the crime is committed by a public or private sector employee, or if it involves public property. The amendments to Articles 82, 170, 201, 225, 234-237, 257 and 280 have immediate effect and bring the country more into line with other countries.

Qatar: Real Estate Committee for Expatriates Established

07/12/201811/12/2019
by Benjamin Filaferro

Qatar’s Cabinet has approved a Decision establishing a committee to regulate non-Qatari ownership and real estate use. The Decision has been issued in line with Qatar Law No. 16/2018 which states non-Qataris may own and use real estate in the areas in line with the relevant conditions, controls, benefits and procedures. It stated a committee would be established and would be Chaired by a Justice Ministry representative. Individuals from the relevant authorities would also be members. The committee will propose areas where non-Qataris can own and use real estate and propose the terms and conditions of their ownership and use of real estate. It will also propose the benefits, incentives and facilities granted to property owners and non-Qatari users. In addition, it will propose fees and services in the areas determined by the Cabinet and any other functions ordered by a Ministerial Decision. The Decision also sets out how its members will be paid.

Saudi Arabia: Online Registration Process for Employment Contracts Forthcoming

01/12/201811/12/2019
by Benjamin Filaferro

The General Organisation for Social Insurance and the Labour and Social Development Ministry has launched a new initiative which allows employers in the private sector to upload and update electronic version of employment contracts for their Saudi and foreign employees. It is expected the registration process will become mandatory for all employers in Saudi Arabia in the near future. The new initiative is aimed at ensuring employment contracts conform with private sector regulations, ensuring the accuracy of data recorded in agreements and reducing labour disputes between parties. It also allows employees to review their contract online. Unlike some other jurisdictions in the region, employers in Saudi Arabia are not required to use any specific employment contract template as long as the agreement does not contravene the country’s labour regulations. However, in practice, there is no proper mechanism in place for verification of contracts. The fact the initiative is launched by the GOSI may also suggest the authorities are preparing to scrutinise the area of social contributions paid by employers and which are calculated proportionally to the employee’s remuneration.

Oman: Suspension Extended on Recruitment of Foreign Nationals in Certain Professions

01/12/201811/12/2019
by Benjamin Filaferro

Oman’s Manpower Ministry has extended its Decisions not to issue new visas for workers in several private sector professions for another six months. Three new Decisions were issued on 13 November 2018. The first profession-by-profession bans came in to force in late 2013. Under the new Decisions, visas for construction workers, cleaners, sales and marketing professionals are affected. The Decision restricting new visas for sales and marketing professionals will come into effect on 30 November, for cleaning and construction workers from 2 December 2018 and for carpenters, metallurgists, blacksmiths and brick kiln workers on 2 January 2019. Firms who are registered as excellent or international grade, consultancies and those implementing Government projects will not be affected.

Dubai: Committee to Regulate the Transplant of Organs and Tissues to be Established

24/11/201811/12/2019
by Benjamin Filaferro

Dubai’s Health Authority has announced it is working to establish a committee to regulate the transplant of organs and tissues in the Emirate. The committee will be responsible for standardising and regulating organ transplant processes in line with Federal Law No. 5/2016 on regulating the transfer and transplant of organs and tissues. The Authority has hosted a workshop to share experiences and learn about the best practices and latest developments in this area. Over 70 medical and technical teams intensive and emergency care specialists from the public and private sector hospitals in the Emirate attended and exchanged expertise and experiences in order to learn about the latest developments in organ transplant programmes, especially in Spain.

Saudi Arabia: Tax Authority Publishes English Version of General VAT Guidelines

24/11/201811/12/2019
by Benjamin Filaferro

Saudi Arabia’s General Authority for Zakat and Tax has published the English version of its general VAT guide, which was originally published in Arabic in October. The guide provides information to taxpayers on a wide variety of VAT obligations in the Kingdom. It covers topics such as VAT registration, charging VAT and issuing VAT invoices, deducting VAT on purchases, filing returns and interacting with the Authority on VAT matters and disputes. It also includes useful reference material, such as a tax invoice example, definitions of technical VAT terms, an illustrative VAT return form and a high-level decision tree for when VAT is expected to be applied. The guide is aimed at a broad audience and offers a good starting point for all taxpayers with respect to understanding VAT compliance obligations.

Saudi Arabia: Women Can be Arbitrators

17/11/201811/12/2019
by Benjamin Filaferro

The undersecretary of Saudi Arabia’s Justice Ministry and Chairman of the Appeal Court has said there is nothing which prevents women from becoming arbitrators. He was speaking during a seminar on commercial arbitration organised by Riyadh Chamber. He added mediation and arbitration should be encouraged for family disputes and said women can be commercial arbitrators but called for there to be better training of arbitrators in general. He went on to say better arbitration procedures should also be introduced to boost integrity and transparency.