News developments Archives - Page 205 of 223

Egypt: Social Media Advert Tax Law Under Consideration

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

Egypt’s Finance Minister has announced a draft public finances law and a law on taxing advertising on social media sites are under considerations. The proposed legislative developments are part of a wider initiative, including amendments to the country’s 2005 Income Tax Law, Egypt Law No. 91/2005. The draft social media law will impose taxes on adverts displayed on social media. The Minister mentioned Facebook specifically as a platform where adverts can be placed without sufficient control. He also said the Government will send a draft customs law to the House of Representatives in the coming weeks to consider.

Egypt: Proposal to Grant Residency to Foreigners Who Purchase Property Under Consideration

10/11/201811/12/2019
by Benjamin Filaferro

Egypt’s Housing Ministry has announced criteria for granting residency to foreigners who purchase residential units under construction are being considered. The Ministry said residency will be granted to owners of units who purchase them in US Dollars, provided the minimum payment for a unit is 40% of its price or at least $100,000 and the period of construction of the property does not exceed four years. The Ministry added the passport department is responsible for determining the length of stay, according to the transfer amount. The Ministry added that in terms of constructed residential units, residence will be granted in line with the law and an Interior Ministry Decision to this effect.

Saudi Arabia: VAT Registration Deadline for Small and Medium Sized Enterprises Looming

10/11/201811/12/2019
by Benjamin Filaferro

The Saudi Arabian authorities have provided a transitional concession to SMEs who exceed the mandatory threshold of 375,000 Riyals for VAT registration purposes, but make supplies of less than 1,000,000 Riyals in a 12 month period by delaying their need to register for VAT until 1 January 2019. However this extension is rapidly drawing to a close and affected SMEs now need to focus on addressing the requirement to become VAT compliant.

UAE: VAT Tourist Refund Scheme to be Launched on November 18

30/10/201811/12/2019
by Benjamin Filaferro

The UAE’s Federal Tax Authority has announced the Tax Refund for Tourists Scheme will start on 18 November. It will allow eligible tourists to request VAT refunds they incur on purchases. The first phase will see the digital system of the Tax Refund for Tourists Scheme implemented at Abu Dhabi, Dubai and Sharjah International Airports. By mid-December, the system will be fully operational and will include all airports and land and sea ports in the UAE in line with the Cabinet Decision to strengthen the UAE’s leading position as a global tourist destination.

Egypt: Amendments to Real Estate Tax Law Approved

30/10/201811/12/2019
by Benjamin Filaferro

Egypt’s Parliamentary Budget Committee has approved the amendments to the 2008 Real Estate Tax Law. The Committee approved the proposal to extend the real estate revaluation period from August 2018 to August 2021, instead of the Government’s proposal to extend it 2020 only. It is understood the Government will submit a new draft real estate taxes law before 31 December, which will include significant amendments. The Finance Ministry has agreed to make changes to prepare for implementing the real estate tax law in the coming days.

UAE: Regulations Regarding Residence Permits and Visitor Visas to Come into Effect

22/10/201811/12/2019
by Benjamin Filaferro

The UAE’s Federal Authority for Identity and Citizenship has announced that from 21 October 2018, it will start implementing select UAE Cabinet Decisions regarding residence permits and visitor visas. It is expected that on 21 October 2018 the regulations on residence permits for widowed or divorced women, residence permits for students under parents’ sponsorship and in-country visit visa renewal will come into effect.

Qatar: Exit Permit Requirement for Foreign Nationals’ Departure from Qatar to be Abolished

22/10/201811/12/2019
by Benjamin Filaferro

Qatar’s Interior Ministry and Administrative Development, Labour and Social Affairs Ministry has announced the exit permit requirement for foreign nationals’ departure from Qatar will be abolished on 28 October 2018. The Ministry has also called on employers to submit lists of individuals who, based on the nature of their work, should continue to obtain their sponsor’s pre-approval before exiting Qatar. The number of these workers must not exceed 5% of the total headcount of the company.

UAE Federal Tax Authority Issues VAT Guidelines on Insurance

14/10/201811/12/2019
by Benjamin Filaferro

The UAE’s Federal Tax Authority has published VAT guidelines on insurance to provide guidance on the VAT treatment of insurance transactions. Amongst other things, the guide clarifies the export of life insurance/life re-insurance services outside the implementing states is zero rated rather than exempt and accordingly the related input tax is recoverable in full. It adds insurance services in relation to real estate will not be treated as services related to real estate provided consideration for the insurance services is not included in the real estate service charges. In addition, the collection of a premium on behalf of the insurer or remittance of the premium to the insurer by a disclosed insurance broker is not subject to VAT. Employers will also not be able to recover VAT on the purchase of health insurance for employee family members unless there is a legal obligation or a contractual obligation and it is necessary to enable the employee to perform their employment duties.

Dubai’s Rental Disputes Centre has Launched the Rental Good Conduct Certificate Service

14/10/201811/12/2019
by Benjamin Filaferro

Dubai’s Rental Disputes Centre has launched the Rental Good Conduct Certificate service. The service is the first of its kind in the region and is aimed at enhancing trust between landlords and tenants. It is also aimed at reducing the number of disputes between them. It is part of moves to improve the Emirate’s performance in this area.

Saudi Arabia: Recommendation to Divide Government Projects into Small Shares

06/10/201811/12/2019
by Benjamin Filaferro

A Saudi-American joint report has recommended dividing Government projects into small shares to ease the process of giving tenders to small companies. The report also recommended allocating some of the procurement shares of public and private sectors to small and medium enterprises. The report was prepared by the Saudi-American Business Council on the development of small and medium enterprises in partnership with the research company Accountability. It also highlighted regulatory bodies need more indexes and indicators to measure the performance of SMEs to support their development.