News developments Archives - Page 217 of 223

UAE: DFSA and Hong Kong to establish a framework for cooperating in FinTech innovation

05/09/201711/12/2019
by Benjamin Filaferro

Dubai’s Financial Services Authority has signed an agreement with Hong Kong’s Securities and Futures Commission to establish a framework for cooperating in FinTech innovation. The agreement was signed for the Authority by its Chief Executive, Ian Johnston and for the Commission by its Chief Executive, Ashley Alder. Under the agreement, both Authorities will share information on FinTech developments and innovations in their respective markets. Both regulators will also refer innovative firms to the other’s markets and provide them with regulatory guidance.

Bahrain: Implementation of Bahrain Edict No 130/2016 postponed

04/09/201711/12/2019
by Benjamin Filaferro

Bahrain’s Chamber of Commerce and Industry has announced it is postponing the implementation of Bahrain Edict No 130/2016, which would have come into force next month, until March 2018. It follows a series of meetings between the Industry, Commerce and Tourism Ministry and the Chamber about the proposed increase. The meeting between the Ministry and the Chamber followed directives from HRH Prime Minister Prince Khalifa bin Salman Al Khalifa.

UAE: Dubai’s Airport Freezone Authority has released the first detailed halal industries guide

30/08/201711/12/2019
by Benjamin Filaferro

Dubai’s Airport Freezone Authority has released a detailed halal industries guide as part of its campaigns to contribute to the Emirate’s aim to become the region’s Islamic economy capital. The guide is the first of its kind. It defines Halal products in different industries and highlights numerous financial investment possibilities for international financiers.

Bahrain: All maritime companies should apply for a licence within six months

29/08/201711/12/2019
by Benjamin Filaferro

Bahrain’s Ports and Maritime Affairs Department at the Transport and Telecommunications Ministry has informed all companies and commercial enterprises registered in Bahrain they should apply for a licence with the Department within six months. This is line with Bahrain Law No. 9/2017 related to the charter of maritime service licences. The Department said companies which work in managing and operating private and public ports, maritime guiding, maritime shipping agencies, ship agencies and other related services should apply for the licence.

UAE: The Federal Tax Authority has announced online VAT registration for businesses

22/08/201711/12/2019
by Benjamin Filaferro

The UAE’s Federal Tax Authority has announced online VAT registration for businesses will be introduced next month. It follows the issuing of the Tax Procedure Law (Federal Law No. 7/2017) last month. The Excise Tax and VAT Laws are expected to be issued in the third quarter this year and the relevant regulations will be issued in the fourth quarter.

Bahrain: New laws approving the Kingdom’s accession to the Agreement on Third Party Indemnity

21/08/201711/12/2019
by Benjamin Filaferro

Bahrain’s King has issued two Laws, including Bahrain Law No. 29/2017 approving the Kingdom’s accession to the Agreement on Third Party Indemnity for Damage Caused by Aircrafts. He also issued Bahrain Law No. 30/2017 approving the Kingdom’s accession to the Agreement on Third Party Indemnity for Damage Caused by Unlawful Acts of Interference which includes Aircrafts. Both Laws will be published in the Official Gazette.

Qatar: consultation launched on the amendments to the 2016 Spam Regulation

15/08/201711/12/2019
by Benjamin Filaferro

Qatar’s Communications Regulatory Authority has launched a consultation on its amendments to the 2016 Spam Regulation following its regulatory review. The consultation ends on 1 October 2017. The amended regulation sets out the particular obligations on service providers, and both senders and users of electronic communications for direct marketing in line with Qatar’s regulatory framework. The aim is to align the regulation more closely with the Data Privacy Law published last year and reduce the number of spam complaints, direct marketing and cyber-crime.

Kuwait: Cabinet has approved the draft laws regarding the GCC unified selective excise tax and VAT

14/08/201711/12/2019
by Benjamin Filaferro

Kuwait’s Cabinet has approved the draft laws regarding the GCC unified selective excise tax and VAT. The drafts have been referred to the National Assembly for their consideration. The selective tax will be levied at 100% on tobacco and energy drinks and 50% on soft drinks. The draft bill includes a fine of up to 4000 Dinars for taxpayers who fail to comply with the tax rules. Those who report people who don’t comply will be rewarded. VAT will be introduced across the GCC on 1 January 2018 at 5%.

Find out more about the impact of VAT on different sectors of the UAE from a range of legal experts

10/08/201711/12/2019
by Benjamin Filaferro

There is still uncertainty surrounding the expected implementation of the new VAT regime. Lexis Middle East Law cuts through the ambiguity with a wide range of practical commentary from leading international and local law firms. Here is a selection of some of the articles that have been recently uploaded:

How VAT legislation will change the business set up models in the UAE

BSA Ahmad Bin Hezeem & Associates

http://www.lexismiddleeast.com/doc/2455752_2455753?highlight=vat

VAT Law-Analysis of VAT implications on corporate group structures

Hadef & Partners

http://www.lexismiddleeast.com/doc/2450808_2450811?highlight=vat

How will VAT impact the UAE Real Estate sector?

Hadef & Partners

http://www.lexismiddleeast.com/doc/2450792_2450793?highlight=vat

VAT–Is your business prepared?

Clyde & Co

http://www.lexismiddleeast.com/doc/2442196_2442198?highlight=vat

VAT and Commercial Contracts

Al Tamimi

http://www.lexismiddleeast.com/doc/4C4D454C415F323031365F53657074656D6265725F3234?highlight=vat

Lexis Middle East Law provides the largest online collection in the world of articles and commentaries on Middle East law, with contributions from hundreds of regional legal experts.

Qatar: Draft law allowing some expatriates to obtain permanent residency

08/08/201711/12/2019
by Benjamin Filaferro

Qatar’s Cabinet has approved a draft law allowing some expatriates to obtain permanent residency. It is the first move of its kind in the GCC. Children of Qatari women married to non-Qataris, as well as expatriates who provide outstanding services to the country will be allowed to obtain permanent residency. If approved, the Interior Minister will be able to grant a permanent residency ID to a non-Qatari if they meet the conditions in the law.

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