News developments Archives - Page 230 of 239

UAE: Requirements for employment sponsorship transfer between companies have been tightened

11/11/201711/12/2019
by Benjamin Filaferro

With immediate effect, the UAE’s General Directorate of Residence and Foreigners Affairs has tightened the requirements for employment sponsorship transfer between companies located in the same free trade zone. As a result, all foreign nationals must now undergo a medical examination and obtain a new Emirates ID card. They will be issued a new employment residency permit with a validity of up to three years whereas previously, the visa was issued for the remainder of the initial visa’s validity. Transferee’s dependent’s residency permits are unaffected by this change.

Qatar: Decree-Law amending the country’s 2005 Investment Free Zones Law issued

11/11/201711/12/2019
by Benjamin Filaferro

Qatar’s Emir has issued a Decree-Law amending the country’s 2005 Investment Free Zones Law. Qatar Decree-Law No. 21/2017 amends Qatar Law No. 34/2005. It will come into effect on its issued date and will be published in the Official Gazette.

KSA: New tourism visa plans

04/11/201711/12/2019
by Benjamin Filaferro

According to local newspaper reports, Saudi Arabia’s Government has approved new tourism visa plans. To begin with visas will only be issued to tourists using authorised tour operators. The announcement comes as the Kingdom looks to encourage more tourism.

GCC: VAT is likely to be introduced at different times across the GCC region

04/11/201711/12/2019
by Benjamin Filaferro

According to senior International Monetary Fund officials, VAT is likely to be introduced at different times across the GCC region. They had intended to introduce VAT simultaneously in January but so far only Saudi Arabia and the UAE look like they will do so. When it is introduced VAT will be introduced at 5%. It will require significant administrative and technical changes including detailed regulations and making sure all affected companies are registered. However all six GCC states remain committed to introducing it.

KSA: MOJ has announced the Kingdom’s commercial courts have officially launched

28/10/201711/12/2019
by Benjamin Filaferro

Saudi Arabia’s Justice Minister, Walid Al-Samaani has announced the Kingdom’s commercial courts have officially launched. There are three commercial courts in the Kingdom and they are in Riyadh, Jeddah and Dammam. It is hoped they will encourage investment in the country in line with the Saudi Vision 2030. Specialist commercial chambers have also opened in the public courts in several Saudi cities.

UAE: MOF announced it is developing the Implementing Regulations to the Federal VAT Decree-Law

28/10/201711/12/2019
by Benjamin Filaferro

The UAE’s Finance Ministry has announced it is developing the Implementing Regulations to the Federal VAT Decree-Law. The VAT rate on all taxable and exempt goods, exports and services is yet to be announced. The relevant Regulations will be published in the Official Gazette.

Bahrain: Central Bank has announced it is going to establish a dedicated Fintech Unit

28/10/201711/12/2019
by Benjamin Filaferro

Bahrain’s Central Bank has announced it is going to establish a dedicated Fintech Unit to ensure the best services are provided to individual and corporate customers in the financial sector. The announcement was made following the Bank’s latest Board meeting. The proposed Unit will be responsible for approving companies’ participation in the Regulatory Sandbox. It will also supervise licensed companies’ activities and operations, including cloud computing, payment and settlement systems, and monitoring technical and regulatory developments in the fintech field.

KSA: Kingdom is going to establish the world’s first independent economic zone

27/10/201711/12/2019
by Benjamin Filaferro

Saudi Arabia’s Crown Prince and Deputy Prime Minister has announced the Kingdom is going to establish the world’s first independent economic zone. The Neom zone will extend across Egypt, Jordan and Saudi Arabia, will cost $500 billion and cover 26,500 square kilometres. It will focus on energy and water, mobility, biotech, food, technological and digital sciences, advanced manufacturing, media and entertainment. It will be open to private and public investors as well as partnerships and will be powered by renewable energy.

KSA: Confirmation that all companies will be subject to VAT if their annual revenue is at least 375,000 SAR

27/10/201711/12/2019
by Benjamin Filaferro

Saudi Arabia’s General Authority for Zakat and Tax has confirmed all companies operating an economic activity will be subject to VAT if their annual revenue is at least 375,000 Riyals. The Authority added all companies whose annual revenue exceeds a million Riyals should register before 20 December 2017. However, companies with annual revenue between 375,000 and a million Riyals can register by 20 December 2018.

Abu Dhabi: publication of a Sustainable Construction and Demolition Waste Management Guide

27/10/201711/12/2019
by Benjamin Filaferro

Abu Dhabi’s Environment Agency together with Abu Dhabi’s Centre of Waste Management has published a Sustainable Construction and Demolition Waste Management in Abu Dhabi Guide. It provides guidance on steps to be taken by companies in the construction sector to reduce the amount of waste they produce on site. It also addresses how they can take responsibility for the collection, segregation, transfer and disposal of their waste. According to Statistics Centre Abu Dhabi, the total amount of waste generated in Abu Dhabi has been growing rapidly in recent years. The official figure for 2016 was about 9.69 million tonnes of solid waste produced or more than 26,000/day.