The undersecretary of the Municipality Affairs Ministry, Nabil Mohamed Abdelfateh has announced the Ministry has formed a working group to put optional guidelines in place for the evaluation of green buildings. The aim is to encourage the construction of green buildings which are environment friendly. Abdelfateh added the first draft of the guidelines will be optional and will be sent out for consultation with other relevant parties like the Urban Planning and Development Authority, Agriculture and Marine Wealth, Energy Ministry, developers and investors.
Abu Dhabi’s Economic Development Department has announced it has increased the fines for entities using bogus economic licences. The fines have been increased to 50,000 AED and violators will be blacklisted. The announcement follows the Department intensifying its monitoring of compliance with the regulatory regime.
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’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.
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’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.
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’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’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’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%.
