News developments Archives - Page 28 of 223

Sharjah: Imposes 20% Tax on Natural Resource Companies

21/02/202521/02/2025
by Tanya Jain

Khaleej Times, 13 February 2025: Sharjah has introduced a new law imposing a 20% corporate tax on companies involved in both extractive and non-extractive natural resource activities.

Extractive companies, which focus on the extraction of raw materials such as oil, metals, minerals, and aggregates, will be taxed based on their taxable base.

This base is determined by the total share of the company from the value of produced oil and gas, following specific agreements with the Sharjah Oil Department.

Additionally, royalties, bonuses, and annual rents for concession areas will be calculated according to these agreements.

Non-extractive companies, which handle the separation, treatment, refinement, processing, storing, transporting, marketing, or distribution of natural resources, will also face a 20% tax.

Their taxable base is calculated from net taxable profits, with adjustments for asset depreciation and tax losses.

Depreciation of non-current assets is set at 20% annually, and tax losses can be carried forward to future periods.

Compliance with this tax law is essential for renewing concession rights or commercial licenses in Sharjah.

Companies must maintain accurate records and supporting documents for seven years.

A financial penalty of 5% of the total due tax will be imposed for intentional tax evasion violations.

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Saudi Arabia: Finance Minister Approves Executive Regulations for Zakat Collection

21/02/202521/02/2025
by Tanya Jain

Agraam, 15 February 2025: The Saudi Finance Ministry has approved the latest executive regulations for Zakat collection, aimed at streamlining the process across various business sectors.

The comprehensive 128-article regulations provide detailed guidance on Zakat procedures, addressing challenges faced by those required to pay.

These regulations includes all aspects of Zakat collection, including rules established through independent ministerial decisions.

They cover the calculation of Zakat for taxpayers, financing activities, and investors in investment funds.

Additionally, exemptions are outlined for properties owned by endowments, charitable organisations, and training units.

Significant updates include the introduction of a minimum Zakat base and a cap to protect taxpayers from escalating costs.

These regulations will apply to fiscal years beginning 1 January 2024, with declarations due in 2025, following the specified conditions and guidelines.

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Qatar: Streamlined Environmental Permits for Industrial Growth

21/02/202521/02/2025
by Tanya Jain

The Peninsula, 14 February 2025: The Ministry of Commerce and Industry (MOCI) and the Ministry of Environment and Climate Change have unveiled a new initiative aimed at streamlining the process of issuing environmental permits for industrial facilities.

The initiative introduces a simplified process for granting environmental permits, aligning with international best practices.

Under this new system MOCI will directly issue industrial permits for 861 activities, based on predefined environmental criteria, once the construction of the facility is completed.

This change benefits investors involved in 66% of all industrial activities.

Additionally, the initiative exempts 257 industrial activities from needing environmental and operational permits from the Environment and Climate Change Ministry, covering 20% of all industrial activities.

Only 182 activities, representing 14% of the total, will require prior environmental approval.

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Oman: FSA Implements IFRS for Financial Reporting

21/02/202521/02/2025
by Tanya Jain

The Arabian Stories, 17 February 2025: The FSA has issued Oman Financial Services Authority Decision No. 2/2025, mandating the adoption of International Financial Reporting Standards (IFRS) for preparing and reviewing financial statements across the Sultanate.

The resolution, which is based on the law regulating the accounting and auditing profession and the establishment of the Financial Services Authority (Oman Sultani Decree No. 20/2024), states that all practitioners in the accounting and auditing field must comply to IFRS when preparing financial statements.

However, the decision allows SMEs to opt for the simplified IFRS for SMEs model, as long as it does not conflict with any regulatory requirements.

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Kuwait: Introduces New Service to Access Constitutional Court Rulings

21/02/202521/02/2025
by Tanya Jain

Arab Times, 13 February 2025: The Justice Ministry has unveiled a new service, allowing users to access the Constitutional Court’s rulings via the unified government e-services application, “Sahel.”

Available in the Constitutional Court section of the app, it offers a swift and efficient method for reviewing significant judicial decisions.

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Fujairah: All Government Employees to Receive Comprehensive Health Insurance

21/02/202521/02/2025
by Tanya Jain

Khaleej Times, 12 February 2025: In a move to enhance employee welfare, all government employees in Fujairah will now receive health insurance coverage.

This initiative is part of a decision by the Crown Prince of Fujairah to implement a comprehensive health insurance system for all workers across local government institutions and departments.

Bahrain: Parliament Approves Immediate Housing Allowance Plan

21/02/202521/02/2025
by Tanya Jain

The Daily Tribune, 12 February 2025: Bahrain’s Parliament has approved a proposal to eliminate the five-year waiting period for housing allowance payments, allowing families to receive financial support as soon as their applications are approved.

The initiative, described as long overdue, addresses the rising cost of living and aims to provide immediate relief to families, particularly newlyweds, who struggle with rent while awaiting assistance.

The current system, which requires applicants to wait five years before receiving any financial aid, has been criticised as an unnecessary burden on those already facing financial difficulties.

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Ajman: Enforces Stricter Penalties for Veterinary Violations

21/02/202521/02/2025
by Tanya Jain

Khaleej Times, 14 February 2025: Ajman Municipality has implemented a comprehensive plan to ensure veterinary facilities comply with federal regulations through regular inspection campaigns.

Veterinary establishments are required to dispose of expired products safely via accredited companies within three months of expiration.

In collaboration with the Ministry of Climate Change and Environment, the municipality has emphasised regulatory compliance and environmental safety.

Violators face fines from Dh10,000 to Dh500,000 under Federal Law No. 9/2017.

The municipality also mandates proper documentation, including valid licenses and contracts for pest control and safe disposal.

Key directives include restricted pesticide use and sourcing medicines from approved suppliers.

Non-compliance may lead to fines, product confiscation, or facility closure.

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Abu Dhabi: Eases Business Expansion Rules for Non-Local Firms

21/02/202521/02/2025
by Tanya Jain

Dubai Eye, 13 February 2025: Abu Dhabi’s Department of Economic Development has introduced new measures to facilitate business growth and expansion within the emirate.

The updated regulations allow companies registered in other emirates and their free zones to establish branches in Abu Dhabi without the requirement of a physical office for the first year.

A total of 1,200 economic activities across various sectors are exempt from the need for physical premises for one year from the date of their licence issuance.

Business owners from other emirates can apply for a new branch licence through the TAMM digital platform, which simplifies the process with online document submissions, approvals, and payments.

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Saudi Arabia: Health Ministry Enforces Compliance with Health Regulations

18/02/202518/02/2025
by Tanya Jain

Ajel, 12 February 2025: The Health Ministry has emphasised the necessity of full compliance with the approved regulations and laws regarding the practice of health professions, private health institutions, and pharmaceutical establishments and products.

The ministry has added that the Health Professions Practice System stipulates that a health practitioner must not engage in diagnostic and treatment methods that are not scientifically recognised or prohibited in the Kingdom.

It is also prohibited, except in cases specified by the executive regulations, for the practitioner to advertise themselves or promote themselves directly or through intermediaries.

The Private Health Institutions System also stipulates the prohibition of advertising health institutions except in accordance with the executive regulations and professional ethics, and it prevents the health practitioner from advertising themselves or using unapproved titles.

The Pharmaceutical Establishments and Products System states the prohibition of trading pharmaceutical and herbal products before registering them with the General Authority for Food and Drug, and that pharmaceutical product advertisements must comply with the regulations specified in the executive regulations.

Anyone who sells, dispenses, or possesses unregistered pharmaceutical products with the intent to trade is considered in violation of this system.

The Health Ministry has stated that penalties in these cases include: a financial fine of up to 10 million riyals, imprisonment for up to ten years, closure of the establishment, and revocation of the licence (for the establishment and the practitioner).

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