News developments Archives - Page 30 of 223

Sharjah: Ruler Issues Law on Human Resources for Military Personnel

06/02/202506/02/2025
by Hannah Gutang

A new law has been enacted in Sharjah, amending previous legislation concerning human resources for military personnel in regulatory bodies.

This amendment introduces changes to the promotion and retirement processes, as well as the establishment of a Police Judiciary Council.

The revised law mandates the formation of committees within regulatory bodies to oversee promotions and retirements, ensuring candidates meet the necessary criteria.

For higher-ranking officers, proposals for promotion or retirement must be submitted to the Ruler for approval, while decisions for lower ranks are handled by the respective bodies.

The newly established Police Judiciary Council is tasked with reviewing disciplinary violations and imposing penalties, with its decisions requiring ratification by the head of the relevant regulatory body.

These changes aim to enhance the governance and accountability of military personnel within the emirate.

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Saudi Arabia: Waives Tax Fines

06/02/202506/02/2025
by Hannah Gutang

Arabian Business, 4 February 2025: Saudi Arabia has announced it will waive a range of fines and penalties on tax violations as it looks to support businesses registered in its tax system.

The Zakat, Tax and Customs Authority (ZATCA) has urged taxpayers to seize the opportunity presented by the cancellation of fines and exemption of penalties initiative, which is available until 30 June 2025.

This initiative offers a reprieve from fines associated with late registration, payment, and filing of returns under all tax laws.

Additionally, it includes waivers for penalties related to correcting VAT returns, violations of VAT field control, and non-compliance with e-invoicing and other VAT regulations.

To benefit from this initiative, taxpayers must be registered with the tax system, submit any previously unfiled returns to ZATCA, and settle all outstanding principal tax debts related to those returns.

An option to apply for an instalment plan is also available, provided the application is made while the initiative is active and all payments are made on time as per the approved schedule.

However, the initiative does not extend to penalties related to tax evasion or fines that were settled before the initiative commenced.

ZATCA encourages taxpayers to familiarise themselves with the initiative’s details through the simplified guidelines on its website.

These guidelines offer a thorough explanation of the types of penalties covered, the conditions for exemption, the process for managing instalment payments, and information on field control violations.

For further inquiries, taxpayers can contact ZATCA via phone: 19993, X: @Zatca_Care, Email: info@zatca.gov.sa and Online: zatca.gov.sa.

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Qatar: MoJ Unveils New Digital Real Estate Services

06/02/202506/02/2025
by Hannah Gutang

Qatar Tribune, 5 February 2025: The Ministry of Justice (MoJ) in Qatar has launched a new suite of electronic services aimed at modernising real estate registration and documentation.

The updated Sak Application now offers services such as issuing replacement title deeds, correcting property details, and managing mortgages.

It also features QR codes on title deeds for easy access to property information and location via GIS and Google Maps.

Transactions can be completed electronically, with documents delivered through Qatar Post, reducing the need for in-person visits.

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Oman: Approves Draft Personal Income Tax Law

06/02/202506/02/2025
by Hannah Gutang

The Arabian Stories, 28 January 2025: The State Council and Majlis Al Shura have approved the draft laws on personal income tax with recommendations on some articles.

On the Personal Income Tax Law, both State Council and Shura agreed to raise the tax exemption limit to RO 50,000 (annual income) for the benefit of the middle class and reduce the percentage to 5%.

Both the Councils have also agreed not to calculate the gratuity or other end-of-service benefits within the Personal Income Tax as they are not considered a sources of income.

As per the draft income law, individuals who are earning monthly salaries of above RO 2,500 (over RO 30,000 income annually) will be subjected to income tax once it is implemented. However, both

Members of the Council have agreed that the minimum income of RO 30,000, which covered around 32,000 people, was proposed by the government according to a study conducted in 2019/2020.

Some members also suggested to postpone the implementation of the law but if the law is implemented the minimum income has to be raised and other recommendations should be also included.

The Finance Minister had confirmed that Personal Income Tax Law will not be imposed unless conditions are suitable for it to be implemented.

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Kuwait: Banks Lift Minimum Salary Limit for Opening an Account

06/02/202506/02/2025
by Hannah Gutang

Arab Times, 30 January 2025: The Central Bank of Kuwait has issued a directive to banks to open accounts for all customer categories, including those with limited or low incomes, job holders, workers in simple service and craft jobs, and domestic workers.

This move aims to simplify procedures and ensure that banks do not refuse account openings based on salary or income level.

By lifting the minimum salary requirement, middle- and low-income individuals can now access bank accounts in all local banks.

This initiative aligns with the regulatory authority’s focus on financial inclusion, ensuring that banking services are accessible to all segments of society.

It allows individuals to open accounts through official channels at an appropriate quality and cost, protecting their rights and enabling proper money management.

These accounts are crucial for storing funds and facilitating payment transfers.

The removal of barriers aligns with the goal of enhancing financial inclusion, as restricting access to banking services prevents many individuals from accessing useful and affordable financial products.

The effort to make low-value and low-cost bank accounts available also supports the promotion of digital payments.

Recent data indicates that domestic workers make up a significant portion of Kuwait’s workforce, highlighting the importance of this initiative.

The Central Bank stresses the need to make it easier for all societal segments to open bank accounts, urging banks to remove obstacles that prevent certain groups from accessing these services.

The directive also extends to facilitating lending and small deposits, broadening the range of financial services available to all individuals.

This effort aims to provide better opportunities for managing money and securing financial services.

Opening a bank account is seen as a crucial first step in accessing broader financial services, encouraging the use of other financial products like money transfers and limited credit, which can improve quality of life.

Banks are required to comply with the Central Bank’s directive to open accounts for individuals with low salaries, including “worker account holders.

However, these accounts are not actively marketed due to the pressure they place on banking systems, as they typically do not generate significant benefits for banks.

The Central Bank’s initiatives also extend to businesses, including small and medium-sized enterprises (SMEs), with efforts to facilitate access to financial services for these businesses.

The regulatory system is developing strategies and policies to promote financial inclusion, encouraging the use of official financing channels and modern financial technology to reduce operational costs and ease pressures on banks serving low-income customers.

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Bahrain: Proposes Tough Penalties for Privacy Violations

06/02/202506/02/2025
by Hannah Gutang

The Daily Tribune, 3 February 2025: In Bahrain, a new legislative proposal is making waves as it seeks to impose stringent penalties on individuals who invade others’ privacy.

The proposed law, currently under discussion, aims to deter privacy violations by introducing severe consequences, including imprisonment and substantial fines.

This move reflects a growing recognition of the importance of personal privacy in the digital age, where unauthorised access to personal information has become increasingly prevalent.

The legislation highlights the commitment to safeguarding citizens’ rights and ensuring that privacy breaches are met with appropriate legal repercussions.

As the debate continues, the proposal has sparked significant public interest and discussion about the balance between security and personal freedom.

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UAE: Advances with $790M VAT Refunds and Digital Expansion

30/01/202530/01/2025
by Hannah Gutang

Arabian Business, 26 January 2025: The UAE has made significant progress in its tax refund initiatives, granting $790 million in VAT refunds to nationals constructing new homes and unveiling VAT waivers for tourists.

The Federal Tax Authority (FTA) has highlighted the success of its digital VAT refund systems, which have been enhanced through ongoing digitalisation efforts.

Since the inception of the VAT-refund service for UAE nationals building new residences, 34,900 applications have been approved, amounting to AED2.9 billion ($790 million).

This marks a notable increase from the previous year’s figures, with a 27.52% rise in approved applications and a 32% increase in refund value.

In 2024 alone, 7,520 applications were approved, totaling AED704.38 million ($192 million).

The growth trajectory is evident when compared to previous years, with applications rising from 270 in 2018 to 8,250 in 2023.

The FTA has also expanded the digital VAT-refund scheme for tourists, with the number of registered retail outlets growing to 17,847 by the end of 2024.

This expansion includes the addition of 1,490 new retailers in 2024, contributing to a total of 3,008 outlets over two years.

The FTA is committed to enhancing the tourist experience by increasing the number of self-service kiosks for tax refunds, which now total 97 across major shopping malls, hotels, and airport terminals.

These kiosks process transactions in under two minutes, reflecting an 18.3% increase from the previous year.

The authority has emphasised its dedication to advancing digital systems in line with global best practices and the UAE’s digital transformation strategy.

The FTA plans to continue launching projects in 2025 to further streamline tax services, reduce bureaucracy, and enhance customer satisfaction.

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Saudi Arabia: Allows Foreigners to Invest in Listed Companies

30/01/202530/01/2025
by Hannah Gutang

The Saudi Capital Market Authority (CMA) has announced a significant policy change allowing foreign investors to invest in listed Saudi companies that own real estate in the holy cities of Makkah and Madinah.

Effective from 27 January 2025, this move is designed to boost investment, enhance the capital market’s appeal, and strengthen its competitiveness on both regional and international levels, while supporting the local economy.

The CMA’s decision follows the approval of regulations that exclude certain companies from the definition of “Non-Saudi” under the Law of Real Estate Ownership and Investment by Non-Saudis.

Foreign investments will be limited to shares and convertible debt instruments of these companies, with a cap of 49% ownership for non-Saudis.

Strategic foreign investors are exempt from owning shares or convertible debt instruments.

This initiative allows non-Saudi investors to tap into the economic benefits of projects in Makkah and Madinah without breaching existing laws.

Additionally, Saudi-listed companies can acquire property rights for their headquarters or branches in these cities, provided they comply with specific regulations.

The CMA has been actively working to make the Saudi capital market more attractive to foreign investors, aligning with the goals of Saudi Vision 2030.

This includes previous measures like allowing foreign residents to invest directly in the stock market and enabling foreign strategic investors to acquire stakes in listed companies.

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Qatar: GRSIA Enhances Social Insurance with New Regulations

30/01/202530/01/2025
by Hannah Gutang

The Peninsula, 27 January 2025: The General Retirement and Social Insurance Authority (GRSIA) has welcomed the ratification of the executive regulations of Qatar Law No. 1/2022.

These regulations are designed to enhance transparency and efficiency in the implementation of the Social Insurance Law, ensuring the rights of insured citizens and promoting financial sustainability.

The regulations establish a clear framework for retirement and insurance contributions and benefits, with GRSIA committed to delivering high-quality services to all beneficiaries.

Notably, the regulations introduce an additional bonus for each year beyond the 30th year of subscription, up to a maximum of ten years.

This bonus is calculated based on the pension account salary, with specific provisions for the first five years and subsequent years, while ensuring the pension account salary does not exceed 100,000 riyals.

Additionally, the regulations address advances for retirees, allowing for a maximum advance of 300,000 riyals, repayable over five years through monthly pension deductions.

Qatar has also ratified Qatar Ministerial Decision No. 4/2025, issuing the executive regulations of Qatar Law No. 2/2022 on military retirement.

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Oman: Revamps Real Estate Fees to Boost Investment

30/01/202530/01/2025
by Hannah Gutang

Arabian Business, 27 January 2025: In a significant move to encourage the investment landscape, the Housing and Urban Planning Ministry has revised real estate service fees, aiming to enhance service efficiency and provide greater value to beneficiaries.

These changes, affecting 85 government services, include the streamlining and merging of 47 service fees, the cancellation of 11, reductions in 8, and the introduction of 14 new services.

This initiative highlights a commitment to transparency in service pricing and application.

Among the notable amendments, the registration fees for real estate sales contracts have been halved from 2% to 1% for Omani individuals and companies, significantly reducing ownership costs.

Additionally, fees for real estate transactions through Islamic banks have been set at 0.5%, facilitating tailored financing solutions.

Mortgage registration fees are now capped at 0.5%, offering more flexible financing opportunities for investors.

The revised fee structure is part of a broader government strategy to attract investment and support the real estate sector.

It includes provisions for reimbursing amounts paid for changes in business activity type, providing financial relief to existing investors.

Adjustments have also been made to land use permit fees, with exemptions for agricultural lands converted for non-investment purposes within government planning zones.

Furthermore, certain e-government service fees have been eliminated, promoting digital transformation and reducing financial burdens on citizens.

To make property ownership more accessible, the decision exempts several groups from real estate ownership fees, including low-income earners, persons with disabilities, beneficiaries of the Family Income Scheme, and retirees with a monthly income below RO 300.

Enhanced regulation and transparency are also key aspects of the amendments, which cover fees for real estate brokerage licences, development services, valuation professionals, and services for real estate owners’ associations.

The ministry anticipates that these changes will increase beneficiary satisfaction to 90%, with clearer fee structures and simplified processes enhancing the user experience.

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