News developments Archives - Page 59 of 228

UAE: AI Use in Tax Management Being Considered

25/07/202425/07/2024
by Hannah Gutang

Emaratalyoum, 17 July 2024: The Federal Tax Authority is studying the implementation of a number of future projects, including managing the tax system in the country using artificial intelligence.

The authority is also studying the establishment of offices to provide services to taxpayers at the state level, while a parliamentary report by the Authority called for the necessity of accelerating the implementation of the joint project with the Finance Ministry regarding electronic invoicing.

A parliamentary report has stated that VAT is one of the most common consumption taxes worldwide, applied as “value-added tax” or “goods and services tax” in over 150 countries, including all 29 EU member states, Canada, New Zealand, Australia, Singapore, and Malaysia.

The report has confirmed that tax revenues contribute to the continuity of providing distinguished, high-quality government services that keep pace with the country’s advanced position in global competitiveness indicators.

According to the parliamentary report, VAT was implemented in the country in coordination with the GCC countries, as they worked on this framework jointly, especially since they are linked by an economic agreement and a customs union.

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Sharjah: Decree Reorganising Business Women Council Issued

25/07/202425/07/2024
by Hannah Gutang

Albayan, 12 July 2024: The Ruler of Sharjah has issued a decree regarding the reorganisation of the Sharjah Businesswomen Council.

According to the decree, the Council has a legal personality and full capacity to carry out the necessary legal actions to achieve its goals and exercise its powers.

It has financial, administrative and technical independence, and it is considered one of the institutions affiliated with the President.

The decree states that the name of the Council will be adopted in English as “Sharjah Business Women Council” and known for short as “SBWC”.

The Council’s headquarters and main office will be in the city of Sharjah, and it is permissible, by a decision of the President, to establish branches and offices in the rest of the cities and regions of the emirate.

The decree states that the Council aims to strengthen the position of the Sharjah Business Women Council locally and globally.

It will do this by providing a sustainable and enabling environment for businesswomen and entrepreneurs, changing the trends and general culture of women towards different business sectors, encouraging the principle of competitiveness among businesswomen, and working to encourage women to practice economic work and overcome the difficulties they face.

According to the decree, in order to achieve its objectives, the Council shall draw up public policy and develop strategic plans.

It will strengthen strategic partnerships with women decision-makers and institutions that have similar goals, both locally and globally.

The Council will also coordinate with relevant government agencies and encourage investment activities. Additionally, it will work to enhance women’s skills and capabilities in the field of entrepreneurship.

The Council is also tasked with proposing plans and designing programmes to support women’s status and participation in various economic sectors.

It will establish investment portfolios with financial institutions.

The Council will provide business development opportunities through consultations, trade missions, conferences and exhibitions.

It can conclude contracts, agreements, memorandums of understanding and partnerships after approval by the President.

The Council will grant facilities and benefits to its female members in cooperation and coordination with government agencies and competent authorities.

It will also carry out any other tasks assigned by the President.

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Saudi Arabia: Oversight And Anti-Corruption Authority Law Approved

25/07/202425/07/2024
by Hannah Gutang

Al-Eqt, 23 July 2024: The Council of Ministers has approved the Oversight and Anti-Corruption Authority Law.

The Authority’s Chairman has stated that the law will contribute to strengthening the role of the Authority in exercising its powers with regard to combating financial and administrative corruption in all its forms and manifestations.

The law will contribute to strengthening the role of the Authority in combating financial and administrative corruption.

It aims to preserve public funds and protect the nation’s capabilities.

Additionally, it ensures that perpetrators of corruption crimes are prosecuted and held accountable as per legal and regulatory requirements.

The law also facilitates the recovery of funds and proceeds resulting from these crimes to the state’s public treasury.

The law affirms the complete independence of the authority and empowers it by granting the necessary powers to exercise its duties, perform its tasks, and consolidate its role with complete impartiality.

He has stated that the system identifies the types of corruption crimes the Authority is responsible for.

These include bribery, assault on public funds, abuse of power, and any other crime classified as a corruption crime under statutory provisions.

The law also outlines the authority’s powers in administrative oversight, investigation and administrative prosecution, safeguarding integrity, promoting transparency, and international cooperation with regional and international bodies and organisations within the authority’s remit.

It covers investigating aspects of financial and administrative corruption, as well as criminal investigation and prosecution.

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Qatar: Opens New Post Outlet to Enhance Services for Investors

25/07/202426/07/2024
by Hannah Gutang

Qatar Tribune, 18 July 2024: Qatar Free Zones Authority (QFZ) has announced the opening of the newest outlet of Qatar Postal Services Company (Qatar Post) at the Investor Relations Centre in the Business Innovation Park at Ras Bufontas Free Zone.

The new postal outlet opening follows a recently signed MoU between QFZ and Qatar Post.

This emphasises establishing strategic partnerships to jointly attract more foreign direct investments.

The outlet aims to offer companies operating in the free zones a wide range of tailored postal solutions, providing easy access to comprehensive services that cater to their needs.

This will support operational efficiency and drive business growth.

The new Qatar Post outlet will offer various postal services to free zone companies, including mail collection, mailboxes, international shipping, Connected services, and specialised solutions enhancing operational efficiency and global connectivity.

This joint cooperation between QFZ and Qatar Post is part of Qatar’s free zones’ efforts to provide an advanced business environment for investors.

It offers an integrated platform for companies to obtain necessary permits and certificates.

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Oman: Tightens Labour Market Regulations to Prioritise Omanisation

25/07/202425/07/2024
by Hannah Gutang

Al-Roya, 24 July 2024: Oman has unveiled a comprehensive set of stringent labor market regulations aimed at boosting Omanisation in the private sector.

The Labour Ministry has issued a statement outlining several measures to be implemented.

Firstly, all government entities and state-owned companies will be prohibited from contracting with private sector establishments that fail to comply with the prescribed Omanisation percentages.

Additionally, private sector establishments must obtain an electronic certificate from the Ministry of Labour, confirming their compliance to labour standards and Omanisation requirements.

Furthermore, the Ministry has added more than 30 new professions to the list of jobs restricted for non-Omanis.

All private sector establishments will be mandated to employ at least one Omani citizen in suitable professions and jobs, subject to forthcoming guidelines from the Ministry.

A financial package has also been approved to support the Ministry’s initiatives aimed at increasing Omanisation rates.

The Labour Ministry will review work permit fees, with incentives for compliant establishments and doubled fees for non-compliant ones.

Moreover, intensified inspection campaigns will be conducted to ensure private sector compliance with labour market regulations.

The Ministry will provide further details on these decisions before their implementation in September 2024 and has urged all stakeholders to cooperate in the national interest.

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Kuwait: New Measures to Protect Women’s Rights and Family Welfare Announced

25/07/202425/07/2024
by Hannah Gutang

Arab Times, 24 July 2024: The Acting Secretary-General of the Supreme Council for Family Affairs has announced that the Awqaf and Islamic Affairs Ministry, through its Iftaa Department, has legally approved a significant new proposal.

The proposal, which requires a woman’s consent through fingerprinting before completing her marriage contract, has been endorsed and is now awaiting implementation by the Justice Ministry.

The Awqaf and Islamic Affairs Ministry has confirmed the approval, and details on the mechanism for its enactment will be released by the Ministry.

The Acting Secretary-General has highlighted that this measure is in response to international demands from organisations on women’s affairs.

She has explained that the council is also working on a gender balance guide aimed at increasing women’s representation in leadership roles and decision-making positions.

Additionally, a family protection guide is being developed to detail the health, psychological, social, housing, and legal services available to victims of violence, ensuring these resources are easily accessible.

The council has formed a national team to improve the country’s international rankings on women’s indicators.

This includes training courses with relevant authorities and the United Nations Economic and Social Commission for Western Asia (ESCWA) to prepare a national strategy on women, security, and peace.

Coordination with the Foreign Affairs Ministry is ongoing to update the family strategy, develop a specific women’s strategy, and unify data on domestic violence.

The council is also reviewing existing laws and legislation related to women, children, and families, with a view to proposing necessary amendments.

In addition to these initiatives, the Acting Secretary-General has announced plans to raise awareness about the impact of violence through seminars and discussion groups in collaboration with relevant authorities.

A volunteer team, tentatively named “Friends of the Supreme Council for Family Affairs,” is being proposed to improve community volunteer efforts.

The council is preparing a calendar of international women’s days to boost activities during these periods and is establishing a mechanism to develop women’s skills, particularly in cooperative and municipal work.

A hotline for reporting domestic violence and a separate line for family consultations have been set up.

A policy guide for the Centre for the Protection of Abused Women is also in progress to ensure the confidential and systematic handling of cases.

Two protection centres have already been opened in different governorates, with plans for a third centre underway.

The Acting Secretary-General reaffirmed the council’s commitment to its mandates under Kuwait Decree No. 401/2006 and the 2019 organisational structure.

The council is dedicated to upholding local laws and international conventions that protect family integrity, focusing on strengthening family ties, preserving unity, and improving social security and stability.

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Bahrain: Embraces ‘Open Banking’ Service Requirements

25/07/202425/07/2024
by Hannah Gutang

The Daily Tribune, 19 July 2024: Starting 1 September 2024, all licensed financial and banking institutions must comply to “open banking” regulations, as announced by the Central Bank of Bahrain (CBB).

These regulations include obtaining customer consent and authentication, licensee disclosures, and reporting on the performance of application programming interfaces (APIs) by service providers.

A recent circular issued by Governor of the CBB, has outlined these requirements, obligating banks to provide information to payment service providers regarding legal entities after securing their consent.

The circular has also introduced amendments to extend open banking services to legal entities such as institutions and companies.

The amendments affect the General Requirements Module in the CBB’s Guidebook, Volumes 1 and 2, as well as the Open Banking Module in Volume 5, incorporating legal entities within the scope of open banking services.

Customer account data requirements The circular specified that information and payment service providers must detail customer account data requirements for any use cases related to account information.

It has also introduced changes to the Reporting Requirements Module and the Public Disclosure Requirements Module within Volumes 1 and 2, concerning the disclosure of API performance by account service providers.

Guidance on business models for information and payment service providers will be included in the open banking module of the CBB’s Guidebook, Volume 5.

‘Integrated cash flow’ The circular also stipulated that Licensed banks must collaborate with Benefit Company to implement the “integrated cash flow” model for obtaining initial customer consent and authentication during the onboarding process.

Information and payment service providers are to agree with banks on standard API specifications and service standards, aligned with security guidelines under Bahrain’s Open Banking framework.

These amendments follow consultations initiated by the CBB in March and October 2023, with an action plan from all licensed financial and banking institutions due by 30 June 2023.

Open banking is anticipated to stimulate Bahraini financial technology companies to develop new financial products and services, such as budgeting applications, personal loan offers, and investment platforms, leveraging open banking data.

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Ajman: Eimir Decree on Statistics Centre Issued

25/07/202425/07/2024
by Hannah Gutang

Al-Watan, 23 July 2024: The Ruler of Ajman has issued a decree amending the previous decree regarding the Ajman Statistics Centre.

The new decree, Ajman Emiri Decree No. 7/2024, replaces the title “Executive Director” with “General Director” in the previous Ajman Emiri Decree No. 8/2022 and any other relevant legislation.

Furthermore, Article 6 of Ajman Emiri Decree No. 8/2022 has been replaced with the following: “The centre will have a general director appointed by a decree issued by the ruler, and a sufficient number of technical and administrative employees, all of whose job affairs will be managed and organised in accordance with applicable human resources legislation in the emirate’s government.”

The decree also abolishes any conflicting provisions in other legislation and will be effective from the date of its issuance and published in the Official Gazette.

Additionally, the Ruler has issued Ajman Emiri Resolution No. 10/2024, appointing the General Director of the Ajman Statistics Centre.

This resolution will also be effective from the date of its issuance and published in the Official Gazette.

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Abu Dhabi: Service for Land Exchange Launched

25/07/202425/07/2024
by Hannah Gutang

The Abu Dhabi Housing Authority has launched the residential land exchange service among citizens, in response to their desires to achieve social cohesion.

The service allows them to exchange the residential land previously granted to them with another land with other citizens or from the residential lands available to the Authority.

Eligible citizens can benefit from this service under specific regulations and conditions.

The land to be replaced must be residential, undivided, free of construction work except for fencing, and have no construction obstacles apart from the lack of infrastructure services.

The Director General has stated that the residential land exchange service launch is part of the Authority’s efforts to develop its residential services portfolio, aiming to meet citizens’ housing needs.

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QICDRC Special Edition Newsletter: SIFOCC 5th Full Meeting

24/07/202425/10/2024
by Tanya Jain

Welcome to the QICDRC Special Edition Newsletter, dedicated to the Fifth Full Meeting of the Standing International Forum of Commercial Courts (SIFoCC). This edition highlights significant speeches and reflections from esteemed legal professionals, providing insights into the evolving landscape of international judicial dialogue.

In this Edition:

KEYNOTE SPEECH

The Spirit of the Judicial Task and the Importance of International Judicial Dialogue By The Honourable James Allsop AC, Former Chief Justice of the Federal Court of Australia.

REFLECTIONS ON THE FIFTH FULL MEETING

By Lord Thomas of Cwmgiedd, Chairman of SIFoCC’s Steering Group and President, Qatar International Court (QIC)

REFLECTIONS ON THE FIFTH FULL MEETING

By Justice Dr. Muna Al-Marzouqi, Judge, QICDRC, and Associate Vice President for Academic Planning & Quality Assurance at Qatar University

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SIFoCC_2024_FifthFullMeeting_Supplement_ePDF