News developments Archives - Page 94 of 223

UAE: Final Deadline to Achieve Emiratisation Objectives Extended

22/06/202322/06/2023
by Tanya Jain

Alwatan, 13 June 2023: The UAE’s Ministry of Human Resources and Emiratisation has announced an extension of the deadline for private sector companies to achieve their midyear Emiratisation objectives.

The new deadline has been set for 7 July 2023.

Previously, companies in the private sector with 50 or more employees were required to meet these objectives by 30 June 2023. However, considering this deadline coincides with Eid, it has been extended to allow for sufficient time.

Starting from 8 July 2023, the Ministry will begin assessing the commitments of the relevant companies as outlined in the decision issued by the Council of Ministers. This extension provides private sector companies with additional time to work towards fulfilling their Emiratisation objectives and further promotes the goals of national workforce development and employment opportunities.

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Saudi Arabia: Standards for Selecting Establishments for Electronic Invoicing Announced

22/06/202322/06/2023
by Tanya Jain

Almadina, 17 June 2023: The Zakat, Tax, and Customs Authority has outlined the criteria for selecting the businesses which will be included in the sixth category of the Linking and Integrating Stage of the electronic invoicing system.

The sixth category comprises establishments which have surpassed a revenue threshold of 70 million riyals subject to Value Added Tax (VAT) between the years 2021 and 2022.

The authority has stated it will inform all the designated establishments in advance, enabling them to integrate their electronic invoicing systems with the Fatora (Invoice) platform, beginning on 1 January 2024.

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Qatar: New Services for Company Establishment Services Launched

22/06/202322/06/2023
by Tanya Jain

Alsharq, 18 June 2023: The Trade and Industry Ministry, the Labour Ministry, the Justice Ministry, The Interior Ministry have announced launching a new group of services to the one window service to facilitate the procedures to register companies.

Starting from 18June 2023, investors can benefit from these fully digitalised services without the need to visit the electronic websites of these ministries or their offices to complete the process.

The launched services include improving the process of issuing commercial records by reducing the registeration requirements and automating the internal auditing process. Also, the company registration number will be added automatically to the commercial registry of the entity as soon as it is issued via the one window portal.

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Oman: Fees for Private Economic Zones Services Amended

22/06/202322/06/2023
by Tanya Jain

Atheer, 18 June 2023: The Chairman of Oman’s Private Economic Zones and Free Zones General Authority has issued Oman Decision 163-2023/1/2/1152, which establishes the fees for the services provided by the authority to these zones.

The decision incorporates a comprehensive list of fees and states that in the absence of specific provisions for a particular service mentioned in this list, the authority must levy the same fees imposed by the competent authorities as outlined in the relevant laws and regulations.

For small and medium establishments, these fees will be reduced by 50 per cent.

In case of delays in payment, a penalty amounting to 5 per cent of the outstanding fee will be imposed for every 30-day period following the due date, beginning after thirty days from when these fees become payable.

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Dubai: Initiative to Facilitate Establishment of Digital Companies Launched

22/06/202322/06/2023
by Tanya Jain

Emaratalyoum, 13 June 2023: The Dubai Digital Economy Chamber has recently announced a new initiative aimed at enhancing and streamlining the establishment of digital companies in Dubai. The initiative also seeks to provide a range of new services to support technology companies, emerging businesses, and small to medium-sized multinational enterprises looking to launch their operations in Dubai.

As part of this initiative, the Chamber has signed a memorandum of agreements with several companies and establishments which will exclusively offer discounted rates and special offers to participants in the program. These services encompass licensing services, banking solutions, office spaces, and cloud services.

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Qatar: Gifts Exemptions from Fees Explained

14/06/202314/06/2023
by Tanya Jain

Alsharq, 7 June 2023: The Exemptions Section’s Chief at Qatar’s Customs General Directorate has disclosed the criteria for exempting gifts from customs fees. According to him, gifts and personal belongings of any passenger should not exceed a value of 3000 riyals, and they must not be of a commercial nature upon entry into the country.

The term “commercial type” refers to purchasing items in large quantities, which would be regarded as a commercial quantity. If a passenger possesses items exceeding the value of 3000 riyals, they are required to declare them by completing a customs clearance form.

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Saudi Arabia: Zakat Imposed on Finance Funds Activities

14/06/202314/06/2023
by Tanya Jain

Okaz, 6 June 2023: The Zakat, Tax and Customs Authority has introduced fresh revisions to the regulations concerning the calculation of zakat on financing activities. The objective of these amendments is to include both direct and indirect financing funds within the scope of zakat calculation rules.

Under the proposed amendments, banks, financing companies authorised by the Saudi Central Bank, as well as direct and indirect financing funds licensed by the Capital Market Authority, will now fall under the purview of these regulations.

All funding sources of direct and indirect financing funds will be considered liable for zakat, except for obligations which have a maturity period of less than one year.

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Sharjah: Social Services Department Regulatory Law Amended

14/06/202314/06/2023
by Tanya Jain

Alwatan, 12 June 2023: The Sharjah Advisory Board has approved an amendment to Sharjah Law on Regulating the Social Services Department.

The draft law aims at keeping up with the developments in the Emirate and aims at improving social life.

Based on the law, the Department will be able to enhance its participation in public awareness campaigns, bolstering social values, and encouraging social integration.

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UAE: Fees Exemption Announced for Companies Listing Green Bonds

14/06/202314/06/2023
by Tanya Jain

Sharjah 24, 7 June 2023: The Board of Directors of the UAE’s Securities and Commodities Authority has given its approval to a proposal which grants an exemption from certain fees for companies seeking to list their green bonds and sukuks in the local markets.

According to the decision, companies wishing to register green bonds or bonds related to sustainability will be exempt from paying registration fees for the year 2023.

The purpose of this initiative is to showcase the state’s commitment to achieving sustainable development across multiple fronts, particularly in terms of fostering sustainable economic growth.

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Oman: Registration Begins in Small and Medium Enterprises Program

14/06/202314/06/2023
by Tanya Jain

Oman Daily, 6 June 2023: Oman’s Small and Medium Enterprises Authority has announced the start of registration for a program aimed at supporting SMEs, as part of its ongoing efforts to bolster these establishments.

One of the key objectives of this program is to empower entrepreneurs in strategically and operationally planning for their enterprises, leading them professionally, seizing opportunities, achieving optimal success, and enhancing their managerial, strategic, and leadership capabilities.

This will be accomplished through a series of seven professional training workshops. The program is designed to benefit two categories of entrepreneurs: small and medium enterprises as well as startups.

Small and medium enterprises applying for the program must have been operational for a minimum of one year. In addition, applicants are required to possess an entrepreneurship card, be fully dedicated to managing the enterprise, and commit to completing the mentoring program over a period of 12 months.

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