News developments Archives - Page 96 of 226

Kuwait: Draft Law on Repealing General Authority for Roads and Land Transport Referred

12/07/202312/07/2023
by Tanya Jain

Alqabas, 5 July 2023: The government has referred to the National Assembly a draft law to repeal Kuwait Law No. 115/2014 on the Public Authority for Roads and Land Transport.

The draft specifies the departments previously transferred to the Authority will be returned to their original authorities, and all rights and responsibilities of the Authority will be transferred to the Ministry of Public Works.

The explanatory memorandum clarifies the abolishment of the Roads Authority is part of a broader effort to merge and eliminate certain government bodies, institutions, and agencies in order to enhance government services and promote reform.

For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Dubai: Controls for Refunding VAT to Tourists Announced

12/07/202312/07/2023
by Tanya Jain

Alkhaleej, 5 July 2023: The digital government of the UAE has set certain conditions and mechanisms that qualify tourists visiting the UAE to recover the value-added tax on their purchases upon leaving the country.

Tourists can get 85 per cent of the total amount of value-added tax that they paid, from which 4.80 dirhams are deducted as a fee for each “Tax Free” mark.

The conditions that qualify tourists to recover the value-added tax and the mechanism for claiming its refund include that the value cannot be refunded on any goods that are consumed in whole or in part in the country, and goods that the tourist does not take with him when leaving the country, and that the age of the tourist must not be less than 18 years.

For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Abu Dhabi: Regulatory Framework for Sustainable Financing Implemented

12/07/202312/07/2023
by Tanya Jain

Albayan, 5 July 2023: The Abu Dhabi Global Market Authority has announced the implementation of a regulatory framework for sustainable financing. The aim is to establish the market as a leading center for sustainable financing and create a conducive local environment for such activities.

The new framework covers investment funds which focus on sustainability, managed portfolios, and bonds. It also outlines disclosure requirements for environmental and social practices, as well as governance for companies registered in the market.

For the full story, click h e re.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

UAE: Investment Ministry to be Established

05/07/202305/07/2023
by Tanya Jain

A new ministry is to be established in the UAE to develop the country’s investment vision, stimulate the investment environment internally, and enhance competitiveness

The new investment ministry will be headed by Mohamed Hassan Alsuwaidi. It will develop the country’s investment vision, boost prospects and enhance procedures and legislation in this area.

For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Saudi Arabia: VAT on Profit Margin of Refurbished Used Cars Sale Allowed

05/07/202305/07/2023
by Tanya Jain

Okaz, 1 July 2023: The Zakat, Tax, and Customers Authority (ZACTA) has started allowing car dealers to calculate VAT on the profit margin of selling refurbished used cars. ZATCA is targeting licensed individuals who have a permit to operate car dealing shops in this respect.

The Authority explained that this method was not mandatory as it was possible to calculate VAT based on the full amount due for the car as it is the case currently.

The VAT on the fringe method can be applied when the car is classified as refurbished used cars by the authority and the car was in the Kingdom and has been used in the Kingdom before.

For the full story, click her e.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Qatar: Local Value Certification Required for Energy Tenders

05/07/202305/07/2023
by Tanya Jain

Alwatan, 1 July 2023: Qatar Energy has started the application of the requirement of local value (in-country) certification on 1 July 2023 for the companies wishing to participate in the energy sector tenders.

This is applicable to the suppliers who have a local commercial registration except the companies which have been established two years ago or less.

The local value is the economic value added from the local process and spending in the state. It is measured by using an equation which shows the level of the participation of the revenues into the economy.

For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Oman: Central Bank Issues Financial Stability Index

05/07/202305/07/2023
by Tanya Jain

Alwatan, 3 July 2023: The Central Bank of Oman has issued an index to measure the private compound financial stability with the aim of capturing a full idea of the financial situation locally to help the decision makers and concerned parties by providing them valuable information.

The index uses measurements of 1 to 5 to indicate the level of stability of five components including the banking stability, the regulatory risks, the debts sustainability, the currency stability and the capital markets.

These details will be available to the public annually.

For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Kuwait: Judicial Authority Draft Law Proposed

05/07/202305/07/2023
by Tanya Jain

Alqabas, 3 July 2023: A group of MPs in Kuwait have submitted a draft law on judicial authority, which comprises 98 articles encompassing regulations on judicial governance.

The MPs have emphasised Article 163 of Kuwait Law No. 0/1962 Constitution of the State of Kuwait mandates the independence of the judicial system. Consequently, they believe additional safeguards must be established to ensure and preserve this independence.

According to the proposed law, judicial departments can be formed with a single judge, and a permanent committee called the Judicial Affairs Committee may be established, consisting of individuals who are not part of the judicial system.

For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

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.

For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

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.

For the full story, click her e.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.