News developments Archives - Page 97 of 226

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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The MENA Business Law Review No. 01/2023 is out!

13/06/202313/06/2023
by Tanya Jain

We are pleased to share the first edition of the MENA Business Law Review 2023, the definitive business law reference in the Middle East and North Africa!

In this edition:

PRACTICAL GUIDANCE: Contract Lifecycle Management – In-House Strategies for Effectively Delivering Technology Projects

In this article, Tarek Saad, Senior Counsel, and Tamim Momeni, Associate from Crowell & Moring LLP set out a number of general contract management recommendations and techniques that will increase a technology project’s chances of success.

CASE COMMENT: DIFC Court Hears Ground-Breaking Cryptocurrency Claim

Sara Sheffield, Max Davis, and Peter Smith from Charles Russell Speechlys share their insights on the cryptourrency claim. The Court of First Instance of the Dubai International Financial Centre (DIFC) has handed down judgment following trial of a claim arising from the misappropriation of 300 bitcoins. The case touches on several of the key questions facing the courts around the world.

CASE COMMENT: Rajabieslami v. Tariverdi and others

English Commercial Court casts doubt on enforceability of English court judgments in Qatar. Sophie Eastwood and Joseph Dyke from McNair International sheds light on the case and it’s analysis.

CASE COMMENT: Administration in UAE – A Close Look into the NMC Group

In this, Hana Al Khatib from Global Advocacy & Legal Counsel (UAE) explores the introduction of the Common Law concept of “administration” in the UAE’s Civil Law System through the landmark NMC Group litigation. This legal mechanism aims to rescue distressed companies and prioritize the interests of creditors for better outcomes than liquidation.

FEATURE: The Legal Industry and the Perfect Storm

Rany Sader from SADER Publishing discusses the unstoppable transformation happening in the legal sector, comparing it to a tsunami that demands adaptation. Embracing technology, including tools that utilize big data, is crucial for lawyers to streamline their work, enhance research, and meet client demands for transparency, speed, and cost-efficiency.

FEATURE: Lawyers Must Be Agents of Change

In a thought-provoking perspective, Senior Technology Lawyer, Khaled Shivji emphasizes the need for the legal industry to wholeheartedly embrace technology and digital disruption. Discover why lawyers must seize this opportunity for transformative change.

FEATURE: ChatGPT in the Legal Industry: Balancing Potential Benefits and Limitations

Rosena Nhlabatsi, LLB, LLM, RTTP gives an overview of the benefits and limitations of Chat GPT in the legal sector.

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MENA Business Law Review | Issue 1/2023

Have you read the previous editions of the MENA Business Law Review? Click the links below to access and read previous editions.

LexisNexis MENA Business Law Review No. 01_2022

LexisNexis MENA Business Law Review No. 02_2022

LexisNexis MENA Business Law Review No. 03_2022

FEATURE: UNIDROIT Draft Principles on Digital Assets: Guidance for Law Reform in the MENA Region

Andrew Dahdal and Omran Almulla discuss the UNIDROIT Draft Principles on Digital Assets and their potential impact on law reform in the MENA Region.

FEATURE: Fintech Licensing in Dubai: Navigating Regulatory Requirements

Omran Almulla helps us navigate regulatory requirements for FinTech licensing in Dubai.

FEATURE: The Legislative Environment for Self-Driving Vehicles in the State of Qatar

Fathy Mahmoud Radwan discusses current and future legislation for Self-Driving Vehicles in Qatar.

Elevate Your Tax Expertise with the Exciting New Summer 2023 Edition of Lexis Middle East Gulf Tax!

12/06/202312/06/2023
by Tanya Jain

We are thrilled to announce the latest edition of Lexis Middle East Gulf Tax, the very first of its kind in the GCC region! Our complimentary magazine offers insightful updates on the latest tax and financial developments across the region.

In this edition:

In Comes Transfer Pricing

How will transfer pricing operate in the UAE from 1 June 2023? Alessandro Valente of Crowe explains how it will operate.

Firm Foundation on Tax

Foundations and the UAE Corporate Income Tax Regime – Foundations are often used for succession planning and charitable purposes, but it would be wrong to automatically assume they will be exempt from the UAE’s new corporate income tax law, as Alejandra Esmoris, Head of Private Clients, CVML explains.

What’s Changed? – Electronic commerce

Is your e-commerce business in the UAE compliant with new VAT reporting and record keeping requirements?

Tax News Round-Up

Stay informed about the latest updates in tax treaties and regulations throughout the region. This includes a regulatory round-up of recent changes and information on tax treaties.

Practical Focus on Customs Valuation

Customs arrangements are integral to the design of business operations in the UAE, given its heavy reliance on cross-border trade, encompassing both material exports and high levels of imports. Tax Lawyer, Patryk Karczewski, and Head of Tax, Siegert Slagman, highlight the crucial role of customs arrangements in facilitating successful trade in the UAE.

Tax Professional Profile: A Different Approach

Mourad Chatar, Managing Partner at a Consulting Firm talks about the differences between tax in the UAE and the GCC region.

Practitioner Perspective on Qatar Law No. 24/2018 (the Income Tax Law)

Rami Qudah, Practitioner at Deloitte in Qatar looks at significant recent changes to the Qatar Income Tax Law.

What are the tax benefits of SEZs and SILZs?

Nabil A Issa of King & Spalding explains the tax benefits of Special Economic Zones and Special Integrated Logistics Zones in Saudi Arabia.

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Lexis Middle East Gulf Tax | Summer 2023

Have you read the Lexis® Middle East Gulf Tax – Spring 2023 edition? Click the link below to access and read the Spring edition.

Lexis Middle East Gulf Tax |Spring 2023