Newsletter Archives - Page 161 of 244 - LexisNexis Middle East

Bahrain: Anti-money Laundering Law Amendment Approved

17/04/202117/04/2021
by Benjamin Filaferro

The Foreign Affairs, Defence and National Security Committee of Bahrain’s Parliament has approved Bahrain Law No. 29/2020 amending Bahrain Decree-Law No. 4/2001 on prohibiting and tackling money laundering and terrorist financing. The new amendments expand the criminalisation of money laundering to include any criminal activity provided for by Bahraini laws or any other laws and international agreements which are ratified by the Kingdom of Bahrain and became party to. The Law also increases the penalties by adding more penalties and granting the relevant authorities the necessary powers to impose administrative fines on violating establishments.

UAE: Abu Dhabi Global Market Establishes Authority

17/04/202117/04/2021
by Benjamin Filaferro

The board of the Abu Dhabi Global Market has approved the establishment of a new ADGM Authority. The new Authority will play a pivotal role in driving the Global Market’s growth. There will be an Office of Strategy and Business Development, Corporate Services, an Office of Information Security and Enterprise Risk Management. It will be led by Mark Nicholas Cutis who will be its Chief Executive Officer. He will take his position up on 1 June this year.

UAE: Implementing Regulations to Tax Procedures Law Amended

17/04/202117/04/2021
by Benjamin Filaferro

The UAE’s Cabinet has approved amendments to the Implementing Regulations to the Tax Procedures Law. The amendments extend the tax notification period from 10 to 40 working days. They also cover the time limit for issuing the decision of the Federal Tax Authority to reduce or exempt administrative penalties from 20 to 40 working days from the date of receiving the application.
They also approved a Cabinet Decision on the requirements of the Natural Person Insolvency Law. The law aims to boost the UAE’s competitiveness by making it easier to do business in the country and create more favourable conditions for individuals facing financial difficulties. The debt value which requires a debtor to submit a request to start the insolvency process is set at 250,000 AED.

Qatar: Simplified Tax Returns Introduced

09/04/202109/04/2021
by Benjamin Filaferro

Qatar’s General Tax Authority has announced it has started implementing a simplified tax returns system. It will simplify the returns which have to be submitted by companies and permanent establishments who are exempt from tax and who are owned by Qatari and GCC citizens as well as whose share capital is less than one million Riyals and annual revenue is less than five million Riyals. The system has been introduced in line with Qatar Circular No. 2/2021. These entities will have to submit the tax return and audited financial statements based on the approved tax return form.

Oman: Sultani Decree No. 33/2021 on the pension and social protection law has been issued

09/04/202109/04/2021
by Benjamin Filaferro

Oman Sultani Decree No. 33/2021 on the pension and social protection law has been issued.The decree establishes a new fund called the Social Protection Fund which has egal capacity and enjoys financial and administrative independence. The funds’ articles of association will be issued by a Sultani Decree. The decree also establishes another fund called the Military and Security Military Fund which also has legal capacity and enjoys financial and administrative independence.

Kuwait: The Trade and Industry Minister has issued a ministerial decision that permits transferring workers between SMEs

09/04/202109/04/2021
by Benjamin Filaferro

The Trade and Industry Minister has issued a ministerial decision that permits transferring workers between small and medium enterprises (SMEs) one year after they have been issued the work permit instead of after three years The decision requires the approval of the employer and the fulfilment of the conditions and controls which are provided for by Kuwait Ministerial Decision No. 9/2016 on the controls of the work of SMEs owners.

Dubai: Al Quoz Creative Zone Launched

09/04/202109/04/2021
by Benjamin Filaferro

Dubai’s Crown Prince and Chairman of the Executive Council has launched the Al Quoz Creative Zone which will offer a hub for artists and designers to live, work and create in. It will offer various facilities, services and incentives to drive innovation and boost investment in creative businesses. It is the first plan and initiative to be launched as part of the Dubai Creative Economy Strategy which aims to transform the Emirate into a global innovation hub. Artists with projects and activities in Al Quoz Creative Zone and emerging creative entrepreneurs will receive an exclusive Al Quoz Creative Membership. This will give them access to various incentives including fee exemptions, reduced rents and logistic business support. It will also provide access to relevant training and programmes to help artists transform their creative ideas into business.

Bahrain: The Legislative and Legal Affairs parliamentary committee has discussed a draft law

09/04/202109/04/2021
by Benjamin Filaferro

The Legislative and Legal Affairs parliamentary committee has discussed a draft law on the issuing of the advocacy law and decided to approve it with the amendments which have been introduced. The law has been subject to extensive examination by the committee. The chairman of the committee stated the aim is to issue a new law to regulate the profession of advocacy law to keep up with the developments that happened since the current law Bahrain Law No. 26/1980 was issued.

UAE: Abu Dhabi’s Global Market has announced amendments to the Insolvency Regulations 2015

09/04/202109/04/2021
by Benjamin Filaferro

Abu Dhabi’s Global Market has announced amendments to the Insolvency Regulations 2015. The amendments to the 2015 Insolvency Regulations boost the Market’s insolvency framework by providing additional flexibility for administrators following the execution of a deed of company arrangement used to restructure an insolvent company.

UAE: Law on Minimum Capital for Banks Issued

09/04/202109/04/2021
by Benjamin Filaferro

The UAE Central Bank has issued a new law on the minimum capital for banks which applies to all banks including branches of foreign banks which work in the UAE.
The law will be effective on the beginning of next month and requires banks which do not yet meet its requirements to do so by no later than 31 December 2023.
The second article of the law requires banks at all times to maintain a minimum level of the paid capital and to keep the required level on a continuous basis as a main condition of their licence.