Newsletter Archives - Page 178 of 244 - LexisNexis Middle East

UAE: Guidelines for Payment Orders in Commercial Matters Approved

17/10/202017/10/2020
by Benjamin Filaferro

The Head of Abu Dhabi’s Judicial Department has issued a Decision approving the guidelines for performance orders in commercial matters. The aim is to enhance the business environment in the Emirate and boost the Emirate’s position as an attractive environment for foreign investment and capital. This will also be achieved by activating fair and simplified litigation systems and provide fast and effective mechanisms for dispute resolution. The guidelines address all questions and inquiries, so court officers can familiarise themselves with these provisions in a way which guarantees the issuing of the payment order and the access by interested parties to their rights without delay.

Oman:Decree No. 121/2020 on the VAT law approved by the Oman’s Sultan

17/10/202017/10/2020
by Benjamin Filaferro

Oman’s Sultan has approved Oman Sultani Decree No. 121/2020 issuing the Sultanate’s VAT Law. Under the Law, the tax will be imposed on most goods and services with specific exceptions detailed in the Law and subsequent regulations. It will be applied at every stage of the supply chain and on the import of goods into the Sultanate with specific exceptions specified in the Law and subsequent regulations. It will be levied at 5% and the Sultani Decree has been issued in line with a VAT Agreement signed by the GCC countries in November 2016.
Under Article 2 of Oman Sultani Decree No. 121/2020 the Chairman of the Tax Authority will issue the Implementing Regulations to the Law within six months of the Law being enforced. They will also issue the necessary decision to implement it. Anything which contravenes or contradicts it will be repealed.
The relevant Sultani Decree will be published in the Official Gazette and it will come into force 180 days after it is published in the Gazette.

Saudi Arabia: Wiretapping Law Clarification Issued

09/10/202009/10/2020
by Benjamin Filaferro

Saudi Arabia’s Public Prosecution has issued a clarification on the Kingdom’s Wiretapping Law. Under the clarification, correspondence, letters, publications, parcels or phone conversations cannot be intercepted or monitored unless it is authorised by the Law and the Public Prosecution have given a warrant or permission in line with Article 57 of Saudi Arabia Cabinet Decision No. 200/1422 (the Criminal Procedure Law). Even in these circumstances, monitoring should only be carried out for up to ten days initially although this can be renewed and in connection with a crime which has actually occurred.

Oman: EU Removes Oman From Non-cooperating Jurisdictions for Tax Purposes List

09/10/202009/10/2020
by Benjamin Filaferro

The EU has announced it has decided to remove Oman from their List of non-cooperative jurisdictions for tax purposes. Their removal follows the reforms by the Sultanate to improve their tax policy framework.

Lebanon: International Arrest Warrants for Owner and Captain of Ship Accused of Bomb Blast Requested

09/10/202009/10/2020
by Benjamin Filaferro

Lebanese judicial authorities have requested international arrest warrants for the owner and captain of the Moldovan-registered ship accused of being responsible for the bomb blast in Beirut on 4 August. The ship contained a shipment of ammonium nitrate. It is alleged to be the Rhosus which set sail from Georgia and was heading for Mozambique but was stopped in Beirut Port in 2013. It was facing technical problems and security officials said it was impounded after a Lebanese company filed a lawsuit against its owner. Its cargo was moved from the ship to a warehouse which allegedly had structural defects. The blast killed over 190 people, injured thousands and damaged large parts of the city. Cypriot police questioned the ship’s owner in August but an investigation by the Organised Crime and Corruption Reporting Project found the real captain was a Cypriot shipping magnate but this was denied. The names of the accused have been passed on to the public prosecution and they have referred them to Interpol and asked them to issue an international warrant for their arrests. So far arrested 25 people have been arrested as part of the Lebanese investigation, including top port and customs officials.

Kuwait: National Assembly Approves Law to Enable Banks to Help Customers Struggling Financially

09/10/202009/10/2020
by Benjamin Filaferro

Kuwait’s National Assembly has approved a draft law to support and enable local banks to support customers adversely affected by the repercussions of Coronavirus financially. The aim is to reduce the risks of indirect effects as a result of the interlocking of economic sectors. The explanatory note to the draft law mentions incentives will be offered to banks to provide the necessary financing to affected individuals and companies to prevent their temporary lack of liquidity from becoming a prolonged problem.

Bahrain: Draft VAT Exemptions Decision Approved

09/10/202009/10/2020
by Benjamin Filaferro

Bahrain’s Cabinet has approved a draft decision, which if further approved, would exempt the Bahrain Defence Force and Internal Security Forces imports from import VAT and customs tax fees. It follows a review of a memorandum submitted by the Interior Minister. The Cabinet also approved the Kingdom’s accession to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. The Convention enables Governments to modify existing bilateral tax treaties in an efficient way to eliminate double taxation.

UAE:Abu Dhabi Investment Office Signs Cooperation Agreement with Israel Institute Export

09/10/202009/10/2020
by Benjamin Filaferro

Abu Dhabi’s Investment Office has signed a cooperation agreement with the Israel Export Institute to boost bilateral trade opportunities between the Emirate and Israel. The Office is currently in talks with more than 85 Israeli companies in several sectors about doing business in the Emirate. The remote signing of the agreement was attended by the Director General of the Abu Dhabi Investment Office, Dr. Tariq bin Hindi, the Chairman of the Board of Directors of the Israel Export Institute, Adif Baruch and the Director General of the Institute, Gadi Arieli.

Qatar: Non-Qataris Can Own and Use Real Estate

09/10/202009/10/2020
by Benjamin Filaferro

Qatar has set conditions and regulations for non-Qataris to own real estate in 25 areas in the country. Non-Qataris may own real estate and use it in these areas in line with Qatar Cabinet Decision No. 28/2020. The aim is to encourage more foreign investment in this sector in this country.
Non-Qataris will be able to own real estate in nine freehold areas and be able to use real estate in 16 other areas on a 99-year lease.
The Justice Ministry stated non-Qataris may also own a detached unit in one of the residential complexes and may also own detached units like offices and shops in commercial malls in areas which aren’t included in the 25 areas. However, they will not be able to modify or change the nature, shape or outward appearance of the unit.
In a related development, Qatar’s Justice Ministry and Interior Ministry have announced an Office for Non-Qatari Real Estate Ownership has been established.
It will provide real estate ownership and utilisation services through a single window for investors.
It provides all the requirements for the sale and purchase of real estate, residential units and offices in the areas covered by Qatar Cabinet Decision No. 28/2020. This specifies the areas in which non-Qataris may own and benefit from real estate and the conditions, controls, benefits and procedures for their ownership.
It will enable beneficiaries to obtain a title deed in under an hour and through an automated system which has been developed by the Interior and Justice Ministries, will enable the issuing of residency on completion of ownership or usufruct procedures, where the property of the owner or the beneficiary is in the category whose value is not less than 730.000 Riyals. An owner of property in this category will be able to obtain a residence permit for themselves and their family without a recruiter for the duration of their ownership of the property.
As well as residency for them and their family, the owner of the property will also receive permanent residency benefits which include health, education and investment in some commercial activities, where the property value is at least 3,650,000 Riyals.
Elsewhere, the first real estate bond for the first investor to apply for real estate ownership was issued.

Saudi Arabia: New Property Deal Tax Introduced

02/10/202002/10/2020
by Benjamin Filaferro

Saudi Arabia’s’ King has approved the introduction of a new property deal tax. They issued a Royal Order to this effect and the tax will be levied at 5%. The Government will pay the costs of the new Real Estate Transaction Tax up to one million Riyals for Saudi citizens buying their first home. Property deals will also be exempt from VAT according to the Royal Order. It is part of the Kingdom’s response to the adverse economic effects of Coronavirus but is also aimed at encouraging Saudi citizens to own their own homes and supporting the residential and commercial property sector.