Newsletter Archives - Page 217 of 244 - LexisNexis Middle East

Saudi Arabia: Tax Authority Publishes English Version of General VAT Guidelines

24/11/201811/12/2019
by Benjamin Filaferro

Saudi Arabia’s General Authority for Zakat and Tax has published the English version of its general VAT guide, which was originally published in Arabic in October. The guide provides information to taxpayers on a wide variety of VAT obligations in the Kingdom. It covers topics such as VAT registration, charging VAT and issuing VAT invoices, deducting VAT on purchases, filing returns and interacting with the Authority on VAT matters and disputes. It also includes useful reference material, such as a tax invoice example, definitions of technical VAT terms, an illustrative VAT return form and a high-level decision tree for when VAT is expected to be applied. The guide is aimed at a broad audience and offers a good starting point for all taxpayers with respect to understanding VAT compliance obligations.

Saudi Arabia: Women Can be Arbitrators

17/11/201811/12/2019
by Benjamin Filaferro

The undersecretary of Saudi Arabia’s Justice Ministry and Chairman of the Appeal Court has said there is nothing which prevents women from becoming arbitrators. He was speaking during a seminar on commercial arbitration organised by Riyadh Chamber. He added mediation and arbitration should be encouraged for family disputes and said women can be commercial arbitrators but called for there to be better training of arbitrators in general. He went on to say better arbitration procedures should also be introduced to boost integrity and transparency.

Egypt: Social Media Advert Tax Law Under Consideration

17/11/201811/12/2019
by Benjamin Filaferro

Egypt’s Finance Minister has announced a draft public finances law and a law on taxing advertising on social media sites are under considerations. The proposed legislative developments are part of a wider initiative, including amendments to the country’s 2005 Income Tax Law, Egypt Law No. 91/2005. The draft social media law will impose taxes on adverts displayed on social media. The Minister mentioned Facebook specifically as a platform where adverts can be placed without sufficient control. He also said the Government will send a draft customs law to the House of Representatives in the coming weeks to consider.

Weekly Spotlignt: The DIFC Has Amended its Company, Real Estate and Strata Law Regimes

17/11/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on regulatory developments in Dubai, where the Dubai International Financial Centre has amended its Company, Real Estate and Strata Law regimes. The changes to the Companies regime came into effect on 12 November 2018 and the changes to the Real Estate and Strata Law regimes came into effect on 14 November 2018. These changes have been analysed by Al Tamimi & Company and can be read at https://www.lexismiddleeast.com/doc/2720578_2720581 and https://www.lexismiddleeast.com/doc/2720588_2720593.

These changes and other legislative changes have also been analysed by BSA Ahmad Bin Hezeem & Associates LLP. Their insights can be read at https://www.lexismiddleeast.com/doc/2720154_2720163?highlight=bsa.

Weekly Spotlight: Abu Dhabi Global Market Courts Issued a Public Consultation on Litigation Funding Rules

11/11/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on regulatory developments in Abu Dhabi, where the Global Market Courts have issued a public consultation on litigation funding rules. The consultation ends on 5 December 2018.

They will provide parties with greater certainty on the enforceability of funding arrangements which have been entered into in connection with proceedings in Abu Dhabi Global Market. They are intended to apply to funding agreements used in connection with both court litigation and arbitration proceedings conducted in the Abu Dhabi Global Market. The public consultation includes the conditions and requirements of funders and the types of funding structures.

They will apply to litigation funding agreements which are defined in the Abu Dhabi Global Market Courts, Civil Evidence, Judgments, Enforcement and Judicial Appointments Regulations 2015.

They will set out the highest standards of best practice in litigation funding for Abu Dhabi and wider UAE and have taken the frameworks which are in place in other international jurisdictions where third party funding is common practice into consideration.

Egypt: Proposal to Grant Residency to Foreigners Who Purchase Property Under Consideration

10/11/201811/12/2019
by Benjamin Filaferro

Egypt’s Housing Ministry has announced criteria for granting residency to foreigners who purchase residential units under construction are being considered. The Ministry said residency will be granted to owners of units who purchase them in US Dollars, provided the minimum payment for a unit is 40% of its price or at least $100,000 and the period of construction of the property does not exceed four years. The Ministry added the passport department is responsible for determining the length of stay, according to the transfer amount. The Ministry added that in terms of constructed residential units, residence will be granted in line with the law and an Interior Ministry Decision to this effect.

Saudi Arabia: VAT Registration Deadline for Small and Medium Sized Enterprises Looming

10/11/201811/12/2019
by Benjamin Filaferro

The Saudi Arabian authorities have provided a transitional concession to SMEs who exceed the mandatory threshold of 375,000 Riyals for VAT registration purposes, but make supplies of less than 1,000,000 Riyals in a 12 month period by delaying their need to register for VAT until 1 January 2019. However this extension is rapidly drawing to a close and affected SMEs now need to focus on addressing the requirement to become VAT compliant.

UAE: VAT Tourist Refund Scheme to be Launched on November 18

30/10/201811/12/2019
by Benjamin Filaferro

The UAE’s Federal Tax Authority has announced the Tax Refund for Tourists Scheme will start on 18 November. It will allow eligible tourists to request VAT refunds they incur on purchases. The first phase will see the digital system of the Tax Refund for Tourists Scheme implemented at Abu Dhabi, Dubai and Sharjah International Airports. By mid-December, the system will be fully operational and will include all airports and land and sea ports in the UAE in line with the Cabinet Decision to strengthen the UAE’s leading position as a global tourist destination.

Egypt: Amendments to Real Estate Tax Law Approved

30/10/201811/12/2019
by Benjamin Filaferro

Egypt’s Parliamentary Budget Committee has approved the amendments to the 2008 Real Estate Tax Law. The Committee approved the proposal to extend the real estate revaluation period from August 2018 to August 2021, instead of the Government’s proposal to extend it 2020 only. It is understood the Government will submit a new draft real estate taxes law before 31 December, which will include significant amendments. The Finance Ministry has agreed to make changes to prepare for implementing the real estate tax law in the coming days.

Weekly Spotlight: Draft Qatari DNA Law Approved

30/10/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on legal developments in Qatar, where the Cabinet has approved a draft DNA Law and referred it to the Shoura Council to consider. If approved it will replace Qatar Law No. 9/2013 and under the Law, the Interior Ministry will establish a DNA database and will be the relevant authority. It will be devoted to preserving genetic fingerprints resulting from samples taken under the Law. It will be illegal to take biological or biochemical samples and to carry out DNA tests, or store data in a DNA database, for evidence, investigation or trial, without a Public Prosecution decision or a competent court decision to do so.

Data recorded in the DNA database will be confidential and may not be viewed without the permission of the Interior Minister, the Public Prosecution or the competent court.
In addition, DNA tests and data kept in the DNA database will be authoritative unless proven otherwise, except where provided for in Chapter 2, Part 6 of the Family Law.