Newsletter Archives - Page 218 of 244 - LexisNexis Middle East

UAE: Regulations Regarding Residence Permits and Visitor Visas to Come into Effect

22/10/201811/12/2019
by Benjamin Filaferro

The UAE’s Federal Authority for Identity and Citizenship has announced that from 21 October 2018, it will start implementing select UAE Cabinet Decisions regarding residence permits and visitor visas. It is expected that on 21 October 2018 the regulations on residence permits for widowed or divorced women, residence permits for students under parents’ sponsorship and in-country visit visa renewal will come into effect.

Qatar: Exit Permit Requirement for Foreign Nationals’ Departure from Qatar to be Abolished

22/10/201811/12/2019
by Benjamin Filaferro

Qatar’s Interior Ministry and Administrative Development, Labour and Social Affairs Ministry has announced the exit permit requirement for foreign nationals’ departure from Qatar will be abolished on 28 October 2018. The Ministry has also called on employers to submit lists of individuals who, based on the nature of their work, should continue to obtain their sponsor’s pre-approval before exiting Qatar. The number of these workers must not exceed 5% of the total headcount of the company.

Weekly Spotlight: Five Oman Sultani Decrees Approved

22/10/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on legal and regulatory developments in Oman, where the Sultan has approved five Sultani Decrees, including a Decree amending the country’s Law on the Protection of Competition and Prevention of Monopoly.

Oman Sultani Decree No. 22/2018 amends Article 1 of Oman Sultani Decree No. 67/2014 replaces the word ‘Authority’ wherever it occurs in the Law with ‘Centre’ and replaces the definition of the ‘Authority’ wherever it occurs in the law with ‘The Centre: Centre of Protection of Competition and Prevention of Monopoly’. Anything which contradicts or contravenes the Decree is cancelled. It will be published in the Official Gazette and come into force the day after it is published.

The Sultan also approved a Sultani Decree amending Oman Sultani Decree No. 35/2012 which promulgates the System of the Public Authority for Investment Promotion and Exports Development. Under Oman Sultani Decree No. 23/2018, anything which contradicts or contravenes the Decree is cancelled. It will be published in the Official Gazette and come into force the day after it is published.

In addition, the Sultan approved Oman Sultani Decree No. 26/2018 establishing the Oman Commercial Arbitration Centre. It will be affiliated to the Oman Chamber of Commerce and Industry but will have its own legal identity and financial and administrative autonomy. The Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry will issue the operational systems and functions of the Commercial Arbitration Centre. Anything which contradicts it is cancelled. It will be published in the Official Gazette and come into force on the day it is published.

UAE Federal Tax Authority Issues VAT Guidelines on Insurance

14/10/201811/12/2019
by Benjamin Filaferro

The UAE’s Federal Tax Authority has published VAT guidelines on insurance to provide guidance on the VAT treatment of insurance transactions. Amongst other things, the guide clarifies the export of life insurance/life re-insurance services outside the implementing states is zero rated rather than exempt and accordingly the related input tax is recoverable in full. It adds insurance services in relation to real estate will not be treated as services related to real estate provided consideration for the insurance services is not included in the real estate service charges. In addition, the collection of a premium on behalf of the insurer or remittance of the premium to the insurer by a disclosed insurance broker is not subject to VAT. Employers will also not be able to recover VAT on the purchase of health insurance for employee family members unless there is a legal obligation or a contractual obligation and it is necessary to enable the employee to perform their employment duties.

Dubai’s Rental Disputes Centre has Launched the Rental Good Conduct Certificate Service

14/10/201811/12/2019
by Benjamin Filaferro

Dubai’s Rental Disputes Centre has launched the Rental Good Conduct Certificate service. The service is the first of its kind in the region and is aimed at enhancing trust between landlords and tenants. It is also aimed at reducing the number of disputes between them. It is part of moves to improve the Emirate’s performance in this area.

Weekly Spotlight: Bahraini VAT Law Approved

14/10/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on tax developments in Bahrain, where the Kingdom’s Parliament has voted to approve a Decree-Law to impose 5% VAT on goods and services in a special joint session. They will become the third GCC member to join the GCC-wide VAT agreement. It will potentially come into effect on 1 January 2019, according to a schedule laid out by the Finance Minister in February. However, the Finance and Economic Committee of Bahrain’s Parliament had reportedly recommended the law be rejected.

In addition, a Bahraini newspaper has published the list of products to be zero-rated for VAT. Customers will not be charged VAT on the goods although they will still be VAT taxable for accounting purposes. The list includes 34 types of meat and fish, including tuna, lamb, camel and chicken. It includes 37 types of fruit and vegetables, including potatoes, onions, garlic, lettuce, carrots, cucumbers, peas, zucchini, okra, parsley, apples, oranges, pomegranates and apricots. Eight types of coffee and tea are also included as well as grains, sugars, dairy products, water, oil and other foodstuffs. The Implementing Regulations for the VAT Law are expected to be published next week.

Weekly Spotlight: New Worker’s Insurance Scheme Upcoming in the UAE

07/10/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on employment developments in the UAE, where the country’s Human Resources and Emiratisation Ministry has announced that from 14 October, a worker’s insurance scheme will replace the existing bank guarantees system. The new insurance scheme will apply to all private-sector employees, including domestic workers.

Instead of a fixed amount of 3,000 AED which typically must be paid against every work permit application, employers will pay an insurance premium of 120 AED per person, for a two-year work permit. This will provide an insurance coverage of up to 20,000 AED in lieu of unpaid wages, return ticket and against work-related injuries, among other benefits.

Employers will be able to recover earlier deposited bank guarantees only on the cancellation or renewal of a work permit and after the payment of an insurance premium. They must be free from any wages-related violations for at least six months before the renewal date of the work permit.

Saudi Arabia: Recommendation to Divide Government Projects into Small Shares

06/10/201811/12/2019
by Benjamin Filaferro

A Saudi-American joint report has recommended dividing Government projects into small shares to ease the process of giving tenders to small companies. The report also recommended allocating some of the procurement shares of public and private sectors to small and medium enterprises. The report was prepared by the Saudi-American Business Council on the development of small and medium enterprises in partnership with the research company Accountability. It also highlighted regulatory bodies need more indexes and indicators to measure the performance of SMEs to support their development.

Bahrain: New Laws Aimed at Improving the Country’s Investment Environment

06/10/201811/12/2019
by Benjamin Filaferro

Bahrain’s King has issued four new laws aimed at improving the country’s investment environment including the Competition Law. The Competition Law is aimed at tackling monopolies and anti-competitive behaviour. In addition, a new Health Insurance Law granting the Supreme Council of Health responsibility to implement the system and establishing a national health insurance fund was approved. The King also approved the Bankruptcy Law which will introduce reorganisation procedures, allow management to stay in place and business operations to continue. It also covers cross-border insolvency and insolvencies of SMEs. Finally the King approved the Personal Data Protection Law which covers big data for commercial use and includes guidelines on cross-border data transfers.

Weekly Spotlight: Dubai International Financial Centre Launches Consultation on New Insolvency Regime

30/09/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on insolvency law developments in the DIFC, where the Centre has launched a consultation on a proposed new Insolvency Law regime. The consultation ends on 17 October 2018. The aim of the amendments is to bring the Centre more into line with international best practices.

The key proposals include introducing a new debtor in possession rehabilitation procedure, which includes a stay and cram down mechanism which will be supervised by the court and introducing a new administration process, including the appointment of an insolvency practitioner accessible via rehabilitation where there is evidence of mismanagement or misconduct. It will also enhance the rules governing voluntary winding up procedures and the rules governing compulsory winding up procedures. In addition, it will include more detailed provisions on wrongful trading, the re-use of company names and adding an offence in respect of any misconduct taking place during a winding up, enhance the provisions relating to the enforcement of financial collateral and incorporate the UNCITRAL Model Law on cross border insolvency proceedings into the DIFC law, with certain modifications for application in the DIFC.