Newsletter Archives - Page 228 of 244 - LexisNexis Middle East

UAE: Road Tolls Law issued

10/02/201811/12/2019
by Benjamin Filaferro

The UAE’s President has issued a Road Tolls Law to ease traffic congestion. The Transport Department will determine where the toll gates will go and the amounts to pay. They will also set the operation times and will collect the fees. Its recommendations will be sent to the Executive Council to approve. Abu Dhabi Law No. 17/2017 came into effect on 31 December. Ambulances, the armed forces, civil defence vehicles, public buses and motorcycles will be exempt. Those who fail to comply with it will be fined upto 10,000 AED.

Weekly Spotlight: Launch of the 2nd edition of the UAE Anti-money laundering Standardisation Manual

04/02/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on banking and finance developments in the UAE, where the UAE’s Foreign Exchange and Remittance Group which represents businesses engaged in money exchange and remittances in the country has announced it has launched the second edition of the Anti-money laundering (AML) Standardisation Manual in Dubai.

It was launched in 2015 to encourage exchange houses in the UAE to comply with Central Bank Regulations. When the Central Bank released a new set of Exchange house regulations, the Group worked with KPMG to review and redraft the manual in line with the new regulations. The Second Edition is an updated version of the Group’s first standardisation manual. The new edition states clear guidelines for the sale and purchase of foreign currencies and traveller’s cheques, handling remittance operations in different currencies and paying wages through the Wages Protection System, amongst other things.

Elsewhere the country’s Federal Tax Authority has confirmed businesses only have to use their Tax Registration Numbers and don’t need a tax certificate to carry out business. The Authority added tax registration certificates cannot be printed or downloaded with a provisional Tax Registration Number. The Authority’s website allows individuals to verify the Tax Registration Number of any company registered with the Authority for VAT purposes.

KSA: Insurance policies sold under the C name are not recognised by the insurance system

04/02/201811/12/2019
by Benjamin Filaferro

The official spokesperson for Saudi Arabia’s Cooperative Health Insurance Council, Yaser Almuarik has announced health insurance policies sold by health insurance companies under the C name are for marketing purposes only and are not recognised by the insurance system. He added the system does not permit insurance companies to issue policies with benefits which are less than those in the unified policy recognised by the Council. Companies should issue policies which offer the same services offered by the unified policy and if the service is not available in a certain hospital the patient should be referred to another hospital.

Bahrain: Anti-commercial cheating Law approved

04/02/201811/12/2019
by Benjamin Filaferro

Bahrain’s Parliament has unanimously approved a GCC-wide anti-commercial cheating Law. The GCC Commercial Cheating Combating Law was approved following feedback from Industry, Commerce and Tourism Minister, Zayed Al Zayani. If the Shoura Council approves it, the Law will be sent to the King to approve and if he does, the 2014 Commercial Cheating Law will be revoked. Under the draft law, those who cheat consumers by providing them with tampered or manipulated products will be jailed for up to two years or fined between 500 and 100,000 Dinars or jailed and fined. If those involved in forging documents, stamps, weights, measurements or contents to introduce products harmful to humans and animals, they will be jailed up to three years, or fined between 10,000 and 100,000 Dinars, or both.

Egypt: Parliament will vote on the amendments to the Capital Market Law next month

28/01/201811/12/2019
by Benjamin Filaferro

The President of Egypt’s Financial Regulatory Authority Mohamed Omran has announced Parliament will vote on the amendments to the Capital Market Law next month. Omran added work is ongoing to redraft the new comprehensive insurance law to ensure it is unified with the Private Insurance Funds Law.

Jordan: Private cars working with Uber and Careem are breaking the Law

28/01/201811/12/2019
by Benjamin Filaferro

Jordan’s Parliamentary Transport Commission has said private cars working with Uber and Careem are breaking the Law. The Commission Chairman, Hasan Alajarma said private cars working with smart applications for transport such as Uber and Careem violate the Passengers Transport Law, Jordan Law No. 19/2017, which stipulates vehicles transporting passengers should be public vehicles.

UAE: Dubai International Ports has announced it is establishing an investment platform with the Indian Fund for Investment and Infrastructure

28/01/201811/12/2019
by Benjamin Filaferro

Dubai International Ports has announced it is establishing an investment platform with the Indian Fund for Investment and Infrastructure. The aim is invest in Indian ports, stations and logistics sector. The platform will also examine the possible extension of the activities to include river ports, transport, cargo routes and private economic zones close to ports.

Weekly Spotlight: Saudi Arabia’s Council of Senior Scholars has warned against trading in Bitcoin

28/01/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on banking and finance and employment developments in Saudi Arabia, where Saudi Arabia’s Council of Senior Scholars member, Abdullah Almutleg, has warned against trading in Bitcoin. He added it is very risky and risky investments are forbidden under Sharia Law. Saudi Arabia is the third Arab country to warn against the use of bitcoins after Palestine and Egypt.

On the other hand, Saudi Arabia’s Human Resources Development Fund, Hadaf has announced it has decided to cover up to 80% of the travel cost of female nationals working in the private sector. The move is part of the Female Workers Transport Support which aims to find solutions for transport challenges faced by female workers when travelling to and from work. Female workers wishing to benefit from this scheme should register on the General Organisation for Social Insurance’s website.

Weekly Spotlight: UAE Federal Tax Authority has announced some exceptional amendments to the VAT first accounting period

21/01/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on VAT developments in the UAE, where the Federal Tax Authority has announced it has made some exceptional amendments to the first accounting period for those subject to VAT. The move follows calls from a number of VAT-subject authorities and institutions for an extension. The exceptional amendments include an extension to the accounting tax period from one to three months for some businesses and amending the quarterly tax period, scheduled to end during the first tax period at the end of January or February, to now end on the second tax period. The tax period for some businesses will, therefore, be four months and five months for other businesses. However businesses with a three-month tax period ending in March will not be affected by the amendments.

Elsewhere, the Tax Authority has clarified the import procedures non-VAT registered businesses should follow following the introduction of VAT in the country on 1 January 2018. Non-registered businesses looking to import into the UAE must follow standard customs procedures. They must either complete a declaration and pay through the e-Dirham system or through the eServices portal on the Authority’s website or via a clearing company approved by the Authority at the port of entry. Alternatively they can do so via a freight forwarder approved by the Authority or via a courier company where the goods are delivered to the importer. As well as following standard procedures when importing for re-export, transit, or temporary admission, non-registered businesses must provide a guarantee for the tax due on the imported goods in question, either by entering a previously obtained e-Guarantee reference number on the e-Services portal or via a clearing company approved by the Authority at the port of entry. Alternatively they may do so via a freight forwarder approved by the Authority.

Qatar has approved a raft of draft Ministerial Decisions concerning the publication of the Official Gazette

20/01/201811/12/2019
by Benjamin Filaferro

Qatar’s Cabinet has approved a raft of draft Ministerial Decisions to implement Qatar Law No. 12/2016 concerning the Official Gazette. The Decisions determine electronic publication controls for the Official Gazette, the controls, procedures and value of the annual subscription in the Official Gazette, the publishing fees, the mechanism of sending copies to subscribers, the prices of their sale to non-subscribers and the method of saving the original copies of editions of the Official Gazette.