Newsletter Archives - Page 231 of 246 - LexisNexis Middle East

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.

UAE: Amendments to ADGM Data Protection Regulations have been approved

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

Abu Dhabi’s Global Market has announced amendments to its Data Protection Regulations have been approved. The amendments come into force on 1 February 2018. The amendments include updated defined terms, data breach notification timeframes and deadlines for notifications to the Registrar, along with expanded enforcement provisions. They expand the list of jurisdictions designated in the Regulations as providing an adequate level of protection of personal data. The additional jurisdictions include Andorra, the Dubai International Financial Centre and the Faroe Islands. The amendments follow the establishment of the Abu Dhabi Global Market Data Protection Office last month.

UAE: expatriates looking to work in the country to provide a good character certificate

14/01/201811/12/2019
by Benjamin Filaferro

The UAE’s Coordination Committee has adopted Ministerial Decision No 1/8/2017 requiring expatriates looking to work in the UAE provide a good character certificate as a precondition for obtaining work permits from 4 February 2018. The Committee added the certificate should be issued by the country of the expatriate or the country in which they have resided for the last five years. The certificate should be endorsed by the UAE mission aboard or the endorsement offices of the Foreign and International Cooperation Ministry.

Kuwait: Central Bank is studying the implications of Bitcoin in the country

14/01/201811/12/2019
by Benjamin Filaferro

Kuwait’s Commerce and Industry Ministry and the country’s Central Bank of Kuwait are studying the implications of Bitcoin in the country. According to local newspaper reports, they discussed the market to reach a decision on the currency which is currently unregulated. Commerce and Industry Ministry officials also disclosed they have been monitoring the ads of local companies which promote Bitcoin dealing, following several companies posting social media ads to open trading accounts in return for commission.

Weekly Spotlight: Saudi Arabia to address loopholes to ensure employees are not dismissed unfairly because of Article 77

14/01/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on employment and banking and finance developments in Saudi Arabia, where Saudi Arabia’s Shoura Council has asked the Labour and Social Development Ministry to review Article 77 of the Implementing Regulations to the Labour Law. The aim is to address loopholes to ensure employees are not dismissed unfairly because of Article 77 of the law. The Council also asked the Ministry to review the Saudi Employment Strategy to increase the number of jobs allocated to women and increase their employment chances.

On the other hand, Saudi Arabia’s stock exchange, Tadawul has announced further reforms designed to increase its appeal to investors. The aim is aid the Kingdom’s modernisation, improve market efficiency, boost investor security and access, and market liquidity in the Kingdom. Amongst other changes, the Independent Custody Model is updated to help ease Qualified Foreign Investor market access by providing increased trading limit flexibility for these clients. New procedures will also be introduced to mitigate credit risk associated with the settlement process for all participants. These changes come into force on 21 January 2018. There are also proposed changes to the methods for determining opening and closing prices.

Weekly Spotlight: Latest VAT developments in the GCC

07/01/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on VAT developments in the GCC. Whilst Saudi Arabia and the UAE’s VAT regimes have come into force and the first knock-on effects have been felt and additional clarifications and exemptions have been issued in both jurisdictions there have been interesting developments elsewhere in the GCC region.

In Bahrain, the First Deputy Chairman of the Kingdom’s Parliament, Ali Alarady has said VAT will be introduced at 5%. However it will not be introduced before June 2018. The draft VAT law will be considered by Parliament once it is referred by the Finance Ministry to discuss the amount, the way to impose it and exempted services and goods. It comes as the Kingdom has started implementing the selective tax on a number of products including fizzy drinks, energy drinks and tobacco.

Meanwhile in Oman, according to local newspaper reports, the authorities have announced VAT will not be introduced in the Sultanate until 2019. It is understood they want to give businesses in the country more time to prepare. However the authorities added selective tax on some goods will be introduced later in the year. The affected goods are fizzy drinks, cigarettes and energy drinks.

Qatar: Extension of the grace period for compliance with the country’s 2016 Data Protection Law

06/01/201811/12/2019
by Benjamin Filaferro

Qatar’s Emir has issued a Cabinet Decision extending the grace period for compliance with the country’s 2016 Data Protection Law (Qatar Law No 13/2016). The Emir also issued Qatar Cabinet Decision No. 2/2018 establishing a co-ordination committee for search and rescue mechanisms in civil aviation. The Decisions will come into effect on their issued date.

Dubai: New regulations to allow repurchase agreements

06/01/201811/12/2019
by Benjamin Filaferro

Dubai’s Financial Market has announced it has issued two new regulations to allow market participants to implement both repurchase agreements (Repo) and Islamic Murabaha transactions. It follows the UAE’s Securities and Commodities Authority approval of the proposals. The regulations have been issued in line with international best practices as well as after full consultation with various market participants.

Bahrain: Commercial Companies Law Amended

31/12/201711/12/2019
by Benjamin Filaferro

The Economic and Financial Commission of Bahrain’s Shoura Council has approved amendments to the Kingdom’s Commercial Companies Law. The amendments to Bahrain Decree-Law No. 21/2001 are contained in Bahrain Decree No. 57/2017. The Commission has referred the amendments to the Council Office Authority to present to the Council at its next session. The aim of these amendments is to improve the Kingdom’s international business rating.