Newsletter Archives - Page 236 of 246 - LexisNexis Middle East

Dubai: New regulations have been issued to regulate sick leave for public sector employees

29/09/201711/12/2019
by Benjamin Filaferro

The Chairman of the General Medical Committee of Dubai, Atef Saleh has confirmed new regulations have been issued to regulate sick leave for public sector employees including maternity leave. Under the regulations, employees who need more than one day of sick leave should submit supporting documents. Saleh confirmed the Committee is using guidelines complied by a number of experts which specifies the necessary sick leave for different medical situations.

Weekly Spotlight: Tax developments in Saudi Arabia

29/09/201711/12/2019
by Benjamin Filaferro

This week the spotlight is on tax developments in Saudi Arabia, where the Kingdom’s General Authority of Zakat and Tax has approved the Implementing Regulations to the VAT Law. It comes as the Kingdom prepares to launch VAT on the 1 January 2018. The Regulations set out the scope of taxation for certain goods and services, explain registration rules and eligibility of businesses for VAT, zero-rated and exempted supplies, the treatment of imports and exports, amongst other things. Decision of the Board of Directors of the General Authority of Zakat and Tax No. 3839/1438 was Gazetted in Saudi Arabia Official Gazette, issue 4689.

In a related development, the Authority also announced it has extended the VAT registration deadline for small businesses by an additional year. Businesses whose annual taxable supplies of goods and services do not exceed one million Saudi riyals will be exempt from the requirement to register by 20 December 2017. They will have until 20 December 2018 to register now. All businesses whose annual taxable supplies exceeded 375,000 Riyals had been told they were required to register for VAT. However, companies who have an annual taxable supply of goods and services over 187,500 Riyals can choose to register or not for input tax deduction.

Our newsletters have changed! The weekly newsletter is now more interactive…

29/09/201711/12/2019
by Benjamin Filaferro

The weekly newsletter is now more interactive. From now on, you won’t have to wait one full week to read our latest news. All our news will be published daily on https://www.lexis.ae and on our twitter account https://twitter.com/LexisNexis_ME and you will receive every week an email wrapping up the latest news.

The monthly newsletter is changing too: a new look, the complete list of newly published laws, gazettes, and cases, and a free article from our MENA Business Law Review. Stay tuned!

Weekly Spotlight: DIFC Courts have launched a specialist division for Technology and Construction (TCD)

25/09/201711/12/2019
by Benjamin Filaferro

This week the spotlight is on developments in the DIFC, where the Dubai International Financial Centre Courts have announced they have launched a specialist division for the region’s technology and construction companies to resolve their most complex commercial disputes. The Technology and Construction Division (TCD) draws on specialist judges and industry-specific rules to fast-track dispute resolution in technically complex cases like complicated engineering disputes or claims arising out of fires. Parties anywhere in the world will be able to opt-in to the Courts’ jurisdiction, if both parties agree in writing. Requests to have claims heard by the Division are made as part of the initial filing, with the Courts’ decision based on the written evidence provided. It will be headed by Justice Sir Richard Field.

Saudi Arabia’s General Authority for Zakat and Tax would allow VAT to be paid in instalments over 12 months

25/09/201711/12/2019
by Benjamin Filaferro

According to local newspaper reports, Saudi Arabia’s General Authority for Zakat and Tax is going to allow VAT to be paid in instalments over 12 months. This will be allowed if a person or entity being taxed presents evidence they are unable to pay the tax when due, or are suffering hardship from paying the charges in one payment. The taxable person must send a request to the Authority giving the reasons for inability to pay the tax by the due date. The Authority will confirm whether the request is approved or rejected within 20 days. The arrangement can be revoked at any time if the Authority considers it necessary to protect the public revenues or if the person fails to pay two instalments totalling 50% of the total owed.

UAE’s Standardisation and Metrology Authority has announced it is considering new rules for gold

25/09/201711/12/2019
by Benjamin Filaferro

The UAE’s Standardisation and Metrology Authority has announced it is considering new rules for gold. The rules are expected to be in force by the end of the year. The rules will cover the trade in and stamping of precious stones and metals. The draft rules are being considered following consultation with the relevant parties.

Weekly spotlight: Bahrain Central Bank has published new Sharia Governance standards

25/09/201711/12/2019
by Benjamin Filaferro

This week the spotlight is on regulatory developments in Bahrain, where the Kingdom’s Central Bank has published new Sharia Governance standards following extensive consultations with the industry and the Central Bank’s Centralised Sharia Supervisory Board.
The new standards will apply from 30 June 2018 and will affect all Islamic retail and wholesale banks in the Kingdom. Amongst other changes, for the first time an Independent External Sharia Compliance Audit will be mandatory. The first audit report will have to be issued in 2020 and will be based on the transactions, structures and activities of 2019. The new standards also clarify the roles and responsibilities of management and Boards of Directors in terms of Sharia compliance. The Sharia governance structure of an Islamic bank will have to have a Sharia Supervisory Board. The Board will need to have a Sharia Coordination and Implementation function, Internal Sharia Audit function and External Independent Sharia Compliance Audit.
Elsewhere, the country’s Labour Market Regulatory Authority has announced it is establishing a new business centre. The Distinguished Service Centre will provide employers with facilities at their workplace, without them having to visit the Authority’s headquarters or other branch. Employers will have to pay a fee to use the centre. A new special hall will also be opened at the Authority’s headquarters for businessmen, foreign investors, banks, local or international companies, or anyone else wishing to use its services. This will also incur an additional cost.

UAE’s Federal Tax Authority has announced it will open online excise tax registration

25/09/201711/12/2019
by Benjamin Filaferro

The UAE’s Federal Tax Authority has announced it will open online excise tax registration for businesses on 17 September. Businesses will be able to register 24 hours a day, 7 days a week. They will have to register via the Authority’s website.

Kuwaiti bourse is set to change the limits for trading shares in one transaction

25/09/201711/12/2019
by Benjamin Filaferro

Sources have suggested the Kuwaiti bourse is set to change the limits for trading shares in one transaction whether it is buying or selling by removing the maximum limit of five million shares in one transaction. The aim is to improve the environment for investment companies. Under the amendments, there will not be a limit on the number of shares which can be bought or sold in one transaction as long as the number of traded shares does not exceed 5% of the company’s capital in the Bourse. The amount of shares bought by an investor must also not trigger the need to request an obligatory request offer for purchase under Kuwait Law No. 7/2010 as amended.