Newsletter Archives - Page 36 of 243 - LexisNexis Middle East

Bahrain: Shura Council Reviewing Amendments to Penal and Evidence Laws

17/12/202417/12/2024
by Hannah Gutang

The Shura Council in Bahrain discussed the report of the Foreign Affairs, Defense and National Security Committee regarding a draft law amending some provisions of the Penal Code and the report of the Legislative and Legal Affairs Committee on the proposed law amending some provisions of the Evidence Law in Civil and Commercial Matters.

Analysis
Protection of Modern Communication Means

The Council reviewed a report from the Committee on Foreign Affairs, Defense, and National Security regarding a draft law to amend certain provisions of Bahrain Decree-Law No. 15/1976 on the Penal Law, and associated with Bahrain Decree No. 7/2024. The committee recommended approval of the draft law in principle.

This legislative proposal aims to safeguard modern communication devices such as mobile phones and laptops, which contain personal information, banking data, and other sensitive details. The law seeks to impose stricter penalties for the unlawful exploitation of such data, reflecting the increased reliance on these devices in daily life and the need for protective legislation.

Amendments to the Civil and Commercial Evidence Law

Additionally, the Council discussed a report from the Legislative and Legal Affairs Committee on a proposed amendment to Bahrain Decree-Law No. 14/1996 on the Law of Evidence in Civil and Commercial Matters. The proposal suggests raising the maximum value threshold for legal transactions that can be proven by witness testimony from 500 to 1,000 dinars. This change considers the evolving economic conditions, the purchasing power of the currency, and the nature of current civil transactions. The committee recommended allowing consideration of this proposal, aligning with Bahrain’s legislative policy to update laws in response to economic developments.

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Saudi Arabia: SDAIA Consults on Personal Data Audit and Certification Rules

17/12/202419/12/2024
by Hannah Gutang

SDAIA (the Saudi Authority for Data and Artificial Intelligence) has sought expert opinions on regulations governing the licensing of personal data processing audits and certification issuance, aiming to boost public trust in personal data handling.

Analysis

Licensing Conditions

The authority outlined general conditions for licensing, requiring applicants to adhere to system rules, regulations, and any official documents issued by the competent authority. Applicants must conduct audits or issue certifications independently, disclose potential conflicts of interest, and report any past complaints related to system compliance, ensuring no ongoing complaints during the application process.

Disclosure and Independence

The authority emphasised the need for applicants to disclose any violations previously identified by the competent authority. The regulations stipulated that applicants must be independent legal entities with a physical presence in Saudi Arabia, providing official contact details, including the legal name, address, and commercial registration or foreign investor license number.

Technical and Personnel Requirements

Applicants must possess the necessary technical tools and qualified personnel to perform audits or issue certifications related to personal data processing and protection, in line with system rules and methodologies set by the competent authority. Certification issuance requires accreditation from the Saudi Accreditation Center.

License Duration and Renewal

Licenses are granted for three years, with renewal applications required at least 90 working days before expiration, subject to meeting licensing conditions.

License Revocation

Licenses are revoked if the legal entity dissolves or undergoes transformation, merger, or division, as per company regulations. Revocation does not affect the validity of audit reports or certifications issued before the revocation date unless deemed invalid by the competent authority.

The end date of the consultation is January 11, 2025.

Here are the draft rules for the licensing of audits or checks of personal data processing activities and the issuance of accreditation certificates.

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UAE: Announces Amendments to Corporate Tax Law

13/12/202413/12/2024
by Hannah Gutang

Finance Ministry has announced updates in relation to certain provisions of Federal Decree-Law No. 47/2022 on the Taxation of Corporations and Businesses.

These amendments aim to enhance the business environment in the UAE and promote greater compliance with global standards for tax transparency and fairness.

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Sharjah: Announces Rules on Conditional Release of Prisoners

13/12/202413/12/2024
by Hannah Gutang

Khaleej Times, 10 December 2024: Prisoners in Sharjah may be granted conditional release under a new decision issued by the emirate’s Executive Council.

The decision states that an inmate may be released on parole after serving three-quarters of his/her sentence.

The release, which would still include restrictions, could be set for a period of one month or more.

Those sentenced to life in prison can be granted conditional release if they have served at least 20 years in jail.

In all cases, however, the Commander-in-Chief of Sharjah Police shall issue a decision on an inmate’s conditional release.

The emirate’s public prosecution will then be notified.

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Saudi Arabia: CMA Announces Deadline for Eighth FinTech ExPermit Applications

13/12/202413/12/2024
by Hannah Gutang

The Capital Market Authority (CMA) has set 31 December 2024, as the final date for submitting applications for the eighth review of the FinTech Experimental Permit (ExPermit).

Applications received by this deadline will be considered in the current review round, while those submitted afterwards will be evaluated in the subsequent round.

The CMA encourages interested parties to apply for the FinTech ExPermit, ensuring their applications meet the necessary criteria outlined in the Financial Technology Experimental Permit Instructions.

Key requirements include that the proposed FinTech product must be related to securities activities regulated by the CMA and be sufficiently developed for testing in the FinTech Lab.

This announcement highlights the CMA’s dedication to fostering financial technology innovation and supporting the growth of this crucial sector within the capital market.

Since the FinTech Lab’s inception in 2018, 53 permits have been issued, introducing innovative models that diversify investment tools and enhance the capital market’s appeal.

Authorised FinTech companies have achieved significant milestones, raising over SAR 3.8 billion through equity crowdfunding and debt instrument platforms.

Investment fund distribution platforms have attracted a diverse investor base, with distributed units valued at over SAR 2.6 billion.

Additionally, robo-advisor platforms have managed assets exceeding SAR 2.2 billion, offering investors advanced tools for investment management.

The FinTech Lab aims to attract a wide range of innovative business models to the capital market.

The CMA invites innovators to capitalise on the Kingdom’s dynamic FinTech ecosystem, promoting innovation in financial services and aligning with the Financial Sector Development Program (FSDP).

For more details on the Financial Technology Experimental Permit Instructions and the FinTech Lab, please visit the provided link.

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Sharjah: Council Committee Reviews Proposed Law on Military Pensions and Benefits

13/12/202413/12/2024
by Hannah Gutang

The Legislative and Legal Affairs, Appeals, Suggestions, and Complaints Committee of the Sharjah Consultative Council (SCC) convened to deliberate on a proposed law addressing pensions and end-of-service benefits for military personnel within the emirate’s regulatory bodies.

The draft law was initially presented during a previous council session. A meeting was held this morning at the council’s headquarters in Sharjah, led by the committee’s head.

Committee members and key officials, including the legal advisor and the committee secretary, participated in the session.

The focus was on scrutinising the draft law’s provisions, with particular emphasis on its core articles.

This involved evaluating the eligibility criteria for pensions and benefits, the procedures for their distribution, and the transitional provisions related to membership requirements.

The committee underscored the legal and financial aspects embedded in the draft law, aiming to establish robust regulations for subscriptions, benefits, and pension calculations.

During the meeting, the committee shared insights on various articles, emphasising the importance of regulatory measures tailored to the unique characteristics of Sharjah’s military organisations.

The committee plans to continue its thorough review of the draft law in upcoming meetings, ultimately preparing a final report for submission to the Consultative Council for further discussion and approval.

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Qatar: Warning From QCB

13/12/202413/12/2024
by Hannah Gutang

QCB has emphasised the importance of safeguarding the confidentiality and privacy of personal and banking information for all customers.

The QCB urges customers to avoid clicking on any suspicious links received via SMS.

It is important to note that text messages sent by banks operating in the country will never include electronic links.

The QCB further advises customers to immediately contact their bank when receiving unsolicited SMS messages containing an electronic link requesting personal or banking information.

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Oman: Issues New Ship and Port Security Regulations

13/12/202413/12/2024
by Hannah Gutang

The Arabian Stories, 3 December 2024: The Transport, Communications, and Information Technology Ministry has introduced new regulations for ship and port security, aiming to enhance maritime safety and security in Oman.

Oman Ministerial Decision No. 423/2024 outlines a comprehensive framework based on International Maritime Law and international agreements.

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Kuwait: Proposes 15% Corporate Tax in Fiscal Reforms

13/12/202413/12/2024
by Hannah Gutang

Gulf Insider, 9 December 2024: Kuwait is set to implement a Corporate Income Tax as part of comprehensive fiscal reforms, with the Ministry of Finance proposing a 15 percent tax on corporate profits starting in 2025.

Outlined in the draft Business Profits Tax Law, the plan targets both local and multinational companies, exempting smaller enterprises with annual turnovers below 1.5 million Kuwaiti dinars.

The tax will apply to profits earned from 1 January 2025, with a broader rollout to additional businesses by 2027.

Initial advance tax payments are scheduled to begin in 2026.

State-owned companies will be exempt, while certain income from divided zones, including the submerged divided zone, will incur a higher tax rate of 30 percent, reduced for those who have already paid 50% of taxes to Saudi Arabia.

A supplementary tax is proposed for multinational corporations with effective tax rates below the minimum 15%, ensuring adherence to international tax standards.

Additionally, a 5% withholding tax will apply to specific payments to non-residents, such as dividends, royalties, rent, technical services, and insurance premiums, unless linked to permanent establishments in Kuwait.

Companies must register with the Tax Administration within 30 days of commencing operations.

Tax returns, along with audited financial statements, must be filed within six months of the tax year’s end.

The draft law also mandates quarterly advance tax payments based on estimated earnings, with overpayments eligible for refunds upon filing the final return.

The proposed tax system allows deductions for prior-period losses, salaries, depreciation, and contributions to the Kuwait Foundation for the Advancement of Sciences, subject to specific limits.

Businesses are required to retain financial records for ten years to fulfil reporting obligations.

Taxpayers can challenge assessments through an objection and appeal process, with disputes potentially escalated to a Tax Grievances Committee or competent courts.

Penalties for failing to meet filing or payment deadlines include a 1% charge for every 30 days of delay, applicable to missed tax declarations, withheld taxes, or delayed advance payments.

In cases where tax debts are at risk, the Tax Administration may seek court orders to seize assets, though taxpayers can avoid such measures by providing guarantees.

These reforms aim to modernise Kuwait’s fiscal framework, aligning with international tax standards while promoting transparency.

By targeting large corporations, small enterprises, and foreign entities, the proposed law seeks to balance revenue generation with equitable treatment of businesses across the economic spectrum.

Providers will be required to offer electronic payment options compatible with local banking systems, ensuring secure transactions.

The use of advanced technologies, such as distributed ledger systems and smart contracts, is permitted to enhance consumer experience, provided they are transparent and subject to oversight.

In terms of intellectual property, the law prohibits unauthorised use of protected content, holding providers accountable for violations.

Mechanisms will be established to address complaints, including fines and blocking infringing stores.

Cybersecurity provisions require service providers to implement stringent data protection measures, such as encryption and regular system updates, and to report security breaches within 72 hours.

Providers will be liable for any resulting damages.

The Ministry will oversee e-commerce activities and issue necessary regulations.

Two committees will be formed: the Violations Control Committee and the Dispute Settlement Committee, with the authority to issue warnings, impose fines, and temporarily close non-compliant stores.

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Dubai: 30% Alcohol Sales Tax to Return

13/12/202413/12/2024
by Hannah Gutang

Khaleej Times, 6 December 2024: Dubai will reinstate a 30% tax on alcohol sales starting 1 January 2025.

The Dubai Government has mandated the reinstatement of the 30% municipality tax on alcoholic beverage purchases, effective from January 2025.

All orders invoiced from 1 January 2025, will be subject to this tax, and Dubai Municipality has requested that all necessary systems be in place to ensure compliance.

Several restaurateurs have confirmed the move, noting its potential impact on consumer buying behaviours.

One executive director from a hotel and permit room mentioned that the reimposed tax could present an opportunity for outlets within hotels, as they may attract more guests who prefer discounted rates and deals on alcohol rather than purchasing directly from retail stores.

Previously, in January 2023, Dubai Municipality had announced the removal of the 30% tax on alcohol sales for a year, a measure that was extended until the end of December 2024.

A restaurateur, who has wished to remain anonymous, expressed surprise at the reinstatement of the full 30% tax, as they had anticipated a 15% rate.

However, alcohol retailers have now confirmed the return to the previous 30% tax.

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