Newsletter Archives - Page 86 of 242 - LexisNexis Middle East

Abu Dhabi: Penalties for Throwing Waste from Vehicles Clarified

20/09/202320/09/2023
by Tanya Jain

Gulf News (United Arab Emirates), 15 September 2023: The Abu Dhabi Police have clarified the penalties, which will be imposed on those who throw waste from their vehicles. Offenders will be fined 1,000 AED and have six black traffic points imposed on them.

The penalties will be imposed in line with Article 71 of Federal Law No. 21/1995.

The Police and the Centre for Monitoring and Control issued a joint appeal for waste to be disposed of responsibly.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Lexis Middle East Gulf Tax – Autumn 2023 Edition

13/09/202313/09/2023
by Tanya Jain

We are excited to introduce the newest edition of Lexis Middle East Gulf Tax. Our complimentary magazine provides valuable insights into the latest tax and financial developments throughout the region.

In this issue, we delve into the finer points of free zones in the UAE, where recent Cabinet and Ministerial Decisions have shed light on the operation of Corporate Income Tax. Discover the clarifications and implications that may affect your business.

In this edition:

FEATURE: FINER POINTS ON FREEZONES

Explore how recent Cabinet and Ministerial Decisions have brought clarity to the operation of Corporate Income Tax within UAE freezones. Mourad Chatar of Value Square unravels surprises in determining liabilities.

FEATURE: E-INVOICING: WHAT NEXT?

Dive into the adoption of new technology across the GCC to enhance tax compliance. Discover how tax regulators are leveraging mandatory e-invoicing for improved tax regulation. Insights provided by Ekansh Agrawal and Shashank Chandak of KPMG.

TAX NEWS ROUND-UP

Stay informed about the latest updates in tax treaties and regulations throughout the region.

WHAT’S CHANGED?

Discover the significance of the new UAE clarification procedure within the dynamic tax landscape. Brought to you in partnership with Crowe.

PRACTICAL FOCUS: TAX AND M&A

Gain valuable insights from Mourad Chatar and Ismail El Koundi of Value Square, tailored for tax and M&A professionals.

INHOUSE TAX PROFILE: SUSTAINABLY MINDED

Explore the intersection of sustainability and tax planning with Rajpal Bal, Global Head of Tax, Treasury & Customs at Aramex.

ANY QUESTIONS? – HOW DOES TAX RETENTION OPERATE?

Delve into the workings of tax retention in Kuwait with insights from Rami Alhadhrami of BDO Kuwait, shedding light on the requirements that apply to entities trading in Kuwait.

Want to receive future editions? Subscribe here!

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Lexis Middle East Gulf Tax| Autumn 2023

Have you read the Lexis® Middle East Gulf Tax – Spring and Summer 2023 editions? Click the links below to access them.

Lexis Middle East Gulf Tax |Spring 2023

Lexis Middle East Gulf Tax | Summer 2023

Umm AlQuwain: New Property Laws Introduced

13/09/202313/09/2023
by Tanya Jain

Arabian Business, 6 September 2023: Umm Al Quwain’s Ruler has introduced new property laws for the Emirate. The laws will regulate new rules on mortgages, property prices and investors’ rights, among other things. They have been issued to help develop and implement plans to drive growth in the sector and support the Emirate’s urban development plans.

Umm Al Quwain Law No. 2/2023 will allow an Interim Real Estate Register to be established and property registration activities in the Emirate to be regulated.

Umm Al Quwain Law No. 3/2023 will regulate real estate development activities in the Emirate, the pricing of all real estate projects and provide real estate escrow accounts, in line with regulations that ensure the rights of investors, real estate companies and property developers are protected.

Umm Al Quwain Law No. 4/2023 amends Umm Al Quwain Law No. 3/2007 on real estate escrow accounts in the Emirate. It sets out guidelines to help regulate real estate sales transactions better and ensure the compliance of all relevant parties with the regulation issued by the Real Estate Foundation.

Umm Al Quwain Law No. 5/2023 covers the regulation of mortgage registration activities through the Umm Al Quwain Municipality Department in line with the regulations issued by the UAE Central Bank and the settlement of issues and violations related to unregistered mortgages.

Umm Al Quwain Law No. 6/2023 relates to protecting the rights of investors where there are delays or hurdles in real estate development projects, as well as ensuring these projects are completed, when possible. It also provides for a special committee to handle issues related to cancelled and incomplete real estate projects to be established.

Finally, Umm Al Quwain Law No. 7/2023 amends Umm Al-Quwain Law No. 2/2005 on the regulation of real estate brokerage activities in the Emirate and sets out legislation and guidelines to regulate all brokerage activities.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

UAE: Federal Tax Authority Issues Corporate Tax Guide

13/09/202313/09/2023
by Tanya Jain

The UAE’s Federal Tax Authority has announced it has issued a Corporate Tax Guide. The Guide has been issued following the issuing of Federal Decree-Law No. 47/2022 on the Taxation of Corporations and Businesses (Corporate Tax Law) on 3 October 2022 and its publication in the Official Gazette on 10 October 2022.

The law provides the legislative basis for imposing a federal tax on corporations and business profits in the UAE. The provisions of the law will apply to tax periods commencing on or after 1 June 2023.

Various Cabinet and Ministerial Decisions have since been published. The Guide is aimed at providing general guidance on corporate tax in the UAE with a view to making the provisions of the Corporate Tax Law as understandable as possible to readers.

It provides readers with an overview of the main corporate tax rules and procedures, including the determination of the corporate tax base, the calculation of corporate tax, the filing of corporate tax returns and other related compliance requirements and assistance with the most common questions businesses might have. In addition, the guide explains where further assistance should be sought if there are questions about the guide’s contents or areas not specifically dealt with in the guide.

It covers the fundamentals of the corporate tax regime in the UAE, including what corporate tax is, who is subject to it, what types of income are taxable and how a taxable person’s corporate tax liability is calculated as well. Finally, the guide explains the corporate tax administration process, from Tax Registration and record keeping to submitting returns and making payments.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Saudi Arabia: Implementing Regulations to Data Protection Law Published

13/09/202313/09/2023
by Tanya Jain

Saudi Arabia’s Authority for Data and Artificial Intelligence has published the Implementing Regulations to the Data Protection Law (Saudi Arabia Cabinet Decision No. 98/1443). Saudi Arabia Administrative Decision No. 1516/1445 will come into force on 14 September 2023.

The published regulations have omitted the definition of secondary use but not the concept of secondary processing and its having special requirements. They have also omitted the legal basis requirement for exercising rights.

In addition, they have omitted Article 33 on the transfer or disclosure of data to an entity outside of the Kingdom and Article 3 on the legal basis for processing. Finally, pseudonymisation will now be known as coding.

They will be published in the Official Gazette.

They have also published Regulations on cross-border transfers. Under Saudi Arabia Administrative Decision No. 1517/1445, controllers should check and ensure there are appropriate conditions that allow the transfer or disclosure outside Saudi Arabia and provide adequate protection to the personal data and the data subject’s rights.

They must limit the transfer or disclosure of personal data outside Saudi Arabia to the minimum necessary to achieve the transfer or disclosure purpose. This will be determined using data maps which indicate the need to transfer or disclose each piece of data and link it to each processing purpose outside the country. The requirements also apply to metadata, operational data, backup data, monitoring systems data, support data and data derived from personal data which directly or indirectly identifies a data subject.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Qatar: Cabinet Approves Control of Precious Metals Draft Law

13/09/202313/09/2023
by Tanya Jain

Gulf Times, 6 September 2023: Qatar’s Cabinet has approved a draft law regarding control of precious metals and valuable stones. It has been proposed and approved to keep up with developments in control over precious metals and valuable stones.

If approved, it will replace Qatar Law No. 4/1978.

The Cabinet also approved a draft law amending Qatar Law No. 1/2012 on the regulation and control of advertisement placement. They have referred it to the Shoura Council to consider.

Finally, they reviewed the results of a study on proposed amendments to the country’s Labour Law.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Oman: E-commerce Decision Issued

13/09/202313/09/2023
by Tanya Jain

Oman Daily Observer, 10 September 2023: Oman’s Commerce, Industry and Investment Promotion Ministry has announced it has issued Oman Ministerial Decision No. 499/2023 to regulate the practice of e-commerce activity in the Sultanate.

E-stores will also have to protect consumer data. Vendors must maintain the confidentiality of consumer data and disclose measures taken to protect the data. They must immediately contact relevant authorities where there is a breach and provide a clear framework for receiving and handling consumer complaints as well as an exchange and return policy on par with current laws and contact information.

A licence to practice e-commerce must be obtained by submitting an electronic application via the Invest Easy portal.

It has been issued as part of a national e-commerce plan and is aimed at creating a legal and regulatory environment for the development and promotion of e-commerce. As part of the plan, an e-commerce complex will be established and the necessary infrastructure to support the sector will be developed.

It is also aimed at documenting local e-stores and facilitating access to e-stores organising operations related to buying and selling via the Internet and reducing e-commerce-related fraud. In addition, it is aimed at keeping up with e-commerce regulation and e-stores monitoring development.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Kuwait: Expatriates’ Residency Law Amended

13/09/202313/09/2023
by Tanya Jain

Arabian Business, 10 September 2023: Kuwait’s Interior Minister has issued a Ministerial Decision amending the Expatriates’ Residency Law.

Under the amendment, expatriates have to pay off all of the debts they owe to state departments before they are allowed to renew or transfer their residency visas.

The outstanding debts can be paid via the websites of the relevant state department or via the Sahel application. For residency to be issued, renewed, or transferred to another sponsor, an applicant must also pay the Health Ministry’s health insurance fee.

The Decision has been published in the Official Gazette and came into force on its published date (10 September).

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Dubai: DIFC Data Protection Regulation Amendments Enacted

13/09/202313/09/2023
by Tanya Jain

The Dubai International Financial Centre (DIFC) has announced it has enacted amendments to its Data Protection Regulations.

Among other amendments, the Centre has enacted the region’s first regulations on the processing of personal data via autonomous and semi-autonomous systems such as Artificial Intelligence or generative, machine learning technology. Regulation 10 creates space for the DIFC to be a platform for interoperability of the many and varied guidelines and principles issued by sovereign governments and non-governmental organisations. The creation of a plug-and-play space for the application of best-fit principles to Artificial Intelligence technology development is fundamental, responsible and ethical processing of personal data in such systems.

The amendments also provide clarity on personal data breach assessments and reporting obligations. This will include situations where a temporary custodian finds personal data that has been inadvertently left behind or lost.

In addition, they provide clarity on the use and collection of personal data for marketing and communication purposes, particularly in terms of appropriate notices when employing systems that may impair data individuals’ rights to restrict or remove their personal data, default cookies settings and conditions for consent.

They also provide clarity on investigations and the enforcement powers of the Commissioner when a controller or processor may employ unfair or deceptive practices.

The Commissioner’s Office is also considering testing use cases through participation in a regulatory sandbox comprised of technology developers, users, regulators and non-governmental or quasi-governmental organisations.

Guidance to accompany the updated Regulations will be issued in due course.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Abu Dhabi: First Investment Fund Manager Launched

13/09/202313/09/2023
by Tanya Jain

Arabian Business, 11 September 2023: Abu Dhabi’s Investment Company has announced it has launched the first investment fund manager under new Securities and Commodities Authority regulations.

Invest AD Global Asset Manager will launch investment products in alternative asset classes and equities, together with leading global asset managers.

The manager aims to provide investors in the UAE with access to tailored investment solutions.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.