Newsletter Archives - Page 87 of 242 - LexisNexis Middle East

UAE: Federal Tax Authority Urges Businesses to Register for Corporate Tax

07/09/202307/09/2023
by Tanya Jain

Gulf News (United Arab Emirates), 5 September 2023: The UAE’s Federal Tax Authority has urged businesses not to delay registering for corporate tax. Listed companies and private businesses whose financial years start on 1 June 2023 especially should not delay registering.

These companies have until February 2025 to pay their corporate tax obligations for the current financial year. Registration can be done via the EmaraTax portal on the Authority’s website.

Those who are already registered for VAT and excise tax can log in to their tax account on the EmaraTax portal. They will then need to select the taxable person, select the option to register for corporate tax and proceed with filling the registration form and providing documentation.

Once the application is approved, a Tax Registration Number for corporate tax will be issued.

Taxpayers who are not registered for VAT or excise tax will need to create a new user profile on the portal using the eservices.tax.gov.ae link and create an account using their email ID and phone number. Once the user profile has been created, registration can be completed by creating a taxable person profile, selecting the option to register for corporate tax and applying for registration.

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Saudi Arabia: Labour Law Penalties Regime Amended

07/09/202307/09/2023
by Tanya Jain

Gulf News (United Arab Emirates), 3 September 2023: Saudi Arabia’s Human Resources and Social Development Ministry has announced a raft of amendments to labour law penalties in the Kingdom. The fines will be imposed based on the category of the establishment. Categories are now determined by the total number of employees.

Category A includes entities with more than 50 employees, Category B is designated for those with 21 to 49 employees and Category C encompasses establishments with one to 20 employees.

In terms of employers who fail to comply with Saudisation quotas or employ non-Saudis in roles reserved for Saudi nationals, offenders in Category A will be fined 8,000 Riyals, offenders in Category B 4,000 Riyals and offenders in Category C 2,000 Riyals.

When it comes to non-compliance with protection, safety, and occupational health standards, the penalties have also been amended. Offenders in Category A will be fined 5,000 Riyals instead of 10,000 Riyals, offenders in Category B 2,500 instead of 5,000 Riyals, and offenders in Category C between 1,500 instead of 2,500 Riyals.

The penalties for those who do not establish appropriate safety guidelines have also been amended. Offenders in Category A will be fined 1,000 Riyals instead of 5,000 Riyals. Offenders in Category B will be fined 500 Riyals instead of 2,000 Riyals and offenders in Category C 300 Riyals from 1,000 to 300.

Those who employ workers under extreme weather conditions without necessary safety measures will be fined 1,000 Riyals, regardless of the category they are in. Entities who fail to provide medical insurance to employees and their families will be fined 1,000 Riyals if they are in Category A, 500 Riyals if they are in Category B, and 300 Riyals if they are in Category C.

Those who employ minors will be fined 2,000 Riyals if they are in Category A. Employers who hire women within six weeks after childbirth will be fined 1,000 Riyals.

Category A establishments who employ Saudis in roles reserved exclusively for them will be fined 1,000 Riyals. Offenders in Category B will be fined 5,000 Riyals and offenders in Category C 2,500 Riyals. Entities who misrepresent data to the Ministry will be fined 3,000 Riyals instead of 20,000 Riyals.

Category A entities who carry out discriminatory hiring practices will be fined 3,000 Riyals, while those in Category B who commit the offence will be fined 2,000 Riyals and offenders in Category C 1,000 Riyals. Establishments not paying salaries in the official currency within the stipulated timeframe will be fined 300 Riyals.

Also reported in Al Madina on 23 August 2023. Read the full story here.

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Oman: Central Bank Instructs Banks to Ensure Freelancers Have Separate Work-related Bank Accounts

07/09/202307/09/2023
by Tanya Jain

Oman Daily Observer, 4 September 2023: Oman’s Central Bank has instructed banks to ensure banks have freelancers and those working independently have separate work-related bank accounts.

They have also been instructed to ensure the appropriate credit facilities are provided to these groups and include them within the percentage specified by the Central Bank to finance SMEs. Freelancing and independent work have been defined as individual businesses that enable an individual to provide services or products without having to establish a workplace or obtain a commercial license.

Banks have to help these groups open bank accounts and ensure they carry out the relevant due diligence in terms of money laundering and terrorist financing. They should notify customers who use their personal accounts for commercial purposes about the importance of opening a separate account and providing credit facilities for this category.

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Kuwait: Capital Market Authority Signs Cooperation Agreement with Insurance Regulatory Unit

07/09/202307/09/2023
by Tanya Jain

Alanba, 4 September 2023: Kuwait’s Capital Market Authority has signed a cooperation agreement with the Insurance Regulatory Unit.

It was signed to boost control and coordinate cooperation in these areas in order to achieve harmony and integration in work mechanisms and procedures between state agencies and reduce procedural burdens on beneficiaries.

It was signed for the Capital Markets Authority by the Chairman of its Board of Commissioners and Executive Director, Dr. Ahmed Al-Mulhim. It was signed for the Insurance Regulatory Unit by its Head, Muhammad Al-Otaibi.

Read the full story here.

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Dubai: Dubai International Financial Centre Proposes Employment Law Amendments

04/09/202304/09/2023
by Tanya Jain

Dubai’s International Financial Centre has proposed various legislative amendments, including amendments to its Employment Law. They have also proposed amendments to its Trust Law, Foundations Law and Operating Law.

The DIFC has launched a consultation on these proposed amendments and the consultation ends on 29 September 2023. The proposed changes are aimed at ensuring the DIFC legislation remains aligned with international best practices and Organisation for Economic Co-operation and Development (OECD) requirements.

The Centre is also proposing amendments to its Operating Regulations to strengthen the Registrar of Companies’ (RoC) powers to regulate entities that operate outside of standard business hours. In terms of the Employment Law, the Centre is proposing amending Part 10 of DIFC Law No. 2/2019 to require DIFC employers of eligible GCC nationals to make top-up payments into a Qualifying Scheme, in addition to GPSSA contributions.

This will mean DIFC employers have to pay the positive difference into a Qualifying Scheme where there is a shortfall between what would have been payable into a scheme if the individual had not been a GCC national, and what is paid under the GPSSA.

Monthly payments are subject to a de minimis threshold of 1,000 AED.

Other amendments deal with situations where a Qualifying Scheme is prohibited from accepting contributions from an Employer, or in respect of an Employee, as a result of sanctions prohibitions.

The Centre is proposing amending the Trust Law (DIFC Law No. 11/2005) and Foundations Law (DIFC Law No. 3/2018) in terms of the DIFC Courts’ rights of jurisdiction over the administration of DIFC Trusts. The Centre is also proposing amending the Foundations Law to expand the role of Registered Agents, to allow them to enter into an arrangement with the RoC to provide certain compliance functionality on behalf of a Foundation. This is already allowed for corporate service providers under the Prescribed Company and Family Office regimes.

The amendments to the Operating Law (DIFC Law No. 7/2018) relate to OECD requirements regarding record retention following the winding up of an entity and an update to the definition of Privileged Communication.

The amendments to the Operating Regulations are aimed at providing the ROC with specific powers to deal with bars and restaurants that operate late hours and may disturb other DIFC tenants through noise or other anti-social behaviour.

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Abu Dhabi: Farms and Caravans Can Now be Included in Holiday Homes Policy

01/09/202301/09/2023
by Tanya Jain

Gulf News (United Arab Emirates), 29 August 2023: Abu Dhabi’s Culture and Tourism Department has announced it has updated its holiday homes policy. Under the updates, farmhouse owners in the Emirate will be able to convert their properties into holiday homes after securing licences.

They have six months to initiate the licensing process for their properties. Caravans and recreational vehicles will also be included.

The aim is to help support farmhouse owners as they look to diversify their income. In addition, landlords and residential unit owners can obtain more than one holiday home licence for multiple units.

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Qatar: Terms for Power and Water Connection Approved

01/09/202301/09/2023
by Tanya Jain

Gulf Times, 30 August 2023: Qatar’s Cabinet has approved a draft Ministerial Decision specifying the works to be implemented in line with Qatar Law No. 4/2018 on organising the electricity and water service connection and the required conditions and controls.

They also approved a draft Decision from the Chairman of the Qatar General Electricity and Water Corporation or Kahramaa specifying the conditions and procedures for connecting electricity and water to buildings and facilities whose maximum demand exceeds five megawatts of electricity and 600 cubic metres per day of water.

In addition, they approved a draft law amending Qatar Law No. 9/1987 on the control and regulation of narcotic drugs and dangerous psychotropic substances. They have referred it to the Shoura Council to consider.

Finally, they approved a draft Cabinet Decision amending Qatar Decision No. 36/2014 establishing the National Committee for the Customs Clearance System and Cross-Border Trade Facilitation.

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UAE: Foreign Affairs Ministry Announces Visa-free Travel List

31/08/202331/08/2023
by Tanya Jain

Gulf News (United Arab Emirates), 28 August 2023: The UAE’s Foreign Affairs Ministry has announced nationals from more than 80 countries can now enter without a visa.

They are nationals from Australia, Switzerland, the Czech Republic, Slovakia, France, Greece, Hungary, Saudi Arabia, the UK, the US, Mexico, Japan, Andorra, Liechtenstein, Monaco, Ukraine, Barbados, Brunei Darussalam, the Solomon Islands, Azerbaijan, Estonia, Argentina, Uruguay, Albania, Brazil, Portugal, El Salvador, China, the Maldives, Germany, Austria, Ireland, Iceland, Italy, Paraguay, Bulgaria, Poland, Peru, Belarus, Chile, San Marino, Slovenia, Singapore, the Seychelles, Serbia, Finland, Cyprus, Kazakhstan, Croatia, Korea, Costa Rica, Colombia, Kiribati, Latvia, Lithuania, Malta, Mauritius, Nauru, Honduras Georgia, Luxembourg, Israel, Kuwait, Qatar, Vatican City State, Russia, Romania, Saint Vincent and the Grenadines, Oman, the Bahamas, Canada, Malaysia, Hong Kong, Spain, Bahrain, Denmark, Sweden, Norway, Belgium, the Netherlands, Montenegro and New Zealand.

More information can be found on the Foreign Affairs Ministry website or the Federal Authority for Identity, Citizenship, Customs, and Port Security’s website.

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Saudi Arabia: Passenger Rights Protection Regulations Approved

29/08/202329/08/2023
by Tanya Jain

Khaleej Times (UAE), 24 August 2023: Saudi Arabia’s General Authority of Civil Aviation (GACA) has announced it has approved new passenger rights protection regulations. The regulations have been issued to strengthen the protections for travellers where there are airline or airport disruptions.

They will come into force on 20 November and cover ticketing, boarding, in-flight services, baggage handling, and helping passengers with special needs, including those with reduced mobility.

Under the changes, compensation provisions have been strengthened and extended. Compensation of between 150 and 200% of the original ticket value could be awarded for flight delays, cancellations, overbooking and unexpected stopovers.

For lost or damaged baggage, travellers could be compensated with approximately 6,568 Saudi Riyals. There are also provisions for unique travel circumstances like the Haj and Umrah pilgrimage.

In these cases, passengers will be able to request the termination of the contract with the air carrier where the flight is delayed for more than two hours.

Also reported in Al Madina on 23 August 2023. Read the full story here.

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Qatar: Heirs Determination Service Launched by Courts

29/08/202329/08/2023
by Tanya Jain

Al-Sharq, 27 August 2023: Qatar’s Supreme Judicial Council has announced it has launched a new service to determine heirs and distribute estate consensually through the Mahakem portal.

The Council has said that the new service has been launched as part of the implementation of Qatar Law No. 4/2023 concerning the distribution of inheritance to facilitate the processes for settling inheritance matters.

Applications must be submitted within the legal term stipulated by the law which is 30 days from the date of death.

The law sets out the rules for distributing the inheritance. These include that the debts of the deceased must be paid off under the supervision of the judge before the distribution of inheritance.

Read the full story here.

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