Newsletter Archives - Page 93 of 242 - LexisNexis Middle East

Qatar: One Window Committee for Capital Market Formed

12/07/202312/07/2023
by Tanya Jain

Alwatan, 6 July 2023: The Qatar Financial Markets Authority has made a decision to establish a committee called the “one window for the capital market.”

The primary objective of this committee is to streamline and simplify procedures for companies involved in financial markets within the country, resulting in reduced time and effort.

The committee aims to achieve this by consolidating the process to a single point of contact, instead of having multiple entities involved. This collaborative effort involves the Ministry of Commerce and Industry, the Qatar Financial Markets Authority, the Qatar Stock Exchange, and a deposit company.

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Oman: Platform for Companies Information Launched

12/07/202312/07/2023
by Tanya Jain

Alroya, 5 July 2023: Oman’s Small and Medium Enterprises Development Authority has partnered with the Royal Oman Police to introduce the “Information Plus” electronic information system on the authority’s website.

This digital platform serves as a comprehensive resource, offering details on companies, establishments, their locations, activities, population information, and economic activities.

The primary objective of this new system is to promote the use of open data and make it accessible to small and medium enterprise owners who are interested in launching their own ventures. The system aims to support these entrepreneurs in finding relevant information and making informed decisions to drive their business success.

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Kuwait: Draft Law on Repealing General Authority for Roads and Land Transport Referred

12/07/202312/07/2023
by Tanya Jain

Alqabas, 5 July 2023: The government has referred to the National Assembly a draft law to repeal Kuwait Law No. 115/2014 on the Public Authority for Roads and Land Transport.

The draft specifies the departments previously transferred to the Authority will be returned to their original authorities, and all rights and responsibilities of the Authority will be transferred to the Ministry of Public Works.

The explanatory memorandum clarifies the abolishment of the Roads Authority is part of a broader effort to merge and eliminate certain government bodies, institutions, and agencies in order to enhance government services and promote reform.

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Dubai: Controls for Refunding VAT to Tourists Announced

12/07/202312/07/2023
by Tanya Jain

Alkhaleej, 5 July 2023: The digital government of the UAE has set certain conditions and mechanisms that qualify tourists visiting the UAE to recover the value-added tax on their purchases upon leaving the country.

Tourists can get 85 per cent of the total amount of value-added tax that they paid, from which 4.80 dirhams are deducted as a fee for each “Tax Free” mark.

The conditions that qualify tourists to recover the value-added tax and the mechanism for claiming its refund include that the value cannot be refunded on any goods that are consumed in whole or in part in the country, and goods that the tourist does not take with him when leaving the country, and that the age of the tourist must not be less than 18 years.

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Abu Dhabi: Regulatory Framework for Sustainable Financing Implemented

12/07/202312/07/2023
by Tanya Jain

Albayan, 5 July 2023: The Abu Dhabi Global Market Authority has announced the implementation of a regulatory framework for sustainable financing. The aim is to establish the market as a leading center for sustainable financing and create a conducive local environment for such activities.

The new framework covers investment funds which focus on sustainability, managed portfolios, and bonds. It also outlines disclosure requirements for environmental and social practices, as well as governance for companies registered in the market.

For the full story, click h e re.

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UAE: Investment Ministry to be Established

05/07/202305/07/2023
by Tanya Jain

A new ministry is to be established in the UAE to develop the country’s investment vision, stimulate the investment environment internally, and enhance competitiveness

The new investment ministry will be headed by Mohamed Hassan Alsuwaidi. It will develop the country’s investment vision, boost prospects and enhance procedures and legislation in this area.

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Saudi Arabia: VAT on Profit Margin of Refurbished Used Cars Sale Allowed

05/07/202305/07/2023
by Tanya Jain

Okaz, 1 July 2023: The Zakat, Tax, and Customers Authority (ZACTA) has started allowing car dealers to calculate VAT on the profit margin of selling refurbished used cars. ZATCA is targeting licensed individuals who have a permit to operate car dealing shops in this respect.

The Authority explained that this method was not mandatory as it was possible to calculate VAT based on the full amount due for the car as it is the case currently.

The VAT on the fringe method can be applied when the car is classified as refurbished used cars by the authority and the car was in the Kingdom and has been used in the Kingdom before.

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Qatar: Local Value Certification Required for Energy Tenders

05/07/202305/07/2023
by Tanya Jain

Alwatan, 1 July 2023: Qatar Energy has started the application of the requirement of local value (in-country) certification on 1 July 2023 for the companies wishing to participate in the energy sector tenders.

This is applicable to the suppliers who have a local commercial registration except the companies which have been established two years ago or less.

The local value is the economic value added from the local process and spending in the state. It is measured by using an equation which shows the level of the participation of the revenues into the economy.

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Oman: Central Bank Issues Financial Stability Index

05/07/202305/07/2023
by Tanya Jain

Alwatan, 3 July 2023: The Central Bank of Oman has issued an index to measure the private compound financial stability with the aim of capturing a full idea of the financial situation locally to help the decision makers and concerned parties by providing them valuable information.

The index uses measurements of 1 to 5 to indicate the level of stability of five components including the banking stability, the regulatory risks, the debts sustainability, the currency stability and the capital markets.

These details will be available to the public annually.

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Kuwait: Judicial Authority Draft Law Proposed

05/07/202305/07/2023
by Tanya Jain

Alqabas, 3 July 2023: A group of MPs in Kuwait have submitted a draft law on judicial authority, which comprises 98 articles encompassing regulations on judicial governance.

The MPs have emphasised Article 163 of Kuwait Law No. 0/1962 Constitution of the State of Kuwait mandates the independence of the judicial system. Consequently, they believe additional safeguards must be established to ensure and preserve this independence.

According to the proposed law, judicial departments can be formed with a single judge, and a permanent committee called the Judicial Affairs Committee may be established, consisting of individuals who are not part of the judicial system.

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