LexisNexis Middle East

UAE: Corporate Tax Law Issued

09/12/202209/12/2022
by Benjamin Filaferro

9 December 2022: The UAE Corporate Tax Law, Federal Decree-Law No. 47/2022 has been issued on the UAE Ministry of Finance website.

The Corporate Tax Law provides the legislative basis for introducing and implementing a Federal Corporate Tax in the UAE. It will be effective for financial years starting on or after 1 June 2023.

The introduction of the Corporate Tax Law intends to support the UAE in achieving its strategic objectives and accelerate its development and transformation.

For the full story, click here.

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/.

News developments

LexisNexis Hosts the 3rd Dubai Edition of the Developments in International Arbitration Seminar!

08/12/202213/12/2022
by Benjamin Filaferro

In partnership with SOL International Ltd, LexisNexis was pleased to host the 3rd Dubai edition of the Developments in International Arbitration seminar in Dubai, UAE on 29 November 2022.

Special guest speaker Gary Born, one of the world’s pre-eminent experts on international commercial arbitration and international litigation, provided his valuable knowledge and insight on the recent changes in international arbitration and the latest developments in arbitration in the UAE and broader Middle East region.

The seminar kicked off with a welcome address by Sarah Haddadi (LexisNexis Middle East). It was followed by a panel discussion, where Gary Born (Wilmer Cutler Pickering Hale and Dorr LLP), Anne Hoffmann, Hasan Arab (Al Tamimi & Company) and Fatima Balfaqeeh (RKAH Consultancy Firm) discussed the recent changes in international arbitration, anticipated developments in arbitration in the Middle East over the next five years, and what changes need to be made to ensure credibility in the region.

Finally, we had an interesting Q&A session with enthusiastic participation from the audience.

Thank you to all participants, specifically our speakers, for making this event a success!

News developments

The Lexis® Middle East Gulf Tax – Winter 2022 edition is out now!

08/12/202208/12/2022
by Benjamin Filaferro

We are pleased to share the latest edition of our tax magazine, Lexis® Middle East Gulf Tax, the first of its kind in the GCC! It is a complimentary magazine that provides updates on the GCC’s recent key tax and financial developments.

In this edition:

Pillar 2 – How might OECD’s Pillar 2 affect GCC businesses?

OECD’s Pillar 2 Module, which ensures large multinational enterprises pay minimum tax levels on income, will impact taxpayers across the globe. Rami Alhadhrami of BDO Kuwait looks at how it might affect GCC businesses.

The first 100 days… as Head of Tax

With the recent tax changes in the Middle East, tax recruitment specialists have seen more businesses wanting to hire their first-ever Middle East In-house Head of Tax. Conor McHugh of Alchemy Search and Siegert Slagman, a Head of Tax, share their experiences recruiting these roles and the crucial first 100 days in the post.

Practical Focus on Double Taxation Agreements

With effect from 1 January 2020, Saudi Arabia and the UAE have implemented a treaty to avoid double taxation. Zain Satardien of Hourani & Partners shares practical points on this Double Taxation Treaty (DTT), how it provides significant advantages for businesses operating in the two contracting states, and how it aims to avoid double taxation and prevent tax evasion.

Managing Challenges and Change with Technology

Nitin Agarwal, Head of Taxation at Majid Al Futtaim Carrefour UAE, talks about how successful major transformation projects have made him more confident and prepared to deal with future tax changes and challenges.

Practitioner Perspective on Excise Tax

Michel Ruitenberg of Crowe looks at how Excise Tax, an important compliance area for retail businesses, has changed in the UAE and the differences in how it operates there to other GCC countries.

Am I eligible for World Cup tax exemptions?

Qatari authorities are granting special World Cup Tax Exemptions, but who is eligible and for what? Thomas Vanhee of Aurifer Middle East Tax answers these questions and more!

Special thanks to Alchemy Search for supporting tax professionals by connecting businesses with talent across the GCC and beyond!

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 | Winter 2022

Have you read the Lexis® Middle East Gulf Tax – Summer and Autumn 2022 editions? Click the links below to access and read this edition.

Lexis-Middle-East-Gulf-Tax_| Autumn 2022

Lexis® Middle East Gulf Tax | Summer 2022

News developments

Dubai: Arbitration Award Rejected as Debtor Not Domiciled in UAE

07/12/202207/12/2022
by Benjamin Filaferro

6 December 2022: The Dubai Cassation Court has rejected the enforcement of an arbitration award against a foreign debtor on the grounds that the debtor is not domiciled in the United Arab Emirates.

Following the ruling, award creditors seeking enforcement of a foreign arbitral award in the United Arab Emirates should bear in mind that if the award debtor is not domiciled in the UAE, the Courts may reject the award.

Creditors should also consider that if foreign award debtor assets are not named in the award, the Courts may refuse enforcement action against those assets.

For the full story, click here.

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/.

News developments

Abu Dhabi: ADGM Publishes Guiding Principles on Whistleblowing

07/12/202207/12/2022
by Benjamin Filaferro

6 December 2022: Abu Dhabi Global Market (ADGM) has published its Guiding Principles on Whistleblowing, covering critical aspects of a robust whistleblowing framework, including transparency, accountability and market integrity.

The principles complement ADGM’s existing regulatory frameworks and encompass six key aspects: encouraging a broad definition of whistleblowing to be used; ensuring that whistleblowers are given adequate opportunities to speak up and are fairly treated when they do so; restricting access to whistleblowing reports and following due process in managing them; focusing the protections of any whistleblowing framework to honestly held beliefs reported in good faith; including appropriate resources to support it, which will vary depending on the nature of the relevant entity’s business; supporting a whistleblowing program with an organisational culture of trust and transparency.

For the full story, click here.

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/.

News developments

Bahrain: Flexible Worker Permits Cancelled After 17 February 2023

07/12/202207/12/2022
by Benjamin Filaferro

Alwatan, 5 December 2022: Bahrain’s Interior Minister has announced a decision to cancel flexible worker permits from 17 February 2023.

Those with the flexible worker permit must reconcile their status before the deadline by obtaining the relevant professional permit and registration approved by the Labour Market Regulatory Authority.

For the full story, click here.

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/.

News developments

UAE: Employers’ Ratings Lowered If They Delay Payment of Salaries

07/12/202207/12/2022
by Benjamin Filaferro

Emaratalyoum, 5 December 2022: The UAE’s Human Resources and Emiratization Ministry has warned companies with 50 or more employees that their employer’s rating will be lowered if they delay the payment of salaries to their workers.

Any employer found to have delayed payment of their workers’ wages will have their rating lowered to the ‘High Risk Establishments’ category.

For the full story, click here.

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/.

News developments

Jordan: Prime Minister Orders Withdrawal of Books that Don’t Conform to Jordanian Values

05/12/202207/12/2022
by Benjamin Filaferro

Jordan News Agency, 30 November 2022: Jordan’s Prime Minister has instructed the Minister of Culture to conduct a review of all novels and literary works on sale in the country and to withdraw any publications that ‘fail to conform to values, customs and traditions of Jordanian society, and the nation’s principles’.

The Prime Minister directed the relevant authorities total the necessary measures against such violations in accordance with current legislation.

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/.

News developments

Saudi Arabia: Tourism Development Fund Launches Small Business Support Scheme

05/12/202205/12/2022
by Benjamin Filaferro

Arab News, 29 November 2022: The Saudi Tourism Development Fund (TFD) has announced a new tourism aid programme that aims to provide financial and non-financial support to 10,000 small and medium-sized enterprises (SMEs) in the Kingdom.

The programme has three subcategories which cover conducting trials, innovation and hospitality.

The TFD will assist SMEs in launching new projects or expanding their existing business.

For the full story, click here.

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/.

News developments

S & A Law Firm participates as a Silver Sponsor of the Oman Business Law Forum Conference 2022 – 5th Edition!

30/11/202205/12/2022
by Benjamin Filaferro

LexisNexis Middle East is pleased to announce that S & A Law Firm will participate as a Silver Sponsor at the Oman Business Law Forum Conference 2022 – 5th Edition held on 12 December 2022.

The conference is specifically designed for in-house counsel and will cover the latest legal developments and trends in Oman. It will be held in English and Arabic (simultaneous translation).

We hope you will join us for this unique and exclusive opportunity to meet existing and potential clients on 12 December 2022 at the Grand Hyatt Muscat in Muscat, Oman.

If you would like more information, you can click here.