LexisNexis Middle East

Oman: Omap Platform Launched

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

Oman Daily Observer, 18 September 2023: Oman’s Public Authority for Special Economic Zones and Free Zones has announced it has launched an Omap platform. It aims to provide a digital portal to allow comprehensive geographical data, masterplans for special economic zones, free zones and industrial cities overseen by the Authority to be accessed.

It will provide detailed information and services via interactive digital maps and tools. It has been launched as the first step in the Authority’s online land allocation service.

The platform will simplify and expedite procedures, save time and effort, ensure equitable opportunities for all investors and prevent plans overlapping. It provides access to precise spatial information through detailed interactive maps for all zones, even pinpointing land available for investment and associated economic activities.

Investors can examine the land’s elevation, regardless of whether or not they are in Oman. They can also understand the land’s surface area and decide whether the power line is near enough or the required water capacity is available. They can also decide whether that particular plot is suitable for their specific industry, hotel, or commercial activity. It will enable them to understand whether roads are planned for the future or if there is a fibre optics or a telephone network as well.

In addition, investors will be able to remotely reserve the land, whether inside or outside Oman for 20 days and finalise the land acquisition process.

Investors can also interact and learn more about the specific plot available within all zones. Its features also include location searches for investment properties and comprehensive information on nearby landmarks and facilities like hospitals, restaurants, schools, stores and hotels. Users can also obtain land details by type, usufruct rates, location coordinates, size, and nearby utilities such as electricity, telecommunications, water, and transportation networks.

Users can also measure distances between different locations and their proximity to transportation networks relevant to shipping goods. Users will be able to get informed about drone-specific locations and restricted drone flying zones too.

A service for photographing projects at the request of the investor will be provided later on.

The platform has a toolkit that helps users, offers measurement tools as well as planning, drawing and annotation features, proximity service searches, cadastral drawing capabilities or Krooki, map printing and a site selection tool for digitally recording coordinates.

Biodiversity sites, reserves, tourist attractions, camping areas and more can also be disclosed. It provides insights into weather and climate conditions through connections to climate monitoring stations in the zones. It also offers information related to soil tests in the Special Economic Zone at Duqm, which is a focal point for future and Artificial Intelligence technologies.

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News developments

Kuwait: New Controls for Granting Leave for Accompanying Sick Patients Announced

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

Alrai, 17 September 2023: The Managing Director of Human Resources at Kuwait Petroleum Corporation has issued a Circular regarding the rules, controls and conditions for leave to accompany a patient in the oil sector.

The Circular states it is permissible to extend the leave of a non-relative to accompany a patient suffering from an incurable disease after the accumulated annual leave balance of the employee has been exhausted.

The extension request will have to be made after the first 90 days of leave for a patient’s non-relative companion has expired. A report from the relevant medical authority will have to be provided and presented to the institution’s CEO to consider and approve.

It will be implemented on its issued date.

Read the full story here.

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News developments

Dubai: New Training Programme for Prospective Employees to be Launched

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

Khaleej Times (United Arab Emirates), 18 September 2023: Dubai’s Health Authority has announced it is going to launch a new training programme for prospective employees.

The Elite Programme will give prospective Emirati employees training across specialised and advanced programmes to develop their personal, scientific, and professional skills and capabilities.

It will give them the chance to gain experience and gradually take on additional roles, tasks, and responsibilities for one year.

Those who prove their competency during training will be appointed based on their progress.

The Programme has been launched to improve Emiratisation rates at the Authority and attract more specialist Emirati talent.

Trainees will receive monthly financial rewards as well as the opportunity to be trained and gain hands-on experience in tasks and responsibilities necessary for the industry.

The Programme will be launched soon and Emiratis interested in applying can apply via the Dubai Careers website.

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News developments

Bahrain: Central Bank Introduces New Investment Firm Category

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

Bahrain’s Central Bank has amended Volume 4 of its Rulebook on Investment Business Regulations to introduce a new category of investment firms. The new category will be allowed to provide regulated investment and wealth management services to family offices that are supervised by the Bank.

They will be able to provide wealth management, investment management, custody services, trust services, fund management and insurance advice.

The regulations were developed to help meet the needs of these businesses, support the growth of the asset management industry in the Kingdom and ensure regulatory requirements relating to governance and internal controls are upheld.

Existing family offices will not be included in the new regulations unless they expand the scope of their activities by providing investment services to other parties which requires a Central Bank licence under the new regime to be obtained.

Also reported in Al Watan on 18 September 2023. For the full story, click here.

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News developments

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.

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News developments

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!

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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

News developments

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.

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News developments

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.

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News developments

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.

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News developments

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.

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