LexisNexis Middle East

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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News developments

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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News developments

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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News developments

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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News developments

UAE: Final Deadline to Achieve Emiratisation Objectives Extended

22/06/202322/06/2023
by Tanya Jain

Alwatan, 13 June 2023: The UAE’s Ministry of Human Resources and Emiratisation has announced an extension of the deadline for private sector companies to achieve their midyear Emiratisation objectives.

The new deadline has been set for 7 July 2023.

Previously, companies in the private sector with 50 or more employees were required to meet these objectives by 30 June 2023. However, considering this deadline coincides with Eid, it has been extended to allow for sufficient time.

Starting from 8 July 2023, the Ministry will begin assessing the commitments of the relevant companies as outlined in the decision issued by the Council of Ministers. This extension provides private sector companies with additional time to work towards fulfilling their Emiratisation objectives and further promotes the goals of national workforce development and employment opportunities.

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News developments

Saudi Arabia: Standards for Selecting Establishments for Electronic Invoicing Announced

22/06/202322/06/2023
by Tanya Jain

Almadina, 17 June 2023: The Zakat, Tax, and Customs Authority has outlined the criteria for selecting the businesses which will be included in the sixth category of the Linking and Integrating Stage of the electronic invoicing system.

The sixth category comprises establishments which have surpassed a revenue threshold of 70 million riyals subject to Value Added Tax (VAT) between the years 2021 and 2022.

The authority has stated it will inform all the designated establishments in advance, enabling them to integrate their electronic invoicing systems with the Fatora (Invoice) platform, beginning on 1 January 2024.

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News developments

Qatar: New Services for Company Establishment Services Launched

22/06/202322/06/2023
by Tanya Jain

Alsharq, 18 June 2023: The Trade and Industry Ministry, the Labour Ministry, the Justice Ministry, The Interior Ministry have announced launching a new group of services to the one window service to facilitate the procedures to register companies.

Starting from 18June 2023, investors can benefit from these fully digitalised services without the need to visit the electronic websites of these ministries or their offices to complete the process.

The launched services include improving the process of issuing commercial records by reducing the registeration requirements and automating the internal auditing process. Also, the company registration number will be added automatically to the commercial registry of the entity as soon as it is issued via the one window portal.

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News developments

Oman: Fees for Private Economic Zones Services Amended

22/06/202322/06/2023
by Tanya Jain

Atheer, 18 June 2023: The Chairman of Oman’s Private Economic Zones and Free Zones General Authority has issued Oman Decision 163-2023/1/2/1152, which establishes the fees for the services provided by the authority to these zones.

The decision incorporates a comprehensive list of fees and states that in the absence of specific provisions for a particular service mentioned in this list, the authority must levy the same fees imposed by the competent authorities as outlined in the relevant laws and regulations.

For small and medium establishments, these fees will be reduced by 50 per cent.

In case of delays in payment, a penalty amounting to 5 per cent of the outstanding fee will be imposed for every 30-day period following the due date, beginning after thirty days from when these fees become payable.

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News developments

Dubai: Initiative to Facilitate Establishment of Digital Companies Launched

22/06/202322/06/2023
by Tanya Jain

Emaratalyoum, 13 June 2023: The Dubai Digital Economy Chamber has recently announced a new initiative aimed at enhancing and streamlining the establishment of digital companies in Dubai. The initiative also seeks to provide a range of new services to support technology companies, emerging businesses, and small to medium-sized multinational enterprises looking to launch their operations in Dubai.

As part of this initiative, the Chamber has signed a memorandum of agreements with several companies and establishments which will exclusively offer discounted rates and special offers to participants in the program. These services encompass licensing services, banking solutions, office spaces, and cloud services.

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News developments

Qatar: Gifts Exemptions from Fees Explained

14/06/202314/06/2023
by Tanya Jain

Alsharq, 7 June 2023: The Exemptions Section’s Chief at Qatar’s Customs General Directorate has disclosed the criteria for exempting gifts from customs fees. According to him, gifts and personal belongings of any passenger should not exceed a value of 3000 riyals, and they must not be of a commercial nature upon entry into the country.

The term “commercial type” refers to purchasing items in large quantities, which would be regarded as a commercial quantity. If a passenger possesses items exceeding the value of 3000 riyals, they are required to declare them by completing a customs clearance form.

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