UAE: Specialist Prosecution Service For Money Laundering Planned

Albayan, 30 July 2023: The Federal Judicial Council has approved a proposal submitted by the Attorney General on the establishment of federal prosecution services which will specialise in economic crimes and money laundering.

The specialist prosecution service will be responsible for investigating economic crimes and money laundering, including those that involve economic interests such as corporate crimes, bankruptcy, regulation of competition, financial markets, intellectual property and trademarks, or those that cover the financial rights of the state such as customs evasion.

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UAE: Federal Tax Authority Signs Government Services Quality Accord

Albayan, 23 July 2023: The Federal Tax Authority has signed the Government Services Quality Charter, which was launched by the UAE government in order to improve customer service and levels of efficiency and effectiveness of government.

Through the charter, the Authority will work to develop three transformative paths for the development of services shortly, which include a smart application called “Maskan” for tax refund services for state citizens building new homes, through which the Authority will make relevant refunds of VAT incurred by these citizens.

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UAE: Controls for Annual Leave Entitlement Announced

Emaratalyoum, 14 July 2023: The Federal Authority for Government Human Resources has confirmed employees appointed in any of the ministries or government agencies, working full-time, are entitled to an annual leave with a total salary, which amounts to approximately 30 working days or 22 days, depending on their grade.

If it is necessary for the employee’s work interests, the head of the federal entity may summon them back from their annual leave.

In such cases, the remaining days of leave will be transferred to the employee following the approved procedures. Federal Decree-Law No. 11/2008 on the Human Resources in the Federal Government.

These include instances where the employee is on study leave or an educational assignment during the requested year of leave, as well as periods of absence from work without salary. Additionally, an employee cannot request annual leave for the duration they spend in prison as a result of a judicial ruling (unless termination of service is decided), and finally, during the probationary period, if the employee’s service ends for any reason.

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UAE: Fiscal Year for Education Organisations Determined

Alkhaleej, 6 July 2023: For the majority of companies in the UAE, the fiscal year for the application of Company Tax commences on 1 January each year. However, in the education sector, the fiscal year begins in September, aligning with the start of the new academic year.

According to this legislation, a 9 per cent tax is imposed on any income exceeding 375 AED, while income below this threshold is taxed at 0 per cent.

The law came into effect on 1 June 2023 and will be implemented at the start of each new fiscal year across various sectors.

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UAE: Investment Ministry to be Established

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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UAE: Final Deadline to Achieve Emiratisation Objectives Extended

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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UAE: Fees Exemption Announced for Companies Listing Green Bonds

Sharjah 24, 7 June 2023: The Board of Directors of the UAE’s Securities and Commodities Authority has given its approval to a proposal which grants an exemption from certain fees for companies seeking to list their green bonds and sukuks in the local markets.

According to the decision, companies wishing to register green bonds or bonds related to sustainability will be exempt from paying registration fees for the year 2023.

The purpose of this initiative is to showcase the state’s commitment to achieving sustainable development across multiple fronts, particularly in terms of fostering sustainable economic growth.

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