Dubai Archives - Page 11 of 30 - LexisNexis Middle East

UAE: Corporate Tax Registration Deadline for Resident Juridical Persons

29/11/202429/11/2024
by Hannah Gutang

The Federal Tax Authority (FTA) has renewed its calls for Resident Juridical Persons with Licences issued in October and November, regardless of the year of issuance, to promptly submit their Corporate Tax registration application no later than 30 November 2024, to avoid Administrative Penalties.

The FTA advises Taxable Persons to adhere to the timelines specified in Cabinet Decision No. 3/2024 on the Timeline for Registration of Taxable Persons for Corporate Tax, which came into effect on 1 March 2024.

Resident Juridical Persons incorporated or established before March 1, 2024, must submit their Corporate Tax registration application based on the month their Licence was issued, irrespective of the year.

For Taxable Persons holding multiple Licences on 1 March 2024, the deadline is determined by the Licence with the earliest issuance date.

Registration for Corporate Tax is available through the EmaraTax digital platform, accessible 24/7.

The process has been streamlined into four main steps, taking approximately 30 minutes. Taxable Persons can also register through authorised Tax Agents or government service centres.

The FTA has urged Taxable Persons subject to Corporate Tax to review the Corporate Tax Law, related decisions, and guidelines published on the FTA website: tax.gov.ae.

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News developments

Dubai: New Circular Outlines Requirements for Installment Requests

29/11/202429/11/2024
by Hannah Gutang

The Dubai Courts have issued a new circular outlining the requirements for accepting installment requests.

According to the circular, the installment request is first referred to the Settlement Department for review.

The department studies the request and negotiates with the parties to reach a settlement.

If a settlement cannot be reached, the conditions for accepting the installment request are verified, and the request is forwarded to the competent authority.

For an installment request to be accepted for consideration, the party must fulfill the following requirements: Payment of an initial installment of 20% of the outstanding amount before submitting the installment request.

The advance payment shall not be considered as final acceptance of the installment plan.

Proof of monthly income, which includes a salary certificate or an income statement from any other source.

Submission of a detailed bank statement for the last six months.

Proof of ownership: Submission of documents proving ownership of any assets such as real estate, vehicles, or stocks.

Submission of a declaration from the party outlining their overall financial situation and confirming the accuracy of the provided information.

The new circular aims to streamline the process of installment requests and ensure that parties provide accurate and comprehensive information to support their requests.

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News developments

DIFC: Reinforces Common Law Foundations and Enhances Real Estate Regulations

29/11/202429/11/2024
by Hannah Gutang

The Dubai International Financial Centre (DIFC) has enacted significant amendments to DIFC Law No. 3/2004 on Application of Civil and Commercial Laws and DIFC Law No. 10/2018, DIFC Real Property Legislation.

These changes solidify DIFC’s position as a leading international common law jurisdiction and enhance the regulatory framework for real estate transactions within the financial centre.

New Articles 8A and 8B has been added to the Application Law.

Article 8A of DIFC Law No. 3/2004 establishes that DIFC Law is determined first by DIFC statutes and court judgments, supplemented by the common law principles and rules of equity from England and Wales, as well as other common law jurisdictions.

Article 8B of DIFC Law No. 3/2004 states that interpretation of DIFC statutes may be guided by principles developed in analogous laws in established common law jurisdictions and international jurisprudence for model laws adopted by DIFC.

Real Property Law and Regulations Amendments: Introduction of a 0.25% Mortgage Registration fee based on the value of the mortgage being registered.

Extension of the registration period for Off Plan Sales from 30 days to 60 days, providing more time for purchasers to register transactions and pay the Freehold Transfer Fee.

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News developments

Lexis Middle East Law Alert: October-November 2024 Edition

27/11/202419/03/2025
by Hannah Gutang

Welcome to the October-November 2024 edition of Lexis Middle East Law Alert, providing insights into the changing legal landscape in the MENA regions. This issue focuses on the GCC countries’ efforts to attract foreign investment and diversify their economies away from hydrocarbons. The publication highlights Saudi Arabia’s new Investment Law, which aims to provide confidence to foreign investors by ensuring fair treatment, protecting ownership rights, and facilitating ease of exit. Additionally, it covers efforts to streamline business establishment processes in Saudi Arabia, as well as developments in the UAE, Bahrain, and the modernisation of Abu Dhabi’s judicial system.

Furthermore, the issue delves into other notable legal developments, including UAE virtual asset marketing regulations, changes to the ADGM Real Property Law, Bahrain’s Domestic Minimum Top-Up Tax, and insights into dispute resolution and contract watch for Saudi labour contracts. The publication serves as a comprehensive resource for staying updated on the latest legal trends and initiatives in the MENA regions, particularly those aimed at fostering a business-friendly environment for foreign investment.

Stay informed with our meticulously curated content, designed to keep you ahead in the ever-changing legal landscape.

FEATURE: EQUALITY AND OPPORTUNITY

Bedoor Alrabiah of GLA & Co explains that Saudi Arabia has a new Investment Law designed to create a more attractive investment environment there by better protecting local and foreign investors’ rights and providing them with more opportunities.

FEATURE: ALL CHANGE

Dhana Pillai, a representative from the Dubai Ports and Trade Corporation (DPTC), sheds light on how Abu Dhabi Law No. 6/2024 is designed to bring about a contemporary transformation of the judicial system in the emirate.

IN-HOUSE PROFILE: TECHNOLOGY’S REGULATORY IMPACT

Hilal Al Khulaifi, Group Chief Legal, Regulatory & Governance Officer, Ooredoo Group explains how dramatic technological change in
the telecoms sector could lead to a regulatory rethink.

DISPUTE RESOLUTION FOCUS

Waleed Hamad and Myriam Simon of Al Aidarous explain how a significant Dubai Court of Cassation ruling has clarified the legal framework surrounding the enforceability of foreign summary judgments in the UAE.

MOVERS AND SHAKERS

A round-up of the most notable appointments and career progressions within the legal field across the region, highlighting the pivotal shifts reshaping the professional landscape.

CONTRACT WATCH: SAUDI LABOUR CONTRACTS

Jassar Aljohani, along with Sara Khoja and Sarit Thomas from Clyde & Co, shed light on the significant amendments to the Saudi Labour Law, which aim to modernise the Saudi labour market, enhance workers’ rights, and streamline employer responsibilities.

Lexis Middle East Law Alert_October-November 2024

Explore the past editions of the Lexis® Middle East Law Alert and stay up-to-date with the latest news! Click the links below for instant access to older editions.

Lexis Middle East Law Alert_January-February 2024

Lexis Middle East Law Alert_May/June 2024

Lexis Middle East Law Alert_August-September 2024

Lexis Middle East Law Alert_July August 2023

TAX AND FINANCE ROUND-UP

Stay updated on the newest tax and financial news across the region, highlighting Bahrain’s recently introduced Domestic Minimum Top Up Tax.

LEGAL ROUND-UP

Stay informed with our legal round-up, providing a comprehensive overview of recent developments across the region with a spotlight on the UAE’s virtual asset marketing regulations.

LAW MONITOR

Delve into the latest legal advancements in the GCC, encompassing modifications to the ADGM Real Property Law.

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News developments

UAE: Private firms Reminded To Meet Emiratisation Targets By Year End

22/11/202422/11/2024
by Hannah Gutang

Khaleej Times, 19 November 2024: Authorities in the UAE have reminded private sector companies to meet their 2024 Emiratisation targets by the end of December.

Non-compliant firms will face hefty fines starting from 1 January 2025.

Emiratisation policies apply to establishments with 50 or more workers, requiring them to increase the number of Emirati employees in skilled positions by 2% by the end of the year.

Failure to comply will result in a fine of Dh96,000 for each Emirati not hired.

Additionally, a select group of establishments employing 20 to 49 workers across 14 specified economic activities are also subject to Emiratisation policies.

These establishments must employ at least one Emirati and retain any nationals employed prior to 1 January 2024.

Non-compliance will also lead to a Dh96,000 fine for each Emirati not hired.

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News developments

Dubai: Tightening Compliance for Virtual Asset Service Providers

22/11/202422/11/2024
by Hannah Gutang

Dubai’s Virtual Assets Regulatory Authority (VARA) has tightened compliance measures for Virtual Asset Service Providers (VASPs) operating in the UAE.

The regulatory body has issued a circular emphasising the need for VASPs to align with updated Anti-Money Laundering (AML) regulations, particularly concerning high-risk jurisdictions identified by the Financial Action Task Force (FATF).

VARA is urging all VASPs to comply with mandatory rulebooks, notably the Compliance and Risk Management Rulebook, as part of its ongoing effort to ensure market stability and maintain financial integrity within the virtual assets sector.

VASPs are required to prioritise strict compliance with AML and Combating the Financing of Terrorism (CFT) regulations.

This includes implementing Enhanced Due Diligence (EDD) for transactions involving jurisdictions flagged as high-risk by the FATF, and regularly verifying lists and updates from both the FATF and the UAE’s National Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations Committee.

The circular underlines the FATF’s call for increased scrutiny on jurisdictions with significant deficiencies in addressing money laundering (ML), terrorism financing (TF), and proliferation financing (PF).

This involves applying targeted financial sanctions and implementing counter-measures to protect the UAE’s financial sector. Supervisory authorities in the UAE, including VARA, are empowered to take legal action against VASPs and their senior management for failing to comply with these regulatory requirements, which could include fines, cease and desist orders, and potential criminal charges.

In October 2024, VARA intensified its enforcement program, issuing cease and desist orders along with fines to seven entities operating without the required licences.

This step aligns with VARA’s mission to protect the public from unregulated firms and uphold high standards of market conduct.

Additionally, the UAE’s Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) has begun implementing over 100 recommendations from the National Risk Assessment (NRA) to mitigate risks in vulnerable sectors, especially those involving virtual assets.

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News developments

UAE: Issues Federal Decree Establishing UAE Aid Agency

14/11/202414/11/2024
by Hannah Gutang

The UAE has issued a Federal Decree No. 27/2024 to establish the UAE Aid Agency, affiliated with the International Humanitarian and Philanthropic Council.

The agency will implement foreign aid programs, focusing on disaster relief, early recovery, post-conflict stabilisation, development, and capacity-building initiatives.

It aims to enhance the impact of the UAE’s global priority foreign aid and maximise positive outcomes in executing humanitarian relief programs and developmental projects worldwide.

The UAE’s leadership has emphasised the country’s commitment to addressing global humanitarian challenges, fostering sustainable development, and collaborating with international partners to create a lasting positive impact, especially in crisis-affected regions.

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News developments

Lexis Middle East Law Alert: Special Supplement

11/11/202411/11/2024
by Hannah Gutang

Welcome to the Lexis Middle East Law Alert: Special Digital Economy Supplement. This edition offers a preview of the key topics and discussions that will be explored at Ooredoo’s Digital Ecosystem conference, with insightful articles from moderators and panellists leading these sessions. Look forward to the analysis of digital innovation and the policy frameworks shaping transformation across the MENA region.

This supplement features a variety of articles, including:

Feature: The Future of Telecoms

Dr. Bharat Vagadia from Ooredoo Group examines the future of the telecom sector in the MENA region, discussing both technical advancements and regulatory perspectives.

Feature: Consumers: The Right Approach

Ken Wong and Ben Gibson from CMS explore consumer protection approaches within the telecom sector in Saudi Arabia and the UAE.

Feature: Artificial Intelligence

Umar Azmeh, Registrar at the Qatar International Court and Dispute Resolution Centre (QICDRC), analyses how AI is enhancing the GCC’s legal sector, along with its risks and future potential.

Feature: Cloud Computing: Supporting Development

Shahin Yasin from Muayad & Associates provides insights into Iraq’s rising interest in cloud computing across public and private sectors and the legal frameworks needed to facilitate growth.

Feature: Cybersecurity: The Need to Know

Steve Jump from Custodiet explains why understanding a business’ specific cybersecurity needs is essential.

News Round-up: Regional Legal and Regulatory Updates

Stay informed on the latest legal and regulatory changes across the region, including new AI guidelines introduced by the Qatar Central Bank.

Business News Round-up: Battling to Keep Communication Lines Open

Dr. Samer Fares, CEO of Ooredoo Palestine, shares efforts to maintain life-saving communication lines in conflict-affected Gaza.

Lexis Middle East Law Alert – Ooredoo Digital Economy Supplement

Explore the past editions of the Lexis® Middle East Law Alert and stay up-to-date with the latest news! Click the links below for instant access to older editions.

Lexis Middle East Law Alert_January-February 2024

Lexis Middle East Law Alert_May/June 2024 Edition

Lexis Middle East Law Alert_August-September 2024

Interview: Ahmad Mohamed Al-Kuwari > QNBN

Engineer Ahmad Mohamed Al-Kuwari, CEO of Qatar National Broadband Network (QNBN), discusses the critical role QNBN has played in building Qatar’s digital infrastructure and offers insights into the future direction of the Qatari telecommunications sector.

Any Questions? Can Personal Data Leave Saudi Arabia?

Ken Wong from CMS discusses the regulations on transferring personal data outside of Saudi Arabia.

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News developments

UAE: Tax Loss Utilisation Rules for Companies

08/11/202408/11/2024
by Hannah Gutang

Khaleej Times, 4 November 2024: UAE companies must meet certain conditions to claim tax losses.

Tax losses can be carried forward without limitation provided the same person or persons continue to own at least 50% of the entity with the losses.

If there is a greater than 50% change in ownership, tax losses may still be carried forward provided there is no major change in the nature or conduct of the entity’s business.

Tax losses from one UAE group company may be used to offset the taxable income of another UAE group company where there is 75% or more common ownership and certain other conditions are met.

These conditions include both companies being UAE resident juridical persons, neither being an exempt person or a qualifying free zone business, and their financial statements being prepared using the same accounting standards and financial year.

Tax losses can, subject to certain conditions, be offset against the taxable income of future periods, up to a maximum of 75% of the taxable income in each of those future periods.

Any excess (unused) tax losses can be carried forward and used against taxable income of future tax periods indefinitely.

Example: A taxpayer has a taxable income of Dh360,000 and carried forward losses of Dh300,000.

It can offset (75% x Dh360,000) = Dh270,000 of its losses carried forward in the relevant tax period, reducing its taxable income to Dh90,000.

The amount of tax losses available for carry forward to subsequent tax periods would reduce to Dh30,000 (Dh300,000-Dh270,000).

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News developments

Dubai: DFSA Fines Company for Unauthorised, Misleading Financial Promotions

08/11/202408/11/2024
by Hannah Gutang

The Dubai Financial Services Authority (DFSA) has published a Decision Notice against Vedas International Marketing Management (Vedas Marketing) for unauthorised and deceptive Financial Promotions related to the Multibank Group.

The DFSA has stated that it had imposed a financial penalty of US$100,000 (AED367,000) on Vedas Marketing for conducting unauthorised financial promotions about the Multibank Group to individuals located in the DIFC.

Also, for engaging in misleading and deceptive conduct by representing that certain entities in the Multibank Group were regulated by the DFSA, when in fact, none of the promoted entities were.

The Multibank Group offers trading platforms, and the DFSA has made no allegations of wrongdoing against the Multibank Group itself in the Decision Notice.

On 2 June 2024, Vedas Marketing challenged the conclusions in the DFSA’s Decision Notice by referring it to the Financial Markets Tribunal (FMT).

However, the FMT directed on 22 July 2024 that the reference should be struck out due to Vedas Marketing’s failure to pay the required filing fee for the referral.

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