Dubai Archives - Page 12 of 30 - LexisNexis Middle East

Sold Out LexisNexis Breakfast – Empowering Family Businesses in the UAE | 26 November 2024 | 8:30 AM to 10:30 AM | Waldorf Astoria DIFC

06/11/202422/11/2024
by Vincent Slingerland

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LexisNexis Breakfast - Empowering Family Businesses in the UAE | 26 November 2024 | 8:30 AM to 10:30 AM | Waldorf Astoria DIFC
26/11/2024
8:30 AM - 10:30 AM

REGISTER HERE Join us for an insightful event focusing on ‘Empowering Family Businesses in the UAE: Legal Framework & Strategic Challenges’ Attend and earn 2 CLPD Accredited Points! Family businesses play a pivotal role in the UAE’s economy, contributing significantly to its growth and sustainability. However, and despite their importance to the economy, (more…)

News developments

UAE: Regulator Sets Requirements for End-of-Service Gratuity Investment Funds

31/10/202431/10/2024
by Hannah Gutang

Mubasher, 28 October 2024: The UAE Securities and Commodities Authority (SCA) has established eight key requirements for companies licensed to manage end-of-service gratuity savings funds within the country.

These requirements are part of the optional alternative system for end-of-service benefits, known as the “savings scheme.”

Financial institutions that have obtained licenses from the SCA have highlighted that the most crucial requirements include determining the contribution rate, ensuring a safe investment of funds to address concerns about potential losses, and specifying the timing for receiving entitlements upon termination of employment.

The requirements also cover the possibility of employees increasing their contributions to maximise benefits, as well as the option to continue investing their entitled funds in the fund after termination of employment.

Additionally, the benefits for participating employees and employers who contribute to these funds have been outlined.

The SCA has granted the first-of-its-kind licences to “National Bonds Corporation” and “Daman Investments” to manage end-of-service gratuity savings funds within the UAE.

This move aims to facilitate the safe and reliable investment of employee gratuities, ensuring the protection of their rights and increasing the value of their entitlements while enhancing the UAE’s position as an attractive destination for work and investment in the region.

According to the National Bonds Corporation, the basic employer contribution rate for their capital-protected investment fund is 5.83% of the employee’s basic monthly salary for full-time employees with less than five years of service, and 8.33% for those with more than five years of service.

Employees can also voluntarily contribute a percentage of their salary or a fixed monthly amount, subject to a maximum of 25% of their annual salary.

Participating employees are entitled to receive all basic contributions made by their employer to the alternative end-of-service gratuity system, along with any accrued returns during the contribution period, within 14 days of termination of employment.

Beneficiaries have the option to continue investing their entitled funds in the fund, and employees can withdraw part or all of their voluntary contributions or investment returns at any time during their employment, subject to conditions set by the fund manager.

For the full story, click here.

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Expired LexisNexis Women in Law Awards 2025 | 20 February 2025 | Raffles The Palm Dubai | 7 PM to 11 PM

30/10/202418/02/2025
by Malini Dean

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LexisNexis Women in Law Awards 2025 | 20 February 2025 | Raffles The Palm, Dubai | 7 PM to 11 PM
20/02/2025
7:00 PM - 11:00 PM

BECOME A SPONSOR BOOK YOUR SEAT! WHAT ARE THE WOMEN IN LAW AWARDS? LexisNexis Middle East is proud to present the Women in Law Awards 2025. This prestigious event will highlight the contributions of exceptional women who have reshaped the legal landscape in the GCC region. WHY THE WOMEN IN LAW AWARDS? At LexisNexis, (more…)

News developments

UAE: FTA Publishes New Guide on Tax Residency and Tax Residency Certificate

24/10/202424/10/2024
by Hannah Gutang

On 18 October 2024, the UAE Federal Tax Authority (FTA) had published a new guide titled Tax Residency and Tax Residency Certificate – Tax Procedures Guide (TGPTR1).

The guide covers various aspects of tax residency, reviewing the relevant criteria under UAE tax laws and double taxation agreements (DTAs) and offering several examples.

It provides guidance on how a UAE tax resident can obtain a Tax Residency Certificate (TRC) or request the FTA’s stamp on an original TRC form issued by another jurisdiction.

One of the key aspects the guide addresses relates to the Place of Effective Management (POEM) as a criterion for determining UAE corporate tax residency.

The guide analyses the facts and circumstances that need to be considered when deciding if key management and commercial decisions, on the basis of which POEM is determined, are made in the UAE or elsewhere.

It indicates various criteria for identifying persons who make key management and commercial decisions for the company, outlining three tests: the board of directors test, the delegation of authority test, and the shareholder activity test.

The guide offers various examples of when the POEM is in the UAE (e.g., board meetings held virtually when the majority of directors are physically located in the UAE) or not (e.g., when key management and commercial decisions are made in the UAE on an occasional or one-off basis).

The guide also explains who can qualify for the TRC and the procedures to follow to obtain it.

A TRC cannot be obtained for future periods or periods exceeding 12 months.

When a TRC is needed for the current period, the FTA will review the application after three months into the period for juridical persons, as soon as the criteria to be a Tax Resident are met for natural persons, and one day into the period for Government Entities and Government Controlled Entities.

The new guide is essential for those handling corporate tax in the UAE or navigating global tax responsibilities.

Although not legally binding, it will certainly help businesses and individuals optimise their tax strategies.

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News developments

Dubai: New Rules on Vehicle Impound

24/10/202424/10/2024
by Hannah Gutang

Khaleej Times, 22 October 2024: The Dubai Police will now impound vehicles for up to 30 days for a number of traffic offences.

Using mobile phones while driving, tailgating and sudden deviation are among the offences which will lead to a vehicle being confiscated for 30 days.

Federal Decree-Law No. 14/2024 specifies fines of between Dh400 and Dh1,000 and four black points for these offences. With this amendment, the 30-day impoundment will be an additional penalty in Dubai. Using a phone while driving has been defined as being distracted by devices while driving. Sudden deviation of the vehicle in a manner that poses a danger to lives and property, or traffic safety, and not leaving enough safe distance from the vehicle in front will also lead to a 30-day impoundment.

The additional penalty also applies if a heavy vehicle fails to adhere to lane discipline.

A 14-day impoundment for entering the road without making sure it is clear, reversing the vehicle in a manner that endangers life or property or traffic safety, lane indiscipline, stopping in the middle of the road for no reason, dangerous overtaking, lack of necessary safety and security conditions in the vehicle, stopping a vehicle on the shoulder of the road in non-emergency situations, or overtaking vehicles from the shoulder.

This penalty will also apply when driving a vehicle without a licence plate, driving in a manner that obstructs traffic and making changes to a vehicle’s colour without permission.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

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News developments

UAE: Eases Corporate Tax Compliance for Businesses

18/10/202418/10/2024
by Hannah Gutang

The National, 14 October 2024: The UAE’s Ministry of Finance has cancelled economic substance reporting requirements for companies with a financial year ending after 31 December 2022.

This move aims to help companies focus on compliance with the UAE corporate tax system.

The amendment to Cabinet Decision No. 57/2020 on economic substance requirements aims to enhance efficiency and tax compliance across the country, ensuring accurate application of tax legislation by all entities subject to it.

The UAE has introduced a federal corporate tax with a standard statutory rate of 9% starting from the financial year beginning on or after 1 June 2023.

It brought the income of companies exceeding Dh375,000 ($102,100) within the taxable bracket, while taxable profits below that level will be subject to a tax of 0%.

While companies are no longer required to submit economic substance notifications or reports for financial years ending after 31 December 2022, they remain responsible for fulfilling compliance obligations for previous years and paying any penalties imposed by the Federal Tax Authority (FTA).

The UAE has also announced a deadline extension for corporate tax returns and payments for some entities.

Businesses with short tax periods ending on or before 29 February 2024, can now file their returns and make payments by 31 December 2024.

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News developments

Dubai: Doctors To Get New AI Assistant

18/10/202418/10/2024
by Hannah Gutang

Khaleej Times, 15 October 2024: Dubai Health introduced the AI-powered Ambient Voice Solution (AVS), which is designed to record conversations during consultations, convert patient complaints into precise medical terminology, and generate comprehensive reports after each visit.

Physicians will still double-check all information provided by the AI before filing it, ensuring accuracy and maintaining the highest standards of care.

The AI assistant not only improves documentation efficiency but also enhances patient interaction.

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News developments

DIFC: Residents, Investors Can Now Register Wills for Digital Assets

18/10/202418/10/2024
by Hannah Gutang

Khaleej Times, 15 October 2024: The Dubai International Financial Centre (DIFC) Courts has launched ‘digital assets will’ which allows owners to distribute their digital assets using a non-custodial wallet.

This wallet enables individuals to reallocate assets to desired beneficiaries within their wallet and maintain full control over mobilising assets in and out during their lifetime, with assets ultimately distributed as ‘specific gifts’.

Investors and residents can access this service from anywhere globally and connect via video link to a compliance officer in Dubai.

This initiative was announced during the second day of the five-day Global Gitex 2024 edition at the Dubai World Trade Centre.

The digital assets industry has experienced exponential growth in the UAE and worldwide due to new technology and asset classes.

The new will template joins the DIFC Courts’ existing legacy will types, including full will, property will, financial assets will, business owners will, and guardianship will.

An online automated will be drafting service and a virtual registry provide a 360-degree digitally accessible service, allowing domestic and overseas individuals to create and register a DIFC Courts will.

The digital format assets recognised by the wallet include ETH, BTC, MATIC, USDC, USDT, and HBAR, with more to be included in the future.

The wills can also be added to the global digital vault, tejouri, functioning as a cloud vault and online safe for data, supported by a state-of-the-art DIFC data centre and a UAE-based backup data centre.

Access to all data is restricted to the ‘vault holder’ and the listed intended recipients.

Additionally, the DIFC Courts have launched a notary service, the first UAE service dedicated to notarising English documents, offering automated self-service, live virtual system, and in-person options.

Users can use an authentication service through primary source verification (PSV), with electronic or physical stamps and seals issued for each document.

Notarised documents will be verified using advanced cryptographic methods powered by Hedera Blockchain.

Additionally, a new alternative dispute resolution avenue, the Mediation Service Centre, will enable parties to negotiate dispute resolution with the help of DIFC Courts Part III registered mediators.

Parties can choose mediators, agree on fees and terms, and conduct mediation meetings online using the AI-enabled Court Management System (CMS) or in-person at the DIFC Courts premises.

The new suite of services was launched with support from The Hashgraph Association, Deca4 Advisory, and DataFlow Group, utilising Hedera technology and Primary Source Verification (PSV) solutions.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

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News developments

Dubai: Approves Suspended Transport System

10/10/202410/10/2024
by Hannah Gutang

MSN, 5 October 2024: Dubai has given the green light to a groundbreaking suspended transport system, marking a significant stride in the city’s commitment to sustainable and innovative mobility solutions.

The Suspended Transport Systems Project, a 65-kilometre-long smart mobility network, aims to seamlessly connect Dubai’s major neighbourhoods, enhancing accessibility and ease of movement across the emirate.

This initiative aligns with Dubai’s strategic vision to bolster its leadership in various sectors over the next decade, as outlined by the Executive Council’s statement.

The cutting-edge technology is expected to increase the share of self-driving or driverless public transport trips to 25% by 2030, underscoring Dubai’s commitment to sustainable transportation and compliance with relevant environmental legislation.

The suspended transport system will integrate with existing modes of transportation, fostering a cohesive and efficient mobility ecosystem.

Preliminary models presented by the Roads and Transport Authority envision suspended residential units mounted on towering beams, offering passengers a unique and scenic experience while traversing the city.

This innovative approach not only addresses transportation challenges but also showcases Dubai’s dedication to embracing futuristic solutions that prioritise sustainability and seamless connectivity.

For the full story, click here.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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News developments

UAE: Exempts Cryptocurrencies and Virtual Assets from VAT

09/10/202409/10/2024
by Tanya Jain

Khaleej Times, 7 October 2024: The UAE has introduced amendments to the Executive Regulations of Federal Decree-Law No. 8/2017 on VAT, exempting certain activities related to cryptocurrencies and virtual assets from VAT.

This move aims to establish the UAE as a hub for investment activities and support the growth of the financial sector.

The amendments, approved by the UAE Cabinet through Cabinet Decision No. 100/2024, exempt digital representations of value that can be digitally traded or converted and are intended for investment purposes from VAT. However, this exemption does not extend to digital representations of fiat currencies or financial securities.

The scope of the exemption covers transfers, conversion, keeping, and managing virtual assets, essentially encompassing cryptocurrency trading.

Additionally, the amendments provide exemptions for investment fund management services, including the management of fund operations, investments, and performance monitoring.

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