Dubai Archives - Page 13 of 30 - LexisNexis Middle East

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.

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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.

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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.

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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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News developments

UAE: Hajj Permit Requirements for Citizens

03/10/202403/10/2024
by Hannah Gutang

Emaratalyoum, 29 September 2024: The General Authority for Islamic Affairs, Endowments and Zakat has set three conditions for obtaining a Hajj permit for the upcoming season, as per Cabinet Decision No. 32/2018 regarding the Hajj and Umrah system.

The applicant must be a citizen of the UAE, be at least 12 years old, and must not have performed Hajj during the last 5 Hajj seasons.

Priority in granting Hajj permits will be given to those who have not previously performed Hajj, including disabled people, those with intractable diseases, the elderly, and mahrams and companions who meet the conditions, taking into account those who have priority in registration in the electronic system.

For the full story, click here.

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News developments

Dubai: Conditions for Transferring Property Ownership Off-Plan

03/10/202403/10/2024
by Hannah Gutang

Mubasher, 29 September 2024: The Dubai Land Department has outlined the legal requirements for transferring ownership of off-plan properties in the emirate.

According to Dubai Decree No. 4/2010, transferring ownership of off-plan properties necessitates obtaining a no-objection certificate from the developer.

This requirement is mandated by the contractual agreements between developers and buyers.

For completed properties, such as apartments, villas, and townhouses, the “Malak” application provides information on any outstanding financial dues associated with the property.

If dues exist, buyers have the option to proceed with registration or postpone until the dues are settled.

The no-objection certificate can be obtained electronically through the “Dubai REST” application, ensuring compliance with the established legal framework.

For the full story, click here.

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Expired Masterclass: Corporate Governance in the UAE | 9-10 Dec, 2024 | 9AM-1PM

02/10/202426/11/2024
by Tanya Jain

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Masterclass: Corporate Governance in the UAE | 9-10 December, 2024 | 9:00 AM to 1:00 PM
09/12/2024 - 10/12/2024
9:00 AM - 1:00 PM SEFORMENA-D

Download the Brochure REGISTER Attend and earn 4 CLPD Accredited Points! OVERVIEW Join us for an exclusive 8-hour Masterclass on Corporate Governance in partnership with the DIFC Academy and Hage-Chahine Law Firm. Set against the backdrop of the UAE’s rapidly evolving regulatory landscape, this masterclass is designed to equip corporate managers, legal counsels, and board (more…)

Expired LexisNexis Breakfast Seminar – Legal Framework and Best Practices in Employment Law in the UAE | 8 October 2024 | 8:30 AM to 11 AM | Waldorf Astoria DIFC

26/09/202404/10/2024
by Vincent Slingerland

We're sorry, but all tickets sales have ended because the event is expired.

LexisNexis Breakfast Seminar - Legal Framework and Best Practices in Employment Law in the UAE | 8 October 2024 | 8:30 AM to 11 AM | Waldorf Astoria DIFC
08/10/2024
8:30 AM - 11:00 AM

REGISTER HERE OVERVIEW The impact of data protection and privacy on how a business handles its recruitment, employee record-keeping, and many other HR activities is hard to underestimate. It is important to understand data protection responsibilities and liabilities an employer has towards its employees. Compliance with data regulations not only can help businesses avoid (more…)