News developments
UAE: Federal Tax Authority Urges Businesses to Register for Corporate Tax
Gulf News (United Arab Emirates), 5 September 2023: The UAE’s Federal Tax Authority has urged businesses not to delay registering for corporate tax. Listed companies and private businesses whose financial years start on 1 June 2023 especially should not delay registering.
These companies have until February 2025 to pay their corporate tax obligations for the current financial year. Registration can be done via the EmaraTax portal on the Authority’s website.
Those who are already registered for VAT and excise tax can log in to their tax account on the EmaraTax portal. They will then need to select the taxable person, select the option to register for corporate tax and proceed with filling the registration form and providing documentation.
Once the application is approved, a Tax Registration Number for corporate tax will be issued.
Taxpayers who are not registered for VAT or excise tax will need to create a new user profile on the portal using the eservices.tax.gov.ae link and create an account using their email ID and phone number. Once the user profile has been created, registration can be completed by creating a taxable person profile, selecting the option to register for corporate tax and applying for registration.
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News developments
Dubai: Dubai International Financial Centre Proposes Employment Law Amendments
Dubai’s International Financial Centre has proposed various legislative amendments, including amendments to its Employment Law. They have also proposed amendments to its Trust Law, Foundations Law and Operating Law.
The DIFC has launched a consultation on these proposed amendments and the consultation ends on 29 September 2023. The proposed changes are aimed at ensuring the DIFC legislation remains aligned with international best practices and Organisation for Economic Co-operation and Development (OECD) requirements.
The Centre is also proposing amendments to its Operating Regulations to strengthen the Registrar of Companies’ (RoC) powers to regulate entities that operate outside of standard business hours. In terms of the Employment Law, the Centre is proposing amending Part 10 of DIFC Law No. 2/2019 to require DIFC employers of eligible GCC nationals to make top-up payments into a Qualifying Scheme, in addition to GPSSA contributions.
This will mean DIFC employers have to pay the positive difference into a Qualifying Scheme where there is a shortfall between what would have been payable into a scheme if the individual had not been a GCC national, and what is paid under the GPSSA.
Monthly payments are subject to a de minimis threshold of 1,000 AED.
Other amendments deal with situations where a Qualifying Scheme is prohibited from accepting contributions from an Employer, or in respect of an Employee, as a result of sanctions prohibitions.
The Centre is proposing amending the Trust Law (DIFC Law No. 11/2005) and Foundations Law (DIFC Law No. 3/2018) in terms of the DIFC Courts’ rights of jurisdiction over the administration of DIFC Trusts. The Centre is also proposing amending the Foundations Law to expand the role of Registered Agents, to allow them to enter into an arrangement with the RoC to provide certain compliance functionality on behalf of a Foundation. This is already allowed for corporate service providers under the Prescribed Company and Family Office regimes.
The amendments to the Operating Law (DIFC Law No. 7/2018) relate to OECD requirements regarding record retention following the winding up of an entity and an update to the definition of Privileged Communication.
The amendments to the Operating Regulations are aimed at providing the ROC with specific powers to deal with bars and restaurants that operate late hours and may disturb other DIFC tenants through noise or other anti-social behaviour.
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News developments
UAE: Foreign Affairs Ministry Announces Visa-free Travel List
Gulf News (United Arab Emirates), 28 August 2023: The UAE’s Foreign Affairs Ministry has announced nationals from more than 80 countries can now enter without a visa.
They are nationals from Australia, Switzerland, the Czech Republic, Slovakia, France, Greece, Hungary, Saudi Arabia, the UK, the US, Mexico, Japan, Andorra, Liechtenstein, Monaco, Ukraine, Barbados, Brunei Darussalam, the Solomon Islands, Azerbaijan, Estonia, Argentina, Uruguay, Albania, Brazil, Portugal, El Salvador, China, the Maldives, Germany, Austria, Ireland, Iceland, Italy, Paraguay, Bulgaria, Poland, Peru, Belarus, Chile, San Marino, Slovenia, Singapore, the Seychelles, Serbia, Finland, Cyprus, Kazakhstan, Croatia, Korea, Costa Rica, Colombia, Kiribati, Latvia, Lithuania, Malta, Mauritius, Nauru, Honduras Georgia, Luxembourg, Israel, Kuwait, Qatar, Vatican City State, Russia, Romania, Saint Vincent and the Grenadines, Oman, the Bahamas, Canada, Malaysia, Hong Kong, Spain, Bahrain, Denmark, Sweden, Norway, Belgium, the Netherlands, Montenegro and New Zealand.
More information can be found on the Foreign Affairs Ministry website or the Federal Authority for Identity, Citizenship, Customs, and Port Security’s website.
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News developments
Fujairah, UAE: New Real Estate Laws Approved
Arabian Business, 24 August 2023: Fujairah’s Ruler has approved two new real estate laws in the Emirate. They have issued Fujairah Law No. 3/2023. This regulates joint property ownership in the Emirate.
They have also issued Fujairah Law No. 4/2023. This regulates real estate development guarantee accounts in the Emirate.
The two laws state that developers, management companies, associations and owners’ unions have to comply with the law within six months of their issued date. The relevant authority’s director may extend the deadline for compliance by another six months when required.
In addition, the two laws do not affect contracts signed between developers and owners before they come into force. Fundamental association systems approved and deposited by a relevant authority are also not affected unless they relate to the formation of owners’ associations.
Also reported in Al Bayan on 24 August 2023. Read the full story here.
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News developments
Lexis Middle East Law Alert: July – August 2023 Edition
Presenting the latest July-August edition of our complimentary law magazine, the Lexis Middle East – Law Alert! Keep yourself informed about the most recent legal, financial, and fiscal advancements, as well as trending subjects in the MENA region.
In this issue, we delve into the reasons behind the necessary amendments to Saudi Arabia’s Civil Transactions Law and its potential implications. We also cover recent legal and tax updates, regulations, and much more. Stay in the loop with our comprehensive insights.
Feature: A More Civil Approach
Explore the Saudi Civil Transactions Law with an in-depth analysis by Professor Najib Hage-Chahine from Hage-Chahine Law Firm. Gain an understanding of how this new law influences relationships between individuals and their property rights.
Feature: From Ship to Shore
Dive into the new Oman Maritime Law, as explained by Abdullah Hassan Khan and Shehreyar Khan of MAR Law. Discover the significant changes it brings to the legal framework governing the maritime sector and disputes.
Profile: An Effective Approach to Litigation
Meet Judge Ahmed Bakry Abdalla Hassan Elsayed, the Head of the Commercial Circuit in the Abu Dhabi Commercial Court. Gain insights into his approach to successful litigation and the role he plays in the legal landscape.
Dispute Resolution Focus
Shireen Fazal, Partner at Al Aidarous, explains the critical importance of selecting the right dispute resolution method, particularly in construction disputes.
Movers & Shakers
Check out our latest round-up of the top movers and shakers from the world of legal appointments and promotions, brought to you by Jameson Legal. Who is been promoted, who is been appointed, and who is moving on?
Dispute Resolution Focus: Cases and Updates
Hashem AlAidarous, Partner at Al Aidarous, qualified in three jurisdictions, explains
the differences between dispute resolution in the UAE, the US, and Australia.
Contract Watch: Job Sharing Contracts
Explore contracts with Yulia Kasiyanova, Associate Partner at SCHLÜTER GRAF Legal Consultants, and gain a deep understanding of this legal aspect.
Law Monitor
Delve into the Kuwaiti Law on Issuing Instructions for Electronic Payment of Funds, staying informed about the evolving legal landscape.
Thanks to Jameson Legal for supporting individuals and businesses, and Al Aidarous for keeping us updated on dispute resolution cases.
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.
Tax and Finance Round-Up
Stay ahead with the UAE Corporate Income Tax Freezone clarifications, covering recent key tax and finance developments in the region.
Legal Round-Up
Get the latest insights into arbitration submission agreements in Saudi Arabia, covering recent key legal developments across the region.
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News developments
UAE: Comprehensive Economic Partnership Agreement with Indonesia to be Implemented Next Month
Khaleej Times, 17 August 2023: Indonesia’s ambassador to the UAE has announced the country’s Comprehensive Economic Partnership Agreement with the UAE will be implemented next month.
He made the announcement to mark Indonesia’s 78th Independence Day.
The agreement was signed in July 2022 and is expected to increase annual bilateral trade to $10 billion within five years and could increase the total value of trade in services between the two countries to $630 million by 2030.
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News developments
Dubai: Virtual Asset Regulatory Authority Signs Cooperation Agreement with the Department of Economy and Tourism
Gulf News, 17 August 2023: Dubai’s Virtual Asset Regulatory Authority has signed a cooperation agreement with the Emirate’s Economy and Tourism Department.
The agreement outlines a framework for cooperation to deliver effective and synchronised virtual asset market assurance across the Emirate. This encompasses customer care and complaints, business on-site inspection and enforcement; business Virtual Asset Service Provider registration and licensing, education, training and knowledge sharing.
Under the agreement, the Department will add the Authority’s activities to its system for all virtual asset license issuing. The Department will be responsible for inspections and supporting the Authority with in situ enforcement. This will include imposing penalties such as suspensions or revocations in cases of proven negligence or non-compliance with the Authority’s rules.
It can also handle business as usual application renewals for virtual asset service providers who meet Authority requirements in full.
The Authority will be included in the Department’s e-permit system, which will enable one-touch point approvals on virtual asset events. Elsewhere the Dubai Corporation for Consumers Protections & Fair Trade Department within the Economy and Tourism Department will be upgraded with specialist virtual asset know-how, which will support the provision of a transparent and seamless customer experience.
The two entities will also cooperate on campaigns to raise consumer protection awareness about virtual assets. This will include providing consumer protection information and advice. The Department will also publish relevant notices and warnings, including penalty notices and consumer protection advisories on its websites.
The agreement has been signed following the issuing of new guidelines, which require entities qualifying for a regulated Full Market Product license to transition to an Authority-regulated regime by 31 August.
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News developments
UAE: New Regulations for Seventh Freedom of Air Transport Rights Issued
The UAE General Authority of Civil Aviation (GCAA) has announced new regulations on the exercise of the seventh freedom of air transport rights have been issued.
The seventh freedom of air transport rights is a privilege granted by one country to another to allow its airlines to operate air services between the granting country’s territory and any third country without the need for the flight to pass through the territory of the operating airline’s country.
This freedom gives airlines unprecedented flexibility.
It allows them to increase their connectivity between destinations and boost global connectivity. The new regulations will also provide this freedom to UAE airlines which want to take advantage of it in foreign countries with which the UAE has air services agreements that include the seventh freedom of air rights.
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News developments
Dubai: DIFC issues First of its Kind Data Protection Adequacy Decision
The DIFC Commissioner of Data Protection has issued a first-of-its-kind adequacy decision on the California Consumer Privacy Act 2018.
The California Consumer Privacy Act 2018 was amended by the California Privacy Rights Act 2020 which came into force on 1 January 2023. The adequacy decision establishes a determination of the amended law’s equivalence to the DIFC Data Protection Law, DIFC Law No. 5/2020.
It facilitates personal data transfers between DIFC and California-based entities in accordance with DIFC Law No. 5/2020, without having to apply additional contractual measures. It also sets a first-time precedent for building similar relationships with various other US states.
The California Privacy Protection Agency (CPPA) has been recognised as an international organisation ensuring adequate data protection for purposes of personal data processed and transferred by the entities that it supervises.
The amended law provides consumers control and protection over personal data collected by businesses with built-in methods for confining data collection and processing what is fair and lawful, and necessary, in adherence with global data protection standards as well as the Commissioner’s objectives in administering DIFC Law No. 5/2020.
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