Kuwait Archives - Page 17 of 32 - LexisNexis Middle East

New Release: March/April 2023 Edition of Lexis® Middle East Law Alert

30/03/202330/03/2023
by Benjamin Filaferro

Introducing the latest edition of our complimentary law magazine, the Lexis® Middle East – Law Alert! Stay up-to-date on the latest legal, financial, and fiscal developments and hot topics in the MENA region.

In this edition:

In Good Company? The New Saudi Company Law Regime

A new company law regime was implemented in Saudi Arabia on January 18th, 2023. Companies have a grace period of two years, but they must still consider this new regime and upcoming regulations set to take effect in 2024 to determine necessary actions and timelines, according to Alan Sfeir and Shahd Makhafad from Clyde & Co.

Legal Round-Up: Covering Recent Key Legal Developments (Region-Wide)

Stay up-to-date with the latest legal developments in the region! Our legal round-up includes all the essential news so that you can stay well-informed.

Tax and Finance Round-Up: Covering Recent Key Tax and Finance Developments (Region-Wide)

Get the latest news and insights on regional tax and finance developments with our latest round-up, supported by Aurifer Middle East Tax! Stay up-to-date on the key developments from the region and never miss out on the latest happenings.

But Who Benefits? Omani Changes on Ultimate Beneficial Owner Reporting

New requirements to identify Ultimate Beneficial Owners of companies in Oman are now in force to support the anti-money laundering and counter terrorist financing regime. Abdullah Hassan Khan and Ali Naveed Arshad from Mohammed Al Ruquaishi Law Firm provide insight into the impact on companies in Oman.

In-House Profile: Property

Haytham Alieh, Vice President of Litigation at Damac Group works for a business with property and construction at its heart, but it is technological law changes he is most eager to see being adopted following the UAE’s pioneering work in this area.

Practitioner Perspective: Virtual Asset and Related Activities Regulations

In a bid to support technological advancements, UAE legislators have been introducing pioneering laws and regulations. Ayesha Karim sheds light on how the Virtual Asset and Related Activities Regulations, which were recently issued, are promoting the implementation of Dubai Law No. 4/2022 and supporting the growth of this emerging sector.

Movers & Shakers: A Round-Up of the Top Appointments and Promotions

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’s been promoted, who’s been appointed and who’s moving on? Find out now!

Dispute Resolution Focus: Cases and Updates

Waleed Hamad, Head of Litigation at Al Aidarous, shares his insights on past cases and provides valuable advice to those considering initiating a dispute. We thank Al Aidarous for their support and for keeping us informed of the latest developments in dispute resolution.

Dispute Resolution Focus: Court Changes

Hashem AlAidarous from Al Aidarous highlights two significant recent developments in the UAE court system, which include the introduction of bilingual courts and the establishment of expert chambers in Abu Dhabi courts.

Contract Watch: Cloud Services

Nick O’Connell, Saudi Head of Digital & Data at Al Tamimi & Company, explains Saudi Arabia’s mandatory contractual requirements for cloud computing service agreements, which apply to subscribers in the country.

Thanks to Aurifer Middle East Tax for their valuable insights into regional tax developments. We also thank Jameson Legal for supporting individuals and businesses, and Al Aidarous for keeping us updated on dispute resolution cases.

Want to receive more content? Subscribe to our newsletter here!

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Lexis Middle East Law Alert March-April 2023

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 2023

Lexis Middle East Law Alert October-November 2022

Lexis Middle East Law Alert_July-August 2022

News developments

Kuwait: Public Authority for Manpower Tightens Restrictions on Expat Legal Professionals

30/03/202330/03/2023
by Benjamin Filaferro

Arab Times, 27 March 2023: Kuwait’s Public Authority for Manpower has continued to filter the professions of residents working in the legal sector, withdrawing some titles and allocating them to citizens only.

It has also made a university degree mandatory for a legal researcher.

Sources report there are currently 4,576 expatriates working in the legal sector in government and private sectors who hold the titles of specialists.

Renewal of work permits will require confirmation of university certificates in the private sector.

A representative or correspondent of the law firm and administrative titles are allowed according to the assessment of the need, away from the legal jurisdiction.

There are reportedly 12,868 workers in the government and private sectors who hold the title of legal specialist, including citizens.

For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Kuwait: Central Bank Request Information on Exposure to Credit Suisse

23/03/202323/03/2023
by Benjamin Filaferro

Alrai, 16 March 2023: According to sources, the Central Bank of Kuwait has requested local banks to disclose information on their exposure to Credit Suisse Bank due to the intense pressure it is facing.

The bank’s shares have dropped by 31 per cent in value in the Zurich Exchange, and its bonds have reached levels indicating financial hardship.

Kuwaiti banks are reported to have an exposure of around 1.88 million dinars to the collapsing American banks Silicon Valley, Signature Bank, and Silver Gate.

Despite this, the Central Bank’s Governor has stated the Kuwaiti banking system’s financial situation is stable and robust.

For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Kuwait: 233 Fake Companies Raided

16/03/202316/03/2023
by Benjamin Filaferro

Arab Times, 14 March 2023: According to the Al-Qabas daily, the Employment Protection Sector’s Inspection Department in Kuwait’s Public Authority for Manpower (PAM) has conducted a thorough operation against fraudulent businesses in Farwaniya Governorate.

The campaign has led to the confiscation of 233 fake commercial enterprises in five commercial centres, as it was discovered they were not involved in any commercial activities.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Kuwait: Banks Mull Freezing Amounts Transferred Via Hacked Links

16/03/202316/03/2023
by Benjamin Filaferro

Alrai, 14 March 2023: Kuwaiti banks have reported an increase in fraudulent activities, where customers’ accounts have been hacked using links which offer fake rewards or gain unauthorised access to Apple Pay.

Sources have disclosed banks are exploring the possibility of implementing additional protective measures, including new procedures for freezing funds transferred through hacked links to local bank accounts.

Criminals are deceiving individuals, including friends and family members, into transferring money to the hacked accounts.

The funds are then seized by the criminals.

For the full details, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Get Ready to Level Up Your Tax Game with the Exciting New Spring 2023 Edition of Lexis® Middle East Gulf Tax!

15/03/202315/03/2023
by Benjamin Filaferro

We’re thrilled to announce the latest edition of Lexis® Middle East Gulf Tax, the very first of its kind in the GCC! Our complimentary magazine offers insightful updates on the latest tax and financial developments across the GCC region.

In this edition:

Points of Law: What do we know now about how the new UAE Corporate Income Tax regime will operate?

Nearly one year after the UAE first announced its intention to introduce corporate income tax, the Federal Decree-Law No. 47/2022 On the Taxation of Corporations and Businesses has been published. Thomas Vanhee from Aurifer Middle East Tax provides an explanation of what we can expect from the new tax system.

The more the merrier? What are the advantages and disadvantages of creating a tax group in the UAE Corporate Income Tax context?

The UAE’s Federal Decree-Law No. 47/2022 On the Taxation of Corporations and Businesses permits UAE companies to establish tax groups. Laurent Bertin, Regional Head of Tax at Airbus Africa and Middle East, clarifies that this can simplify tax management, but it’s crucial to have a thorough understanding of tax groups as they are complex mechanisms.

Tax News Round-Up

Stay informed about the latest updates in tax treaties and regulations throughout the region. This includes a regulatory round-up of recent changes and information on tax treaties.

Practical Focus on Tax residency in the UAE

Zain Satardien of Hourani & Partners in Dubai discusses the importance of Cabinet Decision No. 85/2022 on Tax Domicile in the UAE, which clarifies the criteria for tax residency for individuals and legal entities in the country. Zain’s Practice Note covers rules for determining tax residency, corporate taxability, and the FTA’s authority to request information.

Tax Professional Profile: Working Where Tax Is New

Laurent Bertin, Regional Head of Tax at Airbus Africa and Middle East, elaborates on the difficulties of operating in jurisdictions where the tax landscape is still developing.

Practitioner Perspective on Significant UAE VAT Law Changes

Tyne Hugo and John Peacock of BSA Ahmad Bin Hezeem & Associates summarise recent changes to the UAE VAT Law, including new definitions, a provision for more flexibility, clarification on tax invoices, and changes to tax audits. They also mention a temporary amendment to the definition of “Goods” and administrative changes impacting UAE VAT payers, such as the new Emara-Tax system.

Do They Have Income Tax in Oman?

Shiraz Khan of Al Tamimi & Company provides insight into the current status of Oman’s proposed implementation of Personal Income Tax (PIT).

Special thanks to Alchemy Search for supporting tax professionals by connecting businesses with talent across the GCC and beyond!

Want to receive future editions? Subscribe here!

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Lexis Middle East Gulf Tax_Spring 2023

Have you read the Lexis® Middle East Gulf Tax – 2022 editions? Click the links below to access and read these editions.

Lexis Middle East Gulf Tax | Winter 2022

Lexis-Middle-East-Gulf-Tax_| Autumn 2022

Lexis® Middle East Gulf Tax | Summer 2022

News developments

Kuwait: New Decision Requires Pharmacies to Restrict Payments to Prevent Money Laundering

09/03/202309/03/2023
by Benjamin Filaferro

Arab Times, 5 March 2023: A new ministerial decision has been issued by Mazen Al-Nahedh, the Minister of Trade and Industry, to prevent money laundering activities.

Private pharmacies and other entities operating in the drug control sector are required to limit the use of “Knet” as a means of payment to amounts exceeding 10 dinars.

Cash payments for any sale are also limited to amounts below 10 dinars.

Any violation of this decision may result in the imposition of penalties and measures in accordance with relevant laws and decisions by the supervisory authority.

For the full details, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Kuwait: Capital Market Launches Reporting Service

02/03/202302/03/2023
by Benjamin Filaferro

Alanba, 24 February 2023: The Capital Market Authority has recently launched an application called “Sahel,” which offers a reporting service for crimes and violations as defined by Kuwait Law No. 7/2010 On the Establishment of the Capital Market Authority and Regulation of Securities Exchange Activity.

The service’s primary aim is to facilitate the reporting of crimes and violations by providing an easy-to-use platform for individuals to provide full details, including time, location, and any other pertinent information.

For the full details, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Kuwait: Circular Issued on Conflict of Interest

23/02/202323/02/2023
by Benjamin Filaferro

On 16 February 2023, Kuwait’s Capital Market Authority has published a new circular on conflict of interests on its website.

The circular aims to determine and regulate circumstances in which companies and their employees will be considered to be in a conflict-of-interest situation, including companies to which the state or other public agencies contribute.

It has also specified disclosure requirements.

The Authority has confirmed in the circular that all companies subject to supervision according to the provisions of Kuwait Law No. 7/2010 On the Establishment of the Capital Market Authority and Regulation of Securities Exchange Activity, its Executive Bylaws and their amendments must comply with the provisions of Kuwait Law No. 1/2023 Concerning the Prevention of Conflicts of Interest on written notification upon the occurrence of a conflict.

For the full details, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Kuwait: Committee to Investigate Investment Authority Violations Established

16/02/202316/02/2023
by Benjamin Filaferro

Alqabas, 12 February 2023: Kuwait’s Finance Minister and the Chairman of the Investment General Authority Board have issued a decision to form an investigations committee to investigate business violations which fall under the Board’s authority.

The committee, which will be chaired by Ahmed Alkhadeer, will be responsible for investigating Future Generations and Public Reserves management violation claims.

They will also audit the authority’s procedures to in order to address comments made by the Auditing Authority.

The Rain House Company for Infrastructure and the Saint Martin Company’s management, which are both owned by the authority, will also be investigated.

For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.