News developments
The Legal and Legislative Affairs Committee of Qatar’s Shoura Council has held a meeting. They examined the draft law on establishing an investment and trade court and submitted its recommendations to the Shoura Council.
News developments
Qatar’s Cabinet has approved a draft law on non-Qatari investors. Among other amendments to Qatar Law No. 1/2019, the amendment to Article 7 it will allow non-Qatari investors to own up to 100% of the capital of Qatari shareholding companies listed on the Qatar Stock Exchange. They also approved a draft Finance Ministry Decision to apply the requirements of substantial activity to the economic activities practiced in Qatar.
News developments
Qatar’s General Tax Authority has announced it has started implementing a simplified tax returns system. It will simplify the returns which have to be submitted by companies and permanent establishments who are exempt from tax and who are owned by Qatari and GCC citizens as well as whose share capital is less than one million Riyals and annual revenue is less than five million Riyals. The system has been introduced in line with Qatar Circular No. 2/2021. These entities will have to submit the tax return and audited financial statements based on the approved tax return form.
Weekly Spotlight
Qatar’s International Court and Dispute Resolution Centre First Instance Circuit has issued a landmark arbitration judgment. The judgment in C v D (QFC 0004/2021, [2021] QIC (F) 8) has confirmed the Centre’s status as an opt-in court of arbitration.
It has clarified parties can select the Qatar International Court as the competent court in the arbitration by virtue of an arbitration agreement where neither party is a Qatar Financial Centre registered entity.
It has also approved the position under Qatar Law No. 2/2017 (the Arbitration Law).
News developments
Qatar’s Shoura Council has approved a mortgaging movable assets law. Under the law, SMEs will be allowed to receive loans mortgaged to movables assets. The movable assets could include equipment, machines and crops among others. It aims to facilitates credit lines to SMEs and mitigate the risks of loans defaults. The Council amended two provisions in the law before approving it. It has been referred to the Cabinet to consider.
News developments
The new offering and listing rules in Qatar will come into force on 1 April. They introduce various controls for listing financial securities in public offerings. Under the rules, the issuing authorities, be they Qatari or foreign ones, as well as enterprises in the Qatari Financial Centre or Free Zones can list financial securities in public offerings provided they meet a number of conditions including submitting a request to get the approval of the Authority, prepare an announcement on the listing which includes full and sufficient details which matter to investors using the designated template and pay the relevant fees.
News developments
Following the issuing of Qatar Law No. 15/2017 by the Administrative Development, Labour and Social Affairs Ministry, an official at the International Labour Organisation Project Office in Qatar has announced new contracts will soon be issued to domestic workers coming to Qatar. They will specify their working hours, tasks and leave and overtime entitlements. Domestic workers will not be able to work more than two hours overtime and there are provisions on how compensation for overtime will be calculated. It will be calculated on the same basis as overtime for workers covered by the Labour Law. Domestic workers will also be entitled to the same sick leave benefit as any other workers in Qatar. Both domestic workers and employers will be able to terminate the contract providing they give reasonable notice. The new contract also specifies domestic workers should not be charged for their recruitment. These costs should be paid by the employer. The new contract aims to equalise the rights between domestic workers and workers covered by the Qatari Labour Law. It will reduce miscommunication in employment relationships and improve transparency in tasks between employers and domestic workers.
Weekly Spotlight
Qatar’s Cabinet has approved a draft Cabinet Decision to establish an Artificial Intelligence Committee. Under the Decision, the Committee will report to the Transport and Telecommunication Ministry. It will have three members from the Ministry and a representative from the Qatar Computing Sciences College, a representative from the Interior Ministry, Education and Higher Education Ministry, the Commerce and Industry Ministry, Qatar Science & Technology Park, Hamad Bin Khalifa University, Qatar National Research Fund and Qatar Development Bank. It will be responsible for setting workflows to follow up on and implement Qatar’s Artificial Intelligence Strategy and supervise the programmes and initiatives related to this area as well as give recommendations on the planning and programmes for training human resources in this area. In addition, it will support start-ups in this area as well as scientific research.
News developments
Qatar’s Financial Markets Authority has announced it has issued a new Offering & Listing of Securities on the Financial Markets Rulebook. It will come into force on 1 April 2021. It has been issued as part of the Authority’s regulatory and supervisory role over the country’s capital market. It is aimed at expanding the offering and listing procedures and requirements to more companies. It is also aimed at increasing the transparency and volumes of disclosures, particularly in the main market. Finally, it is aimed at increasing the number of listed companies, share turnover and liquidity and attract more investments into Qatar’s capital market.
News developments
The Qatari cabinet has approved a number of decisions including a template draft memorandum of understanding on cooperation in the field of combating narcotic drugs and psychotropic substances and their precursors in the field of civil aviation between the government of Qatar and the government of any other country. The cabinet has also approved a draft memorandum of understanding for cooperation in the field of exchanging financial investigations related to combating money laundering and terrorist financing between the Financial Information Unit in the State of Qatar, the Anti-Money Laundering Council, and the Financial Intelligence Unit in the Republic of the Philippines.
