French Legal Tech startup Jarvis Joins LexisNexis to Advance Law Practice Management

LexisNexis acquires French startup Jarvis. This strategic acquisition cements LexisNexis’ position as a key innovator serving legal professionals.

Paris, January 8, 2024 – Jarvis has developed a collaborative SaaS platform that simplifies and automates cumbersome tasks for law firms. It includes matter management automated drafting of letters, court hearing tracking, deadline and client follow-up, and automated invoicing. This solution is available in several languages and handles different currencies and tax systems.

By acquiring Jarvis, LexisNexis augments its range of solutions with a law practice management platform. Jarvis will be marketed in Continental Europe, Middle East and Africa (CEMEA), optimizing workflows and productivity.

“Jarvis has engineered a solution that leverages technology to support law firm management. This strategic acquisition further demonstrates our commitment to delivering innovative solutions that empower legal professionals daily. Jarvis’ expertise in legal workflow solutions complements our offering” said Eric Bonnet-Maes, CEO of LexisNexis CEMEA.

Jarvis Legal Founder and CEO Alexandre Yérémian added: “Joining LexisNexis will accelerate our international rollout and ability to deliver increasingly innovative solutions to customers. We eagerly anticipate contributing to the ongoing advancement of legal technology with LexisNexis.”

This acquisition is part of LexisNexis’ strategy to facilitate decision-making, ensure legal security, and enhance productivity for legal professionals.

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UAE: New Media Law Approved

Arabian Business, 18 December 2023: The UAE government has approved a new Media Law.

Federal Decree-Law No. 55/2023 has been issued to regulate the media sector and organise media activities in the country.

This includes radio, television, newspapers and cinemas in the country.

The Law applies to individuals, organisations, media outlets and free zones dedicated to media in the country.

It allows individuals and legal entities to own media institutions and outlets in line with specific regulations and conditions.

Media activities include the production, circulation, printing and publishing of media content as well as audio, video and digital broadcasting regardless of whether they are subscription-based or free-to-air.

This includes all affairs relating to the issuing and oversight of licences and permits for the execution of media activities by individuals, establishments, and media institutions, including radio and television broadcasting, cinema movies and creative productions, newspapers and publications, digital and electronic media activities, book fairs, foreign publications, foreign media offices, printing, circulating and publishing media content and aerial, ground, and maritime imaging operations.

In addition, the Law organises the UAE Media Council and local government entities responsible for regulating media affairs.

All media individuals and institutions operating in the UAE have to comply with the national media content standards.

These include respecting the divine, and Islamic beliefs, as well as all other religions and beliefs.

They also include respecting the country’s sovereignty, symbols and institutions and the supreme interests of the UAE and its society and respecting the directions and policies of the country nationally and internationally.

In addition, they include avoiding any actions that may have an adverse impact on the UAE’s foreign relations and respecting the culture and civilisation, national identity and values of the UAE community.

Media outlets and individuals must refrain from disseminating or circulating information that may offend or compromise national unity or social cohesion.

They also have to refrain from disseminating or circulating information that may incite violence, hatred or propagate a spirit of discord among society members or the UAE’s legal and economic system.

Justice and security must not be exploited or abused either and privacy rules and individuals’ private lives must be respected.

The publication, broadcasting or circulating of rumours, false and misleading news or the publication of any matter that may constitute instigation to commit crimes must be avoided.

The UAE Media Council will be responsible for issuing permits for the screening of cinematographic and other creative productions.

They will also be responsible for defining the classifications of the Media Content Rating System for print and creative productions. This includes books, video games and cinematic production.

In addition, the Council will be responsible for determining the age groups suitable to view media and entertainment content and for issuing permits to individuals providing advertising or media content on social media and other modern technical means regardless of whether they are subscription-based or free-to-air.

Licensed or authorised individuals and media outlets will have to be overseen and supervised by the relevant authority.

The Council will be allowed to conduct surveillance and inspection of persons, outlets and media institutions, including in free zones.

The UAE Media Council, together with the relevant authorities will promote the protection of intellectual property among individuals, establishments and media institutions in the UAE.

Individuals, organisations and media outlets will have w12 months from the date of the Decree-Law being published to comply with it and its Implementing Regulations.

This may be extended by a Cabinet Decision.

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UAE: New E-commerce Law Approved

Arabian Business, 7 December 2023: The UAE’s Economy Ministry has announced it has approved a new E-Commerce Law.

Federal Decree-Law No. 14/2023 has been approved to facilitate the growth of e-commerce in the country.

It integrates the roles of federal and local entities involved in e-commerce. It covers the requirements of the Central Bank on digital payment gateways, the requirements of the Federal Tax Authority and the requirements of the Telecommunications and Digital Government Regulatory Authority or TDRA.

In addition, it covers the cybersecurity requirements of federal and local entities and regulates the roles of the relevant federal and local entities in terms of the requirements and approvals required from the local entities concerned with the digital transformation of business activities and the e-commerce licensing requirements of economic development departments.

It will enable an authority fto be established to integrate supervisory, regulatory and judicial control operations and organises relations between merchants and merchants and digital merchants and consumers.

It applies to free zones in the country, including financial free zones, regarding activities that are not related to financial activities too.

Finally, it organises the relationship between parties of digital contracts and protects online consumers and relevant parties.

It aims to improve the business environment, facilitate business transactions, improve efficiency, reduce costs and promote stability in the sector.

It emphasises the central role of entities and authorities responsible for licensing and regulating e-commerce and associated logistic services and digital payment gateways in the country.

However, it does not impose any additional requirements on digital traders or other service providers.

It also protects consumer interests by safeguarding intellectual property rights and the purchase of goods or services via e-commerce channels.

It authorises trade conducted through modern technology and makes it similar to physical trade carried out.

It provides optional jurisdictions for dispute resolution, including arbitration as well and introduces an optional insurance coverage principle regarding obligations arising from trade through modern technology.

The Ministry developed the law with federal and local stakeholders as well as the private sector and relevant experts.

Also reported in Al Bayan on 7 December 2023. Click here to read more.

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UAE: New Emiratisation Rules Announced

Arabian Business, 30 November 2023: The UAE’s Human Resources and Emiratisation Ministry has announced new Emiratisation rules.

Under the new rules, companies with between 20 and 49 employees in specific sectors have to hire an Emirati worker in 2024 and another in 2025.

From January 2025, an annual financial contribution will be imposed on companies that fail to meet their requirements in 2024. This will equate to 96,000 AED for each Emirati not recruited.

A financial contribution of 108,000 AED will be imposed in January 2026 for 2025.

Companies can pay their contributions in instalments in agreement with the Ministry.

Companies in the information and communications, finance and insurance, real estate, professional and technical activities, administrative and support services, education, healthcare and social work, arts and entertainment, mining and quarrying, transformative industries, construction, wholesale and retail, transportation and warehousing, hospitality and residency services will be affected.

They will have to do so in line with Cabinet Decision No. 33/5W/2023, which will come into force in January 2024.

The companies were selected in line with specific criteria and information, including the quality of their jobs, the extent of their compatibility with Emiratisation goals, geographic locations, growth and other conditions that would attract Emiratis to work in these economic activities and ensure job continuity.

The activities were also chosen because of their rapid growth rate and ability to provide jobs and a suitable work environment.

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UAE: Implementation Date of New Pension Law Announced

Al Bayan, 27 November 2023: The UAE’s General Pensions and Social Security Authority has announced the implementation date of the new Pension Law.

They announced Federal Decree-Law No. 57/2023 will apply to citizens joining work for the first time from 31 October 2023.

The Authority added that entities affiliated with it are employers in the federal and local governments in all of the Emirates, apart from local government employees in Abu Dhabi and Sharjah.

The Authority is also affiliated with employers in the private sector in all emirates of the country, except for private sector employers in Abu Dhabi.

Click here to read more.

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UAE: New Pension Law Approved

Gulf News (United Arab Emirates), 17 November 2023: The UAE’s General Pension and Social Security Authority has announced it has approved a new Pension and Social Security Law.

Under Federal Decree Law No. 57/2023, the maximum contribution account salary for Emiratis working in the private sector has been increased from 50,000 to 70,000 AED.

It will apply to Emirati employees who have joined the labour market for the first time.

This will be case from the date of its publication in organisations participating in schemes run by the Authority.

Existing participants will continue to be covered by Federal Law No. 7/1999 on Pension and Social Security.

A pensioner who receives a pension in line with Federal Law No. 7/1999 or any other previous law will also continue to be covered by the existing law.

An insured individual who has received an end-of-service bonus in line with Federal Law No. 7/1999 or any previous law, will continue to be covered by Federal Law No. 7/1999, even if they started a new job after Federal Decree Law No. 57/2023 was issued.

Under the Law, an insured employee is authorised to consolidate previous periods of service, for any employer covered by the Law to their total pension. The insured individual can also consolidate the period of service before acquiring UAE nationality. The periods of prior service in any entity approved by the UAE Cabinet will be suggested by the Authority’s Board of Directors.

The minimum age for the insured individual to be entitled to a retirement pension is 55.

The minimum subscription period is 30 years.

The new Law grants working mothers’ more flexibility and benefits. It states that working mothers can apply for a retirement pension entitlement when they are younger and can benefit from a shorter subscription period as well.

They can also maintain their optional subscription if they have chosen to take leave to care for their children, in line with the terms and conditions. The new Law authorises the insurer to benefit from optional subscription where they requested unpaid leave to pursue postgraduate study.

The monthly subscription salary for the public sector consists of the basic monthly salary of the insured individual, in addition to the monthly allowances. This includes the cost-of-living allowance, the social allowance for children, the social allowance for UAE nationals, and the housing allowance, provided that the value of the insured individual’s contribution account salary does not exceed 100,000 AED.

However, in the private sector, the contribution account salary is specified by the employment contract. The monthly subscription amount must be between 3,000 and 70,000 AED.

The new Law allows an insured individual to request the purchase of a nominal period of adjoining to be added to their actual service periods provided they have actually worked at least 25 years when submitting a purchase request or 15 years if they have reached 60. The period required to be purchased should not exceed five years for men and women.

The new Law introduces further equality between insurers from the public and private sectors. A pensioner whose subscription period has reached 30 years, has the right to combine the pension with salary, regardless of their value. This combination applies to retirees from the public and private sectors.

The Law also states that the payment of the pension will be suspended if a pensioner joins a new job covered by the provisions of the new Law in exchange for compensation, whether a monthly salary, a lump sum, or a reward if this compensation is equal to or greater than the value of the pension and they will be paid the difference if the new salary is less than the pension amount. The pension will be repaid at the end of service in line with Federal Decree-Law No. 57/2023.

Monthly contributions for insured individuals will be 26% of their contribution account salary. The insurer’s contribution will be 11% of the insured’s contribution account salary and the employer’s contribution will be 15% of the insured’s contribution account salary.

The government’s contribution will be 2.5% of the private sector employer’s share for Emirati nationals whose contribution account salary is less than 20,000 AED.

This will be the case to encourage UAE nationals to be recruited into the private sector.

To unify general rules between the public and private sectors, the pension calculation mechanism will be determined based on the average contribution account salary of the last six years of the subscription period or the entire contribution period if less for employees in both sectors.

Under the Law, the Authority has been authorised to draft the Implementing Regulations to the Law and conditions for employers and self-employed people to benefit from the new Law.

The Finance Minister will issue a Decision once approved by the Authority’s Board of Directors.

The Authority is also authorised to draft the necessary Implementing Regulations and conditions to apply the provisions of the GCC Insurance Protection Extension Programme.

It has been issued to improve the Authority’s policies as well as how it works and ensure financial resources of pensions are sustainable.

It has also been issued to honour the Authority’s future commitments.

It also aims to improve the flexibility of pension and social security services in the UAE and mitigate against any gaps in services and policies provided to UAE nationals working in the public and the private sectors. Moreover, the Law will bring further equality in insurance benefits to encourage UAE nationals to join private sector companies.

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UAE: Guide on Accounting Standards and Interaction with Corporate Income Tax Issued

The UAE’s Federal Tax Authority has issued a guide on accounting standards and interaction with corporate income tax.

Ministerial Decision No. 114/2023 specifies that the only accounting standards accepted in the UAE for corporate income tax purposes are the International Financial Reporting Standards and the International Financial Reporting Standard for small and medium-sized entities.

The Guide states the cost method of accounting will be based on the definition of International Financial Reporting Standards, or an equivalent method of accounting under the accounting standards applied by the taxable person.

The Guide specifies the equity method of accounting will be based on the definition of International Financial Reporting Standards, or an equivalent method of accounting under the accounting standards applied by the taxable person.

More information related to accounting standards that govern how particular types of transactions and events should be reported in financial statements, will be released by the relevant standard setter or accounting standards board.

The taxable income of each taxable person will be determined separately on the basis of properly prepared, unconsolidated financial statements for financial reporting purposes in line with the accounting standards accepted in the UAE for corporate income tax purposes.

Taxable persons will use International Financial Reporting Standards as the accepted accounting standards in the UAE for corporate income tax purposes.

Taxable persons may only use the International Financial Reporting Standard for small and medium-sized entities if they derive revenue of less than 50 million AED in a tax period. If they do not meet this revenue requirement, they must use the International Financial Reporting Standard.

While Taxable persons must use International Financial Reporting Standards and the International Financial Reporting Standard for small and medium-sized entities to calculate taxable income for corporate income tax purposes or face penalties, they can opt to use other accounting standards for non-corporate income tax purposes.

An exempt person under the Corporate Income Tax Law may use other accounting standards. However, if an exempt person, specifically a government entity, a government controlled entity, an extractive business or a non-extractive natural resource business, has business or business activities treated as a separate taxable business, or businesses, under the Corporate Income Tax Law, the exempt person is required to use International Financial Reporting Standards or the International Financial Reporting Standard for small and medium-sized entities to prepare the financial statements for that taxable activity.

This would also be the case where an entity is not considered to be exempt anymore.

The accounting standards specify the amount of revenue and expenditure and the period in which they are recognised, for the purpose of calculating taxable income. They will then be specifically adjusted if required to calculate taxable income under the Corporate Income Tax Law.

A tax group has to prepare consolidated financial statements using International Financial Reporting Standards or the International Financial Reporting Standard for small and medium-sized entities for determining their taxable income.

This means they must prepare standalone financial statements on the basis of aggregation of the standalone financial statements of the parent company and each subsidiary that is a member of the tax group, as if the tax group were a single taxable person. The financial results, assets and liabilities of all members of the tax group must be consolidated, eliminating any transactions between the parent company and each subsidiary.

Transactions between certain members of the tax group should be determined in line with the arm’s length principle.

Taxable persons whose revenue exceeds 50 million AED during the relevant tax period and all qualifying free zone persons, irrespective of the level of revenue must prepare and maintain audited financial statements for the purposes of the Corporate Income Tax Law.

The 50 million AED threshold is not pro-rated if a tax period is longer or shorter than 12 months. The audit must be performed by a UAE-registered auditor, in line with Federal Law No. 12/2014 (as amended) and read with Ministerial Decision No. 403/2015.

If a tax group derives revenue exceeding 50 million AED on a consolidated basis during the relevant tax period, the consolidated financial statements of the tax group as the taxable person will be required to be audited. However, the Corporate Income Tax Law does not require separate financial statements of the parent company and subsidiary members to be audited, even when a member’s revenue exceeds 50 million AED.

In addition, private pension or social security funds that have made an application to and received approval from the Authority to be exempt from Corporate Income Tax must have an auditor. The auditor must, on an annual basis, confirm the compliance of the fund with the provisions of Ministerial Decision No. 115/2023.

The Guide also provides an overview of the preparation of financial statements, the cash basis of accounting, the realisation basis of accounting, other adjustments under Article 20(2)(i) of Federal Decree-Law No. 47/2022 (the Corporate Income Tax Law) and adjustments under the transitional rules.

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UAE: Corporate Tax Regulations for Free Zones Updated

Gulf News (United Arab Emirates), 3 November 2023: The UAE’s Finance Ministry has announced it has updated the corporate tax regulations for free zones.

The Ministry issued Cabinet Decision No. 100/2023 and Ministerial Decision No. 265/2023 to effect these changes.

Cabinet Decision No. 100/2023 expands the definition of Qualifying Income to include income from the ownership or exploitation of Qualifying Intellectual Property, following the methodology of the Organisation for Economic Co-operation and Developments modified nexus approach outlined in Ministerial Decision No. 265/2023.

Ministerial Decision No. 265/2023 lists the trading of Qualifying Commodities as a Qualifying Activity, allowing a 0% corporate tax rate for income generated from physical trading of various commodities on recognised stock exchanges. It also covers derivative trading income used for risk hedging in these trading activities.

In addition, it clarifies the scope of Qualifying and Excluded Activities. This provides free zone businesses with transparency.

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UAE: New Housing Policy Approved

Khaleej Times (United Arab Emirates), 30 October 2023: The UAE Cabinet has approved the requirements for housing assistance and mortgage transfer.

It will allow citizens to replace or resell their houses and transfer mortgages.

Flexible loan schemes approved for Emiratis will also be offered.

They will be offered by the Sheikh Zayed Housing Programme as part of efforts to provide suitable housing to Emiratis.

Beneficiaries of housing assistance can now apply for a mortgage transfer from one property to another by sending their applications to the Ministry of Energy and Infrastructure.

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UAE: Digital Power of Attorney Services Agreement Signed

Al Bayan, 23 October 2023: The UAE’s Justice Minister has signed a cooperation agreement with the Justice Ministry, the Telecommunications Regulatory Authority and the Digital Government and the Supreme Council for Government Digital Transformation Committee.

The aim is to develop a digital power of attorney service to deliver government services that will allow citizens and residents to authorise others to conduct digital government transactions on their behalf quickly, securely and legally as well as in a way that preserves the rights of all parties.

The new government digital service will also be added to the UAE government’s digital capabilities. All government agencies will be able to provide digital agency service for their services on their websites and applications over the course of the next few months.

Those using this service can choose a specific government entity and a specific service provided by this entity and then submit a request to issue a special power of attorney for another person.

Read the full story here.

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