UAE: Administrative Penalties for Commercial Agency Law Violations Decision Issued

Gulf News (United Arab Emirates), 11 September 2023: The UAE’s Economy Ministry has issued a Decision specifying the administrative penalties which will be imposed for Commercial Agency Law (Federal Decree-Law No. 3/2022) violations.

Among other penalties under Cabinet Decision No. 89/2023, an international business who sells its goods and services to entities or individuals other than the contracted commercial agent will receive a warning first and may then be fined between 100,000 and AED 400,000. Their goods may also be seized by UAE Customs.

In addition, other offences may see a warning given first and then fines of between 100,000 and 200,000 AED imposed. Goods may also be seized by UAE Customs.

Some repeat offences could see offenders fined up to 400,000 AED.

In addition, the new legislation will apply automatically to existing commercial agency contracts drafted before the new Commercial Agency Law came into force in June. Only contracts not being renewed or being terminated early will be exempt..

The Cabinet Decision has been published in the Official Gazette.

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/.

Umm AlQuwain: New Property Laws Introduced

Arabian Business, 6 September 2023: Umm Al Quwain’s Ruler has introduced new property laws for the Emirate. The laws will regulate new rules on mortgages, property prices and investors’ rights, among other things. They have been issued to help develop and implement plans to drive growth in the sector and support the Emirate’s urban development plans.

Umm Al Quwain Law No. 2/2023 will allow an Interim Real Estate Register to be established and property registration activities in the Emirate to be regulated.

Umm Al Quwain Law No. 3/2023 will regulate real estate development activities in the Emirate, the pricing of all real estate projects and provide real estate escrow accounts, in line with regulations that ensure the rights of investors, real estate companies and property developers are protected.

Umm Al Quwain Law No. 4/2023 amends Umm Al Quwain Law No. 3/2007 on real estate escrow accounts in the Emirate. It sets out guidelines to help regulate real estate sales transactions better and ensure the compliance of all relevant parties with the regulation issued by the Real Estate Foundation.

Umm Al Quwain Law No. 5/2023 covers the regulation of mortgage registration activities through the Umm Al Quwain Municipality Department in line with the regulations issued by the UAE Central Bank and the settlement of issues and violations related to unregistered mortgages.

Umm Al Quwain Law No. 6/2023 relates to protecting the rights of investors where there are delays or hurdles in real estate development projects, as well as ensuring these projects are completed, when possible. It also provides for a special committee to handle issues related to cancelled and incomplete real estate projects to be established.

Finally, Umm Al Quwain Law No. 7/2023 amends Umm Al-Quwain Law No. 2/2005 on the regulation of real estate brokerage activities in the Emirate and sets out legislation and guidelines to regulate all brokerage 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.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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

UAE: Federal Tax Authority Issues Corporate Tax Guide

The UAE’s Federal Tax Authority has announced it has issued a Corporate Tax Guide. The Guide has been issued following the issuing of Federal Decree-Law No. 47/2022 on the Taxation of Corporations and Businesses (Corporate Tax Law) on 3 October 2022 and its publication in the Official Gazette on 10 October 2022.

The law provides the legislative basis for imposing a federal tax on corporations and business profits in the UAE. The provisions of the law will apply to tax periods commencing on or after 1 June 2023.

Various Cabinet and Ministerial Decisions have since been published. The Guide is aimed at providing general guidance on corporate tax in the UAE with a view to making the provisions of the Corporate Tax Law as understandable as possible to readers.

It provides readers with an overview of the main corporate tax rules and procedures, including the determination of the corporate tax base, the calculation of corporate tax, the filing of corporate tax returns and other related compliance requirements and assistance with the most common questions businesses might have. In addition, the guide explains where further assistance should be sought if there are questions about the guide’s contents or areas not specifically dealt with in the guide.

It covers the fundamentals of the corporate tax regime in the UAE, including what corporate tax is, who is subject to it, what types of income are taxable and how a taxable person’s corporate tax liability is calculated as well. Finally, the guide explains the corporate tax administration process, from Tax Registration and record keeping to submitting returns and making payments.

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/.

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.

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/.

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.

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/.

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.

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/.

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.

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/.

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.

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/.

UAE: Timeframe to Request Permission to Sell Mortgaged Property Explained

Alkhaleej, 6 August 2023: Federal Decree-Law No. 50/2022 (the new Commercial Transactions Law), which came into force at the beginning of 2023, provides detail on commercial mortgages.

The law explains that a commercial mortgage is one that is over a movable asset as security for a commercial debt.

The law clarifies that if a debtor does not pay the debt secured by the mortgage on the due date, the creditor may, after seven days from the date of warning the debtor to pay, request the court to authorise them to sell the mortgaged property. The request is considered urgently, and the court determines the method of sale.

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/.