UAE Archives - Page 18 of 93 - LexisNexis Middle East

UAE: New Federal Traffic Law Introduces Stricter Regulations and Safety Measures

05/12/202405/12/2024
by Hannah Gutang

Khaleej Times, 3 December 2024: On 29 March 2025, a significant federal decree on traffic regulations will be implemented, introducing several key changes aimed at enhancing road safety.

The minimum driving age will be reduced to 17 years, allowing younger individuals to obtain a driver’s license.

In a bid to reduce noise pollution, the decree bans the operation of excessively noisy vehicles and restricts the use of car horns within city limits, except in situations where they are necessary to prevent danger or accidents.

The new regulations also prioritise pedestrian safety by prohibiting road crossings where speed limits exceed 80 km/h.

Authorities have emphasised that non-compliance will result in civil or criminal liability.

To deter serious traffic violations that could lead to fatal accidents, the law outlines “deterrent penalties” for offences such as driving under the influence of alcohol or narcotics, hit-and-run incidents, jaywalking, and driving in flood-prone areas during adverse weather conditions.

Additionally, transporting hazardous materials or unusual loads will now require a special permit from the relevant authorities, ensuring safer transportation practices across the country.

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News developments

Sharjah: Reduces Property Transaction Fees

05/12/202405/12/2024
by Hannah Gutang

Arabian Business, 27 November 2024: Sharjah moves to reduce fees for the sale and purchase of property transactions, a move seen to enhance the attraction of the emirate’s real estate sector to international investors.

The decision on the fee reduction, approved by the Sharjah Executive Council (SEC), was conveyed to the organisers of the forthcoming real estate exhibition ACRES.

SEC’s decision includes a 0.5% reduction in selling fees for developers and discounts on purchase fees; one percent for UAE and GCC citizens and 2 percent for other nationalities.

The Organising Committee of the Sharjah Real Estate Exhibition said the decision to reduce property transaction fees will significantly enhance the emirate’s real estate sector.

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News developments

Dubai: Strict Enforcement Actions by FSA Against Financial Misconduct

05/12/202405/12/2024
by Hannah Gutang

Khaleej Times, 27 November 2024: In 2024, the Dubai Financial Services Authority (DFSA) took strict action against a company that mismanaged client investment funds and an individual involved in money laundering.

In one case, a former relationship manager was fined nearly $1 million (around Dh3.6 million) for deceptive conduct and for facilitating the money laundering technique known as layering.

The Head of Enforcement at DFSA has explained ‘layering’ as a series of transactions to create the impression that the money has gone from one person to another, whereas it’s the same person or it’s the same people who are running the whole thing.

The individual, a private banker gave false information to his compliance function to allow that activity to continue, and he generated quite a lot of bonus income as a result of the commissions from those clients.

Another company, OCS International Finance, was fined for misusing clients’ funds.

They misled a bank about the nature of some money which they had deposited, and they then also misused the money.

That was client money which they had to protect and under the rules, they had to keep it in a separate account.

They did not do that, but they lent that money to a related party without telling the client they were doing it.

That related party then did not repay the money.

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News developments

Abu Dhabi: Launches Mandatory Nutri-Mark Labeling to Combat Obesity

05/12/202405/12/2024
by Hannah Gutang

Khaleej Times, 3 December 2024: Starting 1 June 2025, a mandatory nutrition grading system will be implemented for five food categories in Abu Dhabi, as part of a new labeling initiative by quality control and health officials.

Products on supermarket shelves without the Nutri-Mark label, which evaluates the nutritional content of food items, will be removed, and responsible parties will face fines.

This regulation also applies to items displaying a higher grade than warranted.

Nutri-Mark assigns a nutritional value grade from A to E, with A representing the healthiest option.

The initial phase of this scheme targets baked goods, oils, dairy products, children’s food, and beverages.

The initiative aims to combat obesity by offering consumers clear and accessible information about the nutritional values of products.

More food items are expected to be included under the Nutri-Mark system following the first phase.

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News developments

UAE: Corporate Tax Registration Deadline for Resident Juridical Persons

29/11/202429/11/2024
by Hannah Gutang

The Federal Tax Authority (FTA) has renewed its calls for Resident Juridical Persons with Licences issued in October and November, regardless of the year of issuance, to promptly submit their Corporate Tax registration application no later than 30 November 2024, to avoid Administrative Penalties.

The FTA advises Taxable Persons to adhere to the timelines specified in Cabinet Decision No. 3/2024 on the Timeline for Registration of Taxable Persons for Corporate Tax, which came into effect on 1 March 2024.

Resident Juridical Persons incorporated or established before March 1, 2024, must submit their Corporate Tax registration application based on the month their Licence was issued, irrespective of the year.

For Taxable Persons holding multiple Licences on 1 March 2024, the deadline is determined by the Licence with the earliest issuance date.

Registration for Corporate Tax is available through the EmaraTax digital platform, accessible 24/7.

The process has been streamlined into four main steps, taking approximately 30 minutes. Taxable Persons can also register through authorised Tax Agents or government service centres.

The FTA has urged Taxable Persons subject to Corporate Tax to review the Corporate Tax Law, related decisions, and guidelines published on the FTA website: tax.gov.ae.

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News developments

Sharjah: Issues Law Regulating Digital Department

29/11/202429/11/2024
by Hannah Gutang

Sharjah has issued a law regulating the Sharjah Digital Department (SDD).

This law aims to improve Sharjah’s status as a smart digital city, solidifying its local and international leadership and competitiveness.

It seeks to raise awareness among government entities about the importance of digital transformation, transparency, and governance to advance institutional work and enhance stakeholder satisfaction.

The law contributes to enhancing the effectiveness and efficiency of performance through the excellence of the government sector in digital transformation and providing smart digital services based on global standards.

It supports the government’s efforts to achieve comprehensive development in the emirate by providing shared digital systems, platforms, and channels, facilitating the exchange of information and data among government entities.

The SDD is empowered to develop relevant strategies and standards related to digital transformation, information security, and technology use.

It coordinates joint efforts between institutions in the governmental and private sectors to efficiently build, develop, and manage the digital transformation system and its services.

The department supervises the digital transformation system in the emirate, establishing necessary standards and indicators to support operational plans within government entities and their governance.

Furthermore, the SDD oversees the official government portal, the unified government services platform, and applications developed, operated, and enhanced by government entities.

It develops specifications to ensure optimal use of modern technology, data analysis practices, and AI in government entities, monitoring their implementation.

The department studies, reviews, and approves all initiatives and projects submitted by government entities regarding digital transformation, information technology, and information security to ensure their standardisation across the emirate.

It formulates frameworks and technical standards for infrastructure, data sharing platforms, open data, and digital service and technology management methodologies.

The SDD manages projects and programs related to digital transformation, infrastructure development, digital communication networks, applications, and systems at the emirate level, integrated services, and defines roles and responsibilities for each entity.

It represents the emirate at local, regional, and international levels in relevant fields, participating in exhibitions, events, conferences, seminars, and meetings.

The law outlines the department’s competencies related to digital systems and services, information security, data management, infrastructure, and digital empowerment.

It specifies the Director-General’s authority, including developing policies, overseeing operations, proposing draft laws, representing the department, presenting budgets, signing agreements, forming committees, and delegating powers.

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News developments

Dubai: New Circular Outlines Requirements for Installment Requests

29/11/202429/11/2024
by Hannah Gutang

The Dubai Courts have issued a new circular outlining the requirements for accepting installment requests.

According to the circular, the installment request is first referred to the Settlement Department for review.

The department studies the request and negotiates with the parties to reach a settlement.

If a settlement cannot be reached, the conditions for accepting the installment request are verified, and the request is forwarded to the competent authority.

For an installment request to be accepted for consideration, the party must fulfill the following requirements: Payment of an initial installment of 20% of the outstanding amount before submitting the installment request.

The advance payment shall not be considered as final acceptance of the installment plan.

Proof of monthly income, which includes a salary certificate or an income statement from any other source.

Submission of a detailed bank statement for the last six months.

Proof of ownership: Submission of documents proving ownership of any assets such as real estate, vehicles, or stocks.

Submission of a declaration from the party outlining their overall financial situation and confirming the accuracy of the provided information.

The new circular aims to streamline the process of installment requests and ensure that parties provide accurate and comprehensive information to support their requests.

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News developments

DIFC: Reinforces Common Law Foundations and Enhances Real Estate Regulations

29/11/202429/11/2024
by Hannah Gutang

The Dubai International Financial Centre (DIFC) has enacted significant amendments to DIFC Law No. 3/2004 on Application of Civil and Commercial Laws and DIFC Law No. 10/2018, DIFC Real Property Legislation.

These changes solidify DIFC’s position as a leading international common law jurisdiction and enhance the regulatory framework for real estate transactions within the financial centre.

New Articles 8A and 8B has been added to the Application Law.

Article 8A of DIFC Law No. 3/2004 establishes that DIFC Law is determined first by DIFC statutes and court judgments, supplemented by the common law principles and rules of equity from England and Wales, as well as other common law jurisdictions.

Article 8B of DIFC Law No. 3/2004 states that interpretation of DIFC statutes may be guided by principles developed in analogous laws in established common law jurisdictions and international jurisprudence for model laws adopted by DIFC.

Real Property Law and Regulations Amendments: Introduction of a 0.25% Mortgage Registration fee based on the value of the mortgage being registered.

Extension of the registration period for Off Plan Sales from 30 days to 60 days, providing more time for purchasers to register transactions and pay the Freehold Transfer Fee.

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News developments

Lexis Middle East Gulf Tax – Autumn 2024 Edition

27/11/202427/11/2024
by Hannah Gutang

Welcome to the latest edition of Lexis Middle East Gulf Tax Magazine, offering insightful perspectives on the dynamic tax environment in the GCC region. It highlights the continuous development of tax regimes across the GCC, with recent major changes and a greater emphasis on clarifying details through manuals and guidance documents. This issue covers the impact on the charity sector in the UAE, the increase in queries and complaints leading to new legislation, and the evolution of the Zakat regime in Saudi Arabia with significant changes in calculation, entities subject to Zakat, and treatment of cessation of activities.

Furthermore, the article covers the evolution of the Zakat regime in Saudi Arabia, where the Implementing Regulations on Zakat collection from 2019 have been repealed and replaced by new regulations.

Gulf Tax Magazine remains committed to providing valuable knowledge and expert perspectives to help you navigate the complexities of the GCC tax environment. We hope you find this issue insightful and beneficial for your tax planning and compliance efforts.

FEATURE: SO THAT IS ZAKAT

In this feature, Essam Rajab of Andersen explains key changes to the way Zakat is calculated and administered in Saudi Arabia following the issue of new regulations.

FEATURE: GRAPPLING WITH GRIEVANCES

Zain Satardien and Ellen Ray of Hourani & Partners explain the impact a new Ministerial Decision has brought in changes to the way tax grievances are handled in Oman and other recent alterations to the system will have on those disputing the Tax Authority position there.

TAX NEWS ROUND-UP

This round-up covers recent key developments in tax treaties and regulatory changes across the region, providing readers with a comprehensive overview of the latest updates.

WHAT’S CHANGED?

The Federal Tax Authority (FTA) has released an updated list of charities in the UAE that are recognised as ‘Designated Charities,’ allowing them to receive VAT relief. To formalise these updates, the UAE government has issued several Cabinet Decisions.

PRACTICAL FOCUS: PUBLIC BENEFIT ENTITIES

Experts David van der Berg, Gargesh Vn, Tapan Gandhi, and Daryn Blake provided useful information regarding tax exemptions for organisations serving the public good in the United Arab Emirates.

TAX PROFESSIONAL PROFILE

Naveen Sharma, a Chartered Accountant who works as Director of Internal Audit at Oasis Investment Company LLC (Al Shirawi Group), explains his work
and the support he has been giving to the wider tax profession in the UAE.

ANY QUESTIONS?

Rami Alhadhrami of BDO Kuwait analyses
Qatar and Kuwait’s delay in implementing
VAT despite the GCC VAT Agreement.

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Lexis Middle East Gulf Tax_Autumn 2024

Have you read the Lexis® Middle East Gulf Tax – Past editions? Click the links below to access them.

Lexis Middle East Gulf Tax | Summer 2024

Lexis Middle East Gulf Tax | Winter 2023

Lexis Middle East Gulf Tax | Autumn 2023

Lexis Middle East Gulf Tax | Spring 2023

News developments

Lexis Middle East Law Alert: October-November 2024 Edition

27/11/202419/03/2025
by Hannah Gutang

Welcome to the October-November 2024 edition of Lexis Middle East Law Alert, providing insights into the changing legal landscape in the MENA regions. This issue focuses on the GCC countries’ efforts to attract foreign investment and diversify their economies away from hydrocarbons. The publication highlights Saudi Arabia’s new Investment Law, which aims to provide confidence to foreign investors by ensuring fair treatment, protecting ownership rights, and facilitating ease of exit. Additionally, it covers efforts to streamline business establishment processes in Saudi Arabia, as well as developments in the UAE, Bahrain, and the modernisation of Abu Dhabi’s judicial system.

Furthermore, the issue delves into other notable legal developments, including UAE virtual asset marketing regulations, changes to the ADGM Real Property Law, Bahrain’s Domestic Minimum Top-Up Tax, and insights into dispute resolution and contract watch for Saudi labour contracts. The publication serves as a comprehensive resource for staying updated on the latest legal trends and initiatives in the MENA regions, particularly those aimed at fostering a business-friendly environment for foreign investment.

Stay informed with our meticulously curated content, designed to keep you ahead in the ever-changing legal landscape.

FEATURE: EQUALITY AND OPPORTUNITY

Bedoor Alrabiah of GLA & Co explains that Saudi Arabia has a new Investment Law designed to create a more attractive investment environment there by better protecting local and foreign investors’ rights and providing them with more opportunities.

FEATURE: ALL CHANGE

Dhana Pillai, a representative from the Dubai Ports and Trade Corporation (DPTC), sheds light on how Abu Dhabi Law No. 6/2024 is designed to bring about a contemporary transformation of the judicial system in the emirate.

IN-HOUSE PROFILE: TECHNOLOGY’S REGULATORY IMPACT

Hilal Al Khulaifi, Group Chief Legal, Regulatory & Governance Officer, Ooredoo Group explains how dramatic technological change in
the telecoms sector could lead to a regulatory rethink.

DISPUTE RESOLUTION FOCUS

Waleed Hamad and Myriam Simon of Al Aidarous explain how a significant Dubai Court of Cassation ruling has clarified the legal framework surrounding the enforceability of foreign summary judgments in the UAE.

MOVERS AND SHAKERS

A round-up of the most notable appointments and career progressions within the legal field across the region, highlighting the pivotal shifts reshaping the professional landscape.

CONTRACT WATCH: SAUDI LABOUR CONTRACTS

Jassar Aljohani, along with Sara Khoja and Sarit Thomas from Clyde & Co, shed light on the significant amendments to the Saudi Labour Law, which aim to modernise the Saudi labour market, enhance workers’ rights, and streamline employer responsibilities.

Lexis Middle East Law Alert_October-November 2024

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 2024

Lexis Middle East Law Alert_May/June 2024

Lexis Middle East Law Alert_August-September 2024

Lexis Middle East Law Alert_July August 2023

TAX AND FINANCE ROUND-UP

Stay updated on the newest tax and financial news across the region, highlighting Bahrain’s recently introduced Domestic Minimum Top Up Tax.

LEGAL ROUND-UP

Stay informed with our legal round-up, providing a comprehensive overview of recent developments across the region with a spotlight on the UAE’s virtual asset marketing regulations.

LAW MONITOR

Delve into the latest legal advancements in the GCC, encompassing modifications to the ADGM Real Property Law.

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