UAE: Importance of Indian Customs Agreement

Emaratalyoum, 18 February 2023: At the Global Business Summit in India, the UAE’s Economy Minister has highlighted the agreement signed between India and the UAE which came into effect in May 2022.

He has stated the agreement cancelled the customs tariff between the two countries on more than 80% of Indian and Emirati products.

He has also added customs tariffs will be fully terminated within 10 years to increase commercial exchange and joint investments.

The agreement has enabled service providers to reach 11 main markets and more than 100 sub-sectors.

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Abu Dhabi: New Mechanisms for Handing Over Labourers’ Dues Adopted

Albayan, 16 February 2023: Abu Dhabi’s Labour Court has adopted new mechanisms and procedures to guarantee labourers are paid quickly in a few easy steps.

According to this new mechanism, a private sector company responsible for providing labourers’ insurance coverage must open an office at the Labour Court’s headquarters to pay their financial dues faster based on legal controls.

Based on Abu Dhabi Ministerial Decision No. 318/2022 on the bank guarantee and insurance for labourers’ dues, private sector employers have two options.

They can either pay a bank guarantee of no less than 3,000 AED for each labourer or buy an insurance policy for 30 months at 137.50 AED for skilled labourers and 180 AED for unskilled labourers.

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Sorbonne University Abu Dhabi joins as an Award Sponsor for the 2023 LexisNexis Women in Law Awards

We are thrilled to share that Sorbonne University Abu Dhabi will be an Award Sponsor at the highly anticipated LexisNexis Women in Law Awards 2023, set to take place on 2 March 2023 at The Ritz-Carlton JBR, Dubai.

This event celebrates the achievements and innovations of women in the legal field throughout the Middle East region. The Awards also acknowledge organisations that promote women and gender equality in their teams.

We warmly invite you to join us at this outstanding event on 2 March 2023. Visit the LexisNexis Women in Law Awards website to learn more!

UAE: The Central Bank Launches a Financial Infrastructure Transformation Programme

The UAE Central Bank has launched a Financial Infrastructure Transformation (FIT) Programme which aims at Accelerating the Digital Transformation of the Financial Services Sector.

The FIT Programme focuses on the financial services sector, digital transactions, and the UAE’s competitiveness. Its aim is to accelerate digital transformation in the UAE financial services sector and strengthen the country’s position as a global centrre for business and finance.

The Programme has nine key initiatives. These include the first unified, secure, and efficient card payment platform in the UAE which has been designed to enhance e e-commerce and digital transaction development; and eKYC: which provides a secure, user-friendly platform for conducting customer on-boarding and ongoing due diligence digitally. Other initiatives include the Central Bank Digital Currency (CBDC) which is used to tackle cross-border payment inefficiency and promote innovation for domestic payments and the Open Finance initiative which is driving innovation, competitiveness, and collaboration in the financial sector through interconnectivity and interoperability between institutions.

An advanced SupTech service has also been put in place to enhance supervisory processes. There is also an innovation Hub which is a collaborative platform for Fintech engagement, research, and development. In addition, the Instant Payments Platform is a secure, efficient, and robust payment platform which enhances financial inclusion and promots a cashless society through digital payments. There is also a Financial Cloud which provides a secure, resilient, scalable, and reliable sovereign financial infrastructure; and an initiative to supporting a unique customer experience and foster a culture of excellence across the financial sector.

In the first stage of the Programme, digital payment infrastructures and services such as a Card Domestic Scheme and Instant Payment Platform will be launched. The Central Bank Digital Currency for cross-border and domestic uses will also be issued. These initiatives will help lead to financial inclusion, payment innovation, security and efficiency, and a cashless society.

As part of the FIT Programme, the UAE Central Bank will adopt advanced supervisory technologies and data management solutions so that they can implement robust supervisory processes and ensure financial stability.

In the second stage, the FIT Programme will develop and rollout digital infrastructures like Financial Cloud, eKYC, and Open Finance Platforms. These will enhance regulatory compliance, reduce costs, enhance innovation and customer experience, and strengthen their security and operational resilience.

The FIT Programme, links in with he UAE 2031″ vision and National Digital Economy Strategy.

More details and updates of each pillar of the FIT Program will be announced in due course.

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Dubai: Laws Establishing New Government Departments Issued

Emaratalyoum, 08 February 2023: Three new laws have been issued to establish three new departments under Dubai’s Economy and Tourism Department.

Dubai Law No. 6/2023 has established the Dubai Commercial Registration and Licensing Department.

In addition, Dubai Law No. 7/2023 has established the Dubai Economic Development Establishment.

Meanwhile, Dubai Law No. 5/2023 has established the Dubai Consumer Protection and Fair-Trade Department.

The three laws will be published in the official gazette and will come into force the day of their publication.

These new departments will support the D33 Dubai Economic Agenda’s objectives. They have been launched in January to double Dubai’s economy to 32 trillion AED in the next decade.

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LexisNexis Women in Law Awards 2023: The stage is set, and the venue is locked in!

Dubai, UAE: Get ready to celebrate the achievements of remarkable women in the GCC legal field as the LexisNexis Women in Law Awards 2023 is set to take place on 2 March 2023 at The Ritz-Carlton JBR in Dubai.

This highly anticipated event will honour women who have made a significant impact in the legal industry, and provide a platform for recognition, inspiration, and empowerment. Meet the ground-breaking women shortlisted for the 2023 LexisNexis Women in Law Awards here!

The gala dinner and awards ceremony will be a night to remember, showcasing the best in the field and celebrating the progress of women in law.

Don’t miss out on this historic occasion and secure your seat now. Show your support for the excellence of women in law and be a part of a night filled with inspiration, recognition, and empowerment. 

This is a night not to be missed! Let’s make it unforgettable! Book your spot today!

UAE: Tax Compliance Service for Small Enterprises Introduced

Albayan, 9 February 2023: The UAE’s Federal Tax Authority (FTA) will launch the “Mowafaq Package” initiative to facilitate tax compliance for small and medium enterprises in the current year.

The authority has concluded a joint cooperation agreement with “Etisalat from &e” to provide facilities and privileges within the initiative’s framework.

The agreement has been signed by the Federal Tax Authority’s Director General and the Senior Vice President of the Government Institutions Sector at “Etisalat from &e”.

It aims to enhance joint cooperation between the parties, especially on supporting small and medium-sized companies.

It also aims to encourage tax compliance.

According to the agreement, “Etisalat from e&” will provide a support package to encourage those registered in the “Mowafaq Package” to comply.

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UAE: Fines Announced for Private Companies That Fail to Meet Emiratisation Target

Khaleej Times, 7 February 2023: Firms which do not achieve the one per cent Emiratisation target by 1 July 2023 will be fined 7,000 AED for each UAE national who has not been hired.

Firms are now required to increase the number of Emirati employees in skilled roles by one per cent every six months.

Based on the amended scheme, penalties for private companies that fail to meet Emiratisation targets will now be imposed semi-annually.

Non-compliant companies will be charged starting from 1 July 2023. Penalties for non-compliance in 2022 will also continue to be collected.

The overall two percent target must be reached by the end of the year.

The amendments do not include any additional requirements or penalties.

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