UAE Archives - Page 50 of 96 - LexisNexis Middle East

Abu Dhabi: Abdu Dhabi Business Hub expands services

19/12/202219/12/2022
by Benjamin Filaferro

Emaratalyoum, 15 December 2022: Abu Dhabi Business Hub has announced it will expand its services for entrepreneurs and micro, small, and medium enterprises to include online educational programmes.

The Abu Dhabi Business Hub is a joint public/private venture offering an interactive platform to support and guide entrepreneurs and businesses.

The platform has also improved user, supervisor, and partners experience in line with best commercial practices.

For the full story, click here.

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News developments

Abu Dhabi: FSRA Seeks Views on the Introduction of Private Credit Funds

14/12/202214/12/2022
by Benjamin Filaferro

12 December 2022: The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has published a consultation paper seeking views from fund managers and investors on introducing private credit funds within the FSRA’s collective investment funds regulatory regime.

The aim of the private credit funds – collective investment funds that originate loans to borrowers, purchase existing loans from third-party lenders, or invest in a combination of the preceding – is to increase the fund options in ADGM and attract start-ups and SMEs.

The funds will only be offered to professional clients as either qualified investor funds or exempt funds.
Further information is available on the ADGM website.

For the full story, click here.

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News developments

Dubai: DIFC Seeks Views on Proposed Legislation on Family Arrangements

13/12/202213/12/2022
by Benjamin Filaferro

12 December 2022: The Dubai International Financial Centre (DIFC) has launched a consultation seeking views on its proposed new Family Arrangements Regulations, which, alongside the recently launched Family Wealth Centre, aim to provide a regulatory framework and hub for global and regional family-owned businesses, ultra-high net worth individuals and private wealth.

The key aspects of the proposed regulations are: comprehensive provision for the engagement of family businesses with the DIFC; repeal of the Single-Family Office Regulations and the DIFC’s Single Family Office regime and their replacement by a new Family Office regime that can provide services to a family or more than one family in certain circumstances; the establishment of certification and accreditation regimes for family businesses and their advisors in the DIFC.

The DIFC has also proposed amendments to the Leasing Regulations in a separate consultation paper.

For the full story, click here.

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News developments

UAE: Corporate Tax Law Issued

09/12/202209/12/2022
by Benjamin Filaferro

9 December 2022: The UAE Corporate Tax Law, Federal Decree-Law No. 47/2022 has been issued on the UAE Ministry of Finance website.

The Corporate Tax Law provides the legislative basis for introducing and implementing a Federal Corporate Tax in the UAE. It will be effective for financial years starting on or after 1 June 2023.

The introduction of the Corporate Tax Law intends to support the UAE in achieving its strategic objectives and accelerate its development and transformation.

For the full story, click here.

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News developments

The Lexis® Middle East Gulf Tax – Winter 2022 edition is out now!

08/12/202208/12/2022
by Benjamin Filaferro

We are pleased to share the latest edition of our tax magazine, Lexis® Middle East Gulf Tax, the first of its kind in the GCC! It is a complimentary magazine that provides updates on the GCC’s recent key tax and financial developments.

In this edition:

Pillar 2 – How might OECD’s Pillar 2 affect GCC businesses?

OECD’s Pillar 2 Module, which ensures large multinational enterprises pay minimum tax levels on income, will impact taxpayers across the globe. Rami Alhadhrami of BDO Kuwait looks at how it might affect GCC businesses.

The first 100 days… as Head of Tax

With the recent tax changes in the Middle East, tax recruitment specialists have seen more businesses wanting to hire their first-ever Middle East In-house Head of Tax. Conor McHugh of Alchemy Search and Siegert Slagman, a Head of Tax, share their experiences recruiting these roles and the crucial first 100 days in the post.

Practical Focus on Double Taxation Agreements

With effect from 1 January 2020, Saudi Arabia and the UAE have implemented a treaty to avoid double taxation. Zain Satardien of Hourani & Partners shares practical points on this Double Taxation Treaty (DTT), how it provides significant advantages for businesses operating in the two contracting states, and how it aims to avoid double taxation and prevent tax evasion.

Managing Challenges and Change with Technology

Nitin Agarwal, Head of Taxation at Majid Al Futtaim Carrefour UAE, talks about how successful major transformation projects have made him more confident and prepared to deal with future tax changes and challenges.

Practitioner Perspective on Excise Tax

Michel Ruitenberg of Crowe looks at how Excise Tax, an important compliance area for retail businesses, has changed in the UAE and the differences in how it operates there to other GCC countries.

Am I eligible for World Cup tax exemptions?

Qatari authorities are granting special World Cup Tax Exemptions, but who is eligible and for what? Thomas Vanhee of Aurifer Middle East Tax answers these questions and more!

Special thanks to Alchemy Search for supporting tax professionals by connecting businesses with talent across the GCC and beyond!

Want to receive future editions? Subscribe here!

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

Lexis Middle East Gulf Tax | Winter 2022

Have you read the Lexis® Middle East Gulf Tax – Summer and Autumn 2022 editions? Click the links below to access and read this edition.

Lexis-Middle-East-Gulf-Tax_| Autumn 2022

Lexis® Middle East Gulf Tax | Summer 2022

News developments

Dubai: Arbitration Award Rejected as Debtor Not Domiciled in UAE

07/12/202207/12/2022
by Benjamin Filaferro

6 December 2022: The Dubai Cassation Court has rejected the enforcement of an arbitration award against a foreign debtor on the grounds that the debtor is not domiciled in the United Arab Emirates.

Following the ruling, award creditors seeking enforcement of a foreign arbitral award in the United Arab Emirates should bear in mind that if the award debtor is not domiciled in the UAE, the Courts may reject the award.

Creditors should also consider that if foreign award debtor assets are not named in the award, the Courts may refuse enforcement action against those assets.

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.

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News developments

Abu Dhabi: ADGM Publishes Guiding Principles on Whistleblowing

07/12/202207/12/2022
by Benjamin Filaferro

6 December 2022: Abu Dhabi Global Market (ADGM) has published its Guiding Principles on Whistleblowing, covering critical aspects of a robust whistleblowing framework, including transparency, accountability and market integrity.

The principles complement ADGM’s existing regulatory frameworks and encompass six key aspects: encouraging a broad definition of whistleblowing to be used; ensuring that whistleblowers are given adequate opportunities to speak up and are fairly treated when they do so; restricting access to whistleblowing reports and following due process in managing them; focusing the protections of any whistleblowing framework to honestly held beliefs reported in good faith; including appropriate resources to support it, which will vary depending on the nature of the relevant entity’s business; supporting a whistleblowing program with an organisational culture of trust and transparency.

For the full story, click here.

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News developments

UAE: Employers’ Ratings Lowered If They Delay Payment of Salaries

07/12/202207/12/2022
by Benjamin Filaferro

Emaratalyoum, 5 December 2022: The UAE’s Human Resources and Emiratization Ministry has warned companies with 50 or more employees that their employer’s rating will be lowered if they delay the payment of salaries to their workers.

Any employer found to have delayed payment of their workers’ wages will have their rating lowered to the ‘High Risk Establishments’ category.

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/.

News developments

Dubai: Employer Faces Action for Violating Nafes by Appointing 43 Family Members

29/11/202207/12/2022
by Benjamin Filaferro

WAM, 28 November 2022: The UAE Ministry of Human Resources and Emiratisation has launched action against an employer who violated the provisions of the Nafes programme by appointing 43 members of his family to circumvent Emiratisation criteria and benefit financially.

The ministry considered the appointments to be ‘fake Emiratisation’, meaning the family members were enrolled with the company without any real work for the company to exploit the Nafes benefits.

For the full story, click here.

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News developments

UAE: Emirati Nationals in Private and Banking Sectors Get Pay Rise

28/11/202230/11/2022
by Benjamin Filaferro

Albayan, 23 November 2022: UAE’s Vice Prime Minister has announced a pay increase for Emirati nationals working in the private and banking sectors to attract and support the maximum number of UAE nationals to roles in these sectors.

The increase is valid for all employees of the private and banking sectors, regardless of the date they started or whether they were appointed before or after the launch of the ‘Nafes’ program in September 2021. The extra financial support will be AED 7,000 for holders of a bachelor’s degree, a maximum of AED 6,000 for diploma holders and a maximum of AED 5,000 for those with high school qualifications or less.

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/.