UAE Archives - Page 67 of 93 - LexisNexis Middle East

UAE: Implementing Regulations to Tax Procedures Law Amended

17/04/202117/04/2021
by Benjamin Filaferro

The UAE’s Cabinet has approved amendments to the Implementing Regulations to the Tax Procedures Law. The amendments extend the tax notification period from 10 to 40 working days. They also cover the time limit for issuing the decision of the Federal Tax Authority to reduce or exempt administrative penalties from 20 to 40 working days from the date of receiving the application.
They also approved a Cabinet Decision on the requirements of the Natural Person Insolvency Law. The law aims to boost the UAE’s competitiveness by making it easier to do business in the country and create more favourable conditions for individuals facing financial difficulties. The debt value which requires a debtor to submit a request to start the insolvency process is set at 250,000 AED.

News developments

Dubai: Al Quoz Creative Zone Launched

09/04/202109/04/2021
by Benjamin Filaferro

Dubai’s Crown Prince and Chairman of the Executive Council has launched the Al Quoz Creative Zone which will offer a hub for artists and designers to live, work and create in. It will offer various facilities, services and incentives to drive innovation and boost investment in creative businesses. It is the first plan and initiative to be launched as part of the Dubai Creative Economy Strategy which aims to transform the Emirate into a global innovation hub. Artists with projects and activities in Al Quoz Creative Zone and emerging creative entrepreneurs will receive an exclusive Al Quoz Creative Membership. This will give them access to various incentives including fee exemptions, reduced rents and logistic business support. It will also provide access to relevant training and programmes to help artists transform their creative ideas into business.

News developments

UAE: Abu Dhabi’s Global Market has announced amendments to the Insolvency Regulations 2015

09/04/202109/04/2021
by Benjamin Filaferro

Abu Dhabi’s Global Market has announced amendments to the Insolvency Regulations 2015. The amendments to the 2015 Insolvency Regulations boost the Market’s insolvency framework by providing additional flexibility for administrators following the execution of a deed of company arrangement used to restructure an insolvent company.

Weekly Spotlight

UAE: Law on Minimum Capital for Banks Issued

09/04/202109/04/2021
by Benjamin Filaferro

The UAE Central Bank has issued a new law on the minimum capital for banks which applies to all banks including branches of foreign banks which work in the UAE.
The law will be effective on the beginning of next month and requires banks which do not yet meet its requirements to do so by no later than 31 December 2023.
The second article of the law requires banks at all times to maintain a minimum level of the paid capital and to keep the required level on a continuous basis as a main condition of their licence.

News developments

UAE: Accedes to Strasbourg Agreement on International Patent Classification

02/04/202102/04/2021
by Benjamin Filaferro

The UAE authorities have announced it has acceded to the Budapest Treaty on the International Recognition of the Deposit of Microorganisms for the Purposes of Patent Procedure. They have also acceded to the Strasbourg Agreement Concerning the International Patent Classification. It comes as the country looks to develop a legal intellectual property framework and legislative environment which support innovation and patents. After joining the Budapest Treaty, Emirati inventors and researchers will be able to benefit from the services of the International Depositary Authority which is recognised by the World Intellectual Property Organisation. The country’s accession to the Strasbourg Agreement will facilitate patent classification and increase the number of patents registered in the country, as well as improve their quality.

News developments

Dubai: Enhanced Auditing Standards and Controls on Annual Budgets for Jointly Owned Properties Introduced

02/04/202102/04/2021
by Benjamin Filaferro

The Real Estate Regulatory Agency at Dubai Land Department has announced it has signed agreements with 27 audit offices to establish and tighten standards and controls for auditing annual budgets for service charges and financial reports for jointly owned properties in the Emirate.

News developments

Abu Dhabi: Global Market Introduces New Company Service Providers Framework

02/04/202102/04/2021
by Benjamin Filaferro

Abu Dhabi’s Global Market has announced it has introduced a framework to regulate Company Service Providers in the Market. It will come into force on 12 April 2021. The framework has been introduced following a public consultation on the introduction of a commercially balanced and proportionate CSP Framework. It will be administered by the Global Market’s Registration Authority. Affected entities will benefit from a transition period.

News developments

UAE: Energy Ministry Signs Safety Permits Agreement with Etihad Rail

26/03/202126/03/2021
by Benjamin Filaferro

The UAE’s Energy and Infrastructure Ministry has signed a safety permits agreement with Etihad Rail. Under the agreement, they will work together on issuing safety permits for Stage Two of the UAE’s national rail project. Stage Two of the National Rail Network extends from Al Ghuwaifat on the UAE’s border with Saudi Arabia to Fujairah on the east coast. Once it is completed, the network will link ports, manufacturing hubs and cities in the UAE and connect it with the wider GCC rail network. The agreement was signed by the Undersecretary of the UAE’s Energy and Infrastructure Ministry Hassan Mohammed Juma Al Mansouri and for Etihad Rail by its Chief Executive Officer, Shadi Malak.

News developments

Dubai: International Financial Centre Joins World Alliance of International Financial Centres

26/03/202126/03/2021
by Benjamin Filaferro

The Dubai International Financial Centre has joined the World Alliance of International Financial Centres. They were established in July 2018 in a meeting for the leaders of the international financial leaders in Paris. It represents 19 financial centres worldwide and works to enhance the positions of its members. The Dubai International Financial Centre said it will utilise its membership to cooperate with other financial centres. The Centre also said it will focus on the promotion of companies’ governance and sustainable development and the application of new innovations.

News developments

UAE: Payment Systems Regulations Come into Force

19/03/202119/03/2021
by Benjamin Filaferro

The UAE’s Central Bank’s Large-Value Payment Systems Regulation and the Retail Payment Systems Regulation have come into force. They apply to payment systems operating in the UAE and payment systems which offer clearing or settlement in Dirhams outside the UAE. They aim to promote robust financial infrastructure, which is essential for financial stability and consumer protection. They also facilitate the UAE’s international competitiveness. The Large-Value Payment Systems Regulation sets standards for financial infrastructure systems which support wholesale payment activities in the UAE. The Retail Payment Systems Regulation focuses on systems for retail payments, which provide funds transfer, clearing and settlement services related to retail activities. The regulation covers all retail payment systems irrespective of currency or means of exchange in which the transactions are conducted. System operators and settlement institutions of existing large-value payment systems and retail payment systems operating in the UAE must comply with the requirements of these two regulations by the end of the transition period at the end of February 2022.