United Arab Emirates Archives - Page 20 of 64

UAE: Eases Corporate Tax Compliance for Businesses

18/10/202418/10/2024
by Hannah Gutang

The National, 14 October 2024: The UAE’s Ministry of Finance has cancelled economic substance reporting requirements for companies with a financial year ending after 31 December 2022.

This move aims to help companies focus on compliance with the UAE corporate tax system.

The amendment to Cabinet Decision No. 57/2020 on economic substance requirements aims to enhance efficiency and tax compliance across the country, ensuring accurate application of tax legislation by all entities subject to it.

The UAE has introduced a federal corporate tax with a standard statutory rate of 9% starting from the financial year beginning on or after 1 June 2023.

It brought the income of companies exceeding Dh375,000 ($102,100) within the taxable bracket, while taxable profits below that level will be subject to a tax of 0%.

While companies are no longer required to submit economic substance notifications or reports for financial years ending after 31 December 2022, they remain responsible for fulfilling compliance obligations for previous years and paying any penalties imposed by the Federal Tax Authority (FTA).

The UAE has also announced a deadline extension for corporate tax returns and payments for some entities.

Businesses with short tax periods ending on or before 29 February 2024, can now file their returns and make payments by 31 December 2024.

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News developments

Dubai: Doctors To Get New AI Assistant

18/10/202418/10/2024
by Hannah Gutang

Khaleej Times, 15 October 2024: Dubai Health introduced the AI-powered Ambient Voice Solution (AVS), which is designed to record conversations during consultations, convert patient complaints into precise medical terminology, and generate comprehensive reports after each visit.

Physicians will still double-check all information provided by the AI before filing it, ensuring accuracy and maintaining the highest standards of care.

The AI assistant not only improves documentation efficiency but also enhances patient interaction.

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News developments

DIFC: Residents, Investors Can Now Register Wills for Digital Assets

18/10/202418/10/2024
by Hannah Gutang

Khaleej Times, 15 October 2024: The Dubai International Financial Centre (DIFC) Courts has launched ‘digital assets will’ which allows owners to distribute their digital assets using a non-custodial wallet.

This wallet enables individuals to reallocate assets to desired beneficiaries within their wallet and maintain full control over mobilising assets in and out during their lifetime, with assets ultimately distributed as ‘specific gifts’.

Investors and residents can access this service from anywhere globally and connect via video link to a compliance officer in Dubai.

This initiative was announced during the second day of the five-day Global Gitex 2024 edition at the Dubai World Trade Centre.

The digital assets industry has experienced exponential growth in the UAE and worldwide due to new technology and asset classes.

The new will template joins the DIFC Courts’ existing legacy will types, including full will, property will, financial assets will, business owners will, and guardianship will.

An online automated will be drafting service and a virtual registry provide a 360-degree digitally accessible service, allowing domestic and overseas individuals to create and register a DIFC Courts will.

The digital format assets recognised by the wallet include ETH, BTC, MATIC, USDC, USDT, and HBAR, with more to be included in the future.

The wills can also be added to the global digital vault, tejouri, functioning as a cloud vault and online safe for data, supported by a state-of-the-art DIFC data centre and a UAE-based backup data centre.

Access to all data is restricted to the ‘vault holder’ and the listed intended recipients.

Additionally, the DIFC Courts have launched a notary service, the first UAE service dedicated to notarising English documents, offering automated self-service, live virtual system, and in-person options.

Users can use an authentication service through primary source verification (PSV), with electronic or physical stamps and seals issued for each document.

Notarised documents will be verified using advanced cryptographic methods powered by Hedera Blockchain.

Additionally, a new alternative dispute resolution avenue, the Mediation Service Centre, will enable parties to negotiate dispute resolution with the help of DIFC Courts Part III registered mediators.

Parties can choose mediators, agree on fees and terms, and conduct mediation meetings online using the AI-enabled Court Management System (CMS) or in-person at the DIFC Courts premises.

The new suite of services was launched with support from The Hashgraph Association, Deca4 Advisory, and DataFlow Group, utilising Hedera technology and Primary Source Verification (PSV) solutions.

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News developments

Abu Dhabi: Bolstering Real Estate Regulations and Launching Digital Platform

17/10/202417/10/2024
by Hannah Gutang

The Abu Dhabi Global Market (ADGM) has announced significant enhancements to its Real Property Regulations, introduced new off-plan development regulations, and launched a unified digital platform, AccessRP.

Analysis

Key enhancements of the revamped regulatory framework aligned with English Common Law and best onshore practices in the region:

– regulatory legislation for short-term residential leases;

– enhanced legislation for off-plan development;

– off-plan sales;

– escrow arrangements; and

– a new registration framework for real property and professionals such as brokers, valuers, and property managers.

The AccessRP digital platform will provide a comprehensive range of real estate services, including transaction services for buying, selling, leasing, and mortgages, as well as new developer services for off-plan development, project registration, and account management. Additionally, the platform will offer owner services such as certificate issuance and Power of Attorney registrations, enhancing the customer experience and easing real estate procedures within ADGM’s jurisdiction.

In this regard, the ADGM has issued the Real Estate Regulations 2024 and Off-Plan Development Regulations 2024.

Real Estate Regulations 2024

ADGM’s Real Property Regulations provide a comprehensive framework for the administration and management of real property interests and transactions within its jurisdiction. The regulations cover various aspects, including types of real property interests and conveyances, registration processes, the establishment and maintenance of a real property register, provisions for joint holders, transfers, eminent domain, leases, mortgages, statutory charges, easements, covenants, deceased estates, writs, caveats, and instruments.

They outline the appointment and duties of the Registrar, the contents of the register, and the requirements for initial registration of real property and titles. They also address specific matters such as joint ownership, severing joint tenancy, lease obligations, permitted uses, variations, terminations, and renewals, as well as mortgage requirements, variations, discharges, and foreclosure procedures.

Covering the registration and management of statutory charges, easements, covenants, and deceased estates, they provide guidelines for writs of execution, caveats, and the execution and lodgement of instruments and outline the powers and proceedings against the Registrar, search procedures, existing rights, contraventions, and miscellaneous provisions.

Furthermore, the regulations include transitional provisions specific to Al Reem Island, addressing existing musataha, usufruct, ownership, granted land, and lease interests, as well as corrections to the register, priority of registered instruments, and the application of these regulations to real property located on Al Reem Island and Al Maryah Island.

Off-Plan Development Regulations 2024

It provides a comprehensive framework for the regulation of off-plan real estate development and sales within the Abu Dhabi Global Market (ADGM) jurisdiction. It covers the establishment and contents of registers, publication of information and search procedures, registration requirements for off-plan developers, and the process for registering off-plan projects.

The regulations outline restrictions on off-plan sales, application procedures for developer registration, building permits, and approvals. They also address the relationship between developers and the Registrar, notification requirements, and administrative services.

Furthermore, they detail the registration process for off-plan projects, including project name registration, application requirements, utility contracts, mortgage restrictions, and registration on the Real Property Register. Provisions related to project accounts are also included.

The regulations specify the form and disclosure requirements for off-plan sales agreements, as well as procedures for handling major changes and failure to pay the purchase price.

The outline also covers the powers of the Registrar, including the authority to request information, waive requirements, state cases, correct registers, and collect fees.

Transitional provisions are outlined for ongoing off-plan developments on Al Reem Island, including provisions for further extensions of time.

Finally, the regulations address contraventions, sanctions, warning and decision notices, the Registrar’s procedures, the right to refer decisions to courts, access to materials, protected items, publication, censure statements, suspension, cancellation, and fines.

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News developments

Ajman: Issues Decree Establishes Higher Committee of Energy in Emirate

17/10/202417/10/2024
by Hannah Gutang

Khaleej Times, 14 October 2024: A decree has been issued by the Ajman Ruler, applying to all entities currently involved in or seeking to engage in petroleum product trading within Ajman and its free zones.

The establishment of the Ajman Higher Committee of Energy comes under the Ajman Emiri Decree No. 8/2024, issued by the Ruler of Ajman.

The newly formed committee will possess legal personality and the capacity to fulfill its designated functions.

It will operate under the oversight of the Chairman of the Ajman Executive Council.

According to the decree, the Chairman of the Ajman Executive Council shall appoint the members of the Higher Committee of Energy based on their demonstrated expertise and experience in relevant fields.

The committee members shall serve a three-year term.

The Higher Committee of Energy shall be responsible for regulating the trading of petroleum products within the emirate in accordance with international best practices; optimising the level of services related to the energy sector, aligning the emirate’s energy sector with global trends and developments; enhancing safety and security measures within the Emirate.

Additionally, ensuring that operating establishments and related entities comply with all applicable federal and local regulations.

The decree supersedes any conflicting provisions in other legislations.

It shall enter into force upon the date of its issuance and be published in the Official Gazette.

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News developments

Dubai: Approves Suspended Transport System

10/10/202410/10/2024
by Hannah Gutang

MSN, 5 October 2024: Dubai has given the green light to a groundbreaking suspended transport system, marking a significant stride in the city’s commitment to sustainable and innovative mobility solutions.

The Suspended Transport Systems Project, a 65-kilometre-long smart mobility network, aims to seamlessly connect Dubai’s major neighbourhoods, enhancing accessibility and ease of movement across the emirate.

This initiative aligns with Dubai’s strategic vision to bolster its leadership in various sectors over the next decade, as outlined by the Executive Council’s statement.

The cutting-edge technology is expected to increase the share of self-driving or driverless public transport trips to 25% by 2030, underscoring Dubai’s commitment to sustainable transportation and compliance with relevant environmental legislation.

The suspended transport system will integrate with existing modes of transportation, fostering a cohesive and efficient mobility ecosystem.

Preliminary models presented by the Roads and Transport Authority envision suspended residential units mounted on towering beams, offering passengers a unique and scenic experience while traversing the city.

This innovative approach not only addresses transportation challenges but also showcases Dubai’s dedication to embracing futuristic solutions that prioritise sustainability and seamless connectivity.

For the full story, click here.

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News developments

Abu Dhabi: Guidance Manual for Safe Use of Bicycles and Scooters Updated

10/10/202410/10/2024
by Hannah Gutang

Atheer, 3 October 2024: The Abu Dhabi Quality and Conformity Council has approved the update of the guidance manual for the safe use of bicycles, electric bicycles, and scooters in the Emirate.

The updated manual aims to support service providers and users by outlining the classifications, requirements, and specifications for permitted use, as well as safety guidelines and infrastructure needs.

This is in accordance with Abu Dhabi Administrative Decision No. 21/2022 on Regulating the Use of Bicycles in the Emirate of Abu Dhabi.

This update promotes sustainable transportation, enhances public safety, and aligns with international standards for short-distance mobility services.

For the full story, click here.

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News developments

UAE: Exempts Cryptocurrencies and Virtual Assets from VAT

09/10/202409/10/2024
by Tanya Jain

Khaleej Times, 7 October 2024: The UAE has introduced amendments to the Executive Regulations of Federal Decree-Law No. 8/2017 on VAT, exempting certain activities related to cryptocurrencies and virtual assets from VAT.

This move aims to establish the UAE as a hub for investment activities and support the growth of the financial sector.

The amendments, approved by the UAE Cabinet through Cabinet Decision No. 100/2024, exempt digital representations of value that can be digitally traded or converted and are intended for investment purposes from VAT. However, this exemption does not extend to digital representations of fiat currencies or financial securities.

The scope of the exemption covers transfers, conversion, keeping, and managing virtual assets, essentially encompassing cryptocurrency trading.

Additionally, the amendments provide exemptions for investment fund management services, including the management of fund operations, investments, and performance monitoring.

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News developments

UAE: Hajj Permit Requirements for Citizens

03/10/202403/10/2024
by Hannah Gutang

Emaratalyoum, 29 September 2024: The General Authority for Islamic Affairs, Endowments and Zakat has set three conditions for obtaining a Hajj permit for the upcoming season, as per Cabinet Decision No. 32/2018 regarding the Hajj and Umrah system.

The applicant must be a citizen of the UAE, be at least 12 years old, and must not have performed Hajj during the last 5 Hajj seasons.

Priority in granting Hajj permits will be given to those who have not previously performed Hajj, including disabled people, those with intractable diseases, the elderly, and mahrams and companions who meet the conditions, taking into account those who have priority in registration in the electronic system.

For the full story, click here.

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News developments

Dubai: Conditions for Transferring Property Ownership Off-Plan

03/10/202403/10/2024
by Hannah Gutang

Mubasher, 29 September 2024: The Dubai Land Department has outlined the legal requirements for transferring ownership of off-plan properties in the emirate.

According to Dubai Decree No. 4/2010, transferring ownership of off-plan properties necessitates obtaining a no-objection certificate from the developer.

This requirement is mandated by the contractual agreements between developers and buyers.

For completed properties, such as apartments, villas, and townhouses, the “Malak” application provides information on any outstanding financial dues associated with the property.

If dues exist, buyers have the option to proceed with registration or postpone until the dues are settled.

The no-objection certificate can be obtained electronically through the “Dubai REST” application, ensuring compliance with the established legal framework.

For the full story, click here.

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