United Arab Emirates Archives - Page 37 of 64

Dubai: Land Department Launches Munaqasat Service

05/10/202305/10/2023
by Tanya Jain

Gulf News (United Arab Emirates), 2 October 2023: Dubai’s Land Department has announced it has launched a new Munaqasat service to improve transparency in the sector and ensure top-quality services at competitive prices.

It will be available via the Real Estate Regulatory Agency and will regulate tendering processes for all matters related to services and maintenance for jointly owned properties.

It will facilitate and simplify the tender process and establish a direct link between jointly owned property companies and service providers.

Jointly owned properties will have to submit all tenders through the service following the submission of their 2024 budgets which must be submitted by October 2023.

A specialist technical team will then submit tasks, assess firms, and provide recommendations. A finance team will then review the technical aspects and set prices for each necessary service.

The average of the technical and financial scores determines the final tender selection.

Tenders will then be initiated, allowing service providers to participate via the new service. They can register as suppliers, which will give them access to all relevant tenders based on their registered activities.

Additional features will be added by 2024 that will allow property owners to evaluate the performance of service providers. Owners’ committees will also have access to view presented tenders, which will improve transparency further and engage the real estate sector.

It has been launched in line with Dubai’s Digital Strategy.

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News developments

Abu Dhabi: Government Empowerment Department Established

05/10/202305/10/2023
by Tanya Jain

Gulf News (United Arab Emirates), 28 September 2023: Abu Dhabi’s Ruler has issued a law to establish the Government Empowerment Department-Abu Dhabi.

The new Department will be responsible for providing services to government entities in the Emirate.

It will have a focus on improving human capital and digital capacity.

It will provide digital government services and boost collaboration to improve efficiency and productivity in government bodies.

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Sold Out LexisNexis Breakfast Seminar | 4th of October | 08:30 AM – 11:00 AM | Waldorf Astoria DIFC

21/09/202329/09/2023
by Tanya Jain

We're sorry, but all tickets sales have ended because the event is expired.

04/10/2023
8:30 AM - 11:00 AM

REGISTER HERE Mastering Commercial Agencies & Distribution Agreements: Legal Strategies and Risk Management in the MENA Region OVERVIEW Navigating the complexities of commercial agencies and distribution agreements within the MENA region requires not only a keen understanding of international business practices but also a deep grasp of the intricate legal landscape specific to the (more…)

News developments

UAE: Administrative Penalties for Commercial Agency Law Violations Decision Issued

21/09/202321/09/2023
by Tanya Jain

Gulf News (United Arab Emirates), 11 September 2023: The UAE’s Economy Ministry has issued a Decision specifying the administrative penalties which will be imposed for Commercial Agency Law (Federal Decree-Law No. 3/2022) violations.

Among other penalties under Cabinet Decision No. 89/2023, an international business who sells its goods and services to entities or individuals other than the contracted commercial agent will receive a warning first and may then be fined between 100,000 and AED 400,000. Their goods may also be seized by UAE Customs.

In addition, other offences may see a warning given first and then fines of between 100,000 and 200,000 AED imposed. Goods may also be seized by UAE Customs.

Some repeat offences could see offenders fined up to 400,000 AED.

In addition, the new legislation will apply automatically to existing commercial agency contracts drafted before the new Commercial Agency Law came into force in June. Only contracts not being renewed or being terminated early will be exempt..

The Cabinet Decision has been published in the Official Gazette.

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News developments

Dubai: New Training Programme for Prospective Employees to be Launched

20/09/202320/09/2023
by Tanya Jain

Khaleej Times (United Arab Emirates), 18 September 2023: Dubai’s Health Authority has announced it is going to launch a new training programme for prospective employees.

The Elite Programme will give prospective Emirati employees training across specialised and advanced programmes to develop their personal, scientific, and professional skills and capabilities.

It will give them the chance to gain experience and gradually take on additional roles, tasks, and responsibilities for one year.

Those who prove their competency during training will be appointed based on their progress.

The Programme has been launched to improve Emiratisation rates at the Authority and attract more specialist Emirati talent.

Trainees will receive monthly financial rewards as well as the opportunity to be trained and gain hands-on experience in tasks and responsibilities necessary for the industry.

The Programme will be launched soon and Emiratis interested in applying can apply via the Dubai Careers website.

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News developments

Abu Dhabi: Penalties for Throwing Waste from Vehicles Clarified

20/09/202320/09/2023
by Tanya Jain

Gulf News (United Arab Emirates), 15 September 2023: The Abu Dhabi Police have clarified the penalties, which will be imposed on those who throw waste from their vehicles. Offenders will be fined 1,000 AED and have six black traffic points imposed on them.

The penalties will be imposed in line with Article 71 of Federal Law No. 21/1995.

The Police and the Centre for Monitoring and Control issued a joint appeal for waste to be disposed of responsibly.

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News developments

Lexis Middle East Gulf Tax – Autumn 2023 Edition

13/09/202313/09/2023
by Tanya Jain

We are excited to introduce the newest edition of Lexis Middle East Gulf Tax. Our complimentary magazine provides valuable insights into the latest tax and financial developments throughout the region.

In this issue, we delve into the finer points of free zones in the UAE, where recent Cabinet and Ministerial Decisions have shed light on the operation of Corporate Income Tax. Discover the clarifications and implications that may affect your business.

In this edition:

FEATURE: FINER POINTS ON FREEZONES

Explore how recent Cabinet and Ministerial Decisions have brought clarity to the operation of Corporate Income Tax within UAE freezones. Mourad Chatar of Value Square unravels surprises in determining liabilities.

FEATURE: E-INVOICING: WHAT NEXT?

Dive into the adoption of new technology across the GCC to enhance tax compliance. Discover how tax regulators are leveraging mandatory e-invoicing for improved tax regulation. Insights provided by Ekansh Agrawal and Shashank Chandak of KPMG.

TAX NEWS ROUND-UP

Stay informed about the latest updates in tax treaties and regulations throughout the region.

WHAT’S CHANGED?

Discover the significance of the new UAE clarification procedure within the dynamic tax landscape. Brought to you in partnership with Crowe.

PRACTICAL FOCUS: TAX AND M&A

Gain valuable insights from Mourad Chatar and Ismail El Koundi of Value Square, tailored for tax and M&A professionals.

INHOUSE TAX PROFILE: SUSTAINABLY MINDED

Explore the intersection of sustainability and tax planning with Rajpal Bal, Global Head of Tax, Treasury & Customs at Aramex.

ANY QUESTIONS? – HOW DOES TAX RETENTION OPERATE?

Delve into the workings of tax retention in Kuwait with insights from Rami Alhadhrami of BDO Kuwait, shedding light on the requirements that apply to entities trading in Kuwait.

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Lexis Middle East Gulf Tax| Autumn 2023

Have you read the Lexis® Middle East Gulf Tax – Spring and Summer 2023 editions? Click the links below to access them.

Lexis Middle East Gulf Tax |Spring 2023

Lexis Middle East Gulf Tax | Summer 2023

News developments

Umm AlQuwain: New Property Laws Introduced

13/09/202313/09/2023
by Tanya Jain

Arabian Business, 6 September 2023: Umm Al Quwain’s Ruler has introduced new property laws for the Emirate. The laws will regulate new rules on mortgages, property prices and investors’ rights, among other things. They have been issued to help develop and implement plans to drive growth in the sector and support the Emirate’s urban development plans.

Umm Al Quwain Law No. 2/2023 will allow an Interim Real Estate Register to be established and property registration activities in the Emirate to be regulated.

Umm Al Quwain Law No. 3/2023 will regulate real estate development activities in the Emirate, the pricing of all real estate projects and provide real estate escrow accounts, in line with regulations that ensure the rights of investors, real estate companies and property developers are protected.

Umm Al Quwain Law No. 4/2023 amends Umm Al Quwain Law No. 3/2007 on real estate escrow accounts in the Emirate. It sets out guidelines to help regulate real estate sales transactions better and ensure the compliance of all relevant parties with the regulation issued by the Real Estate Foundation.

Umm Al Quwain Law No. 5/2023 covers the regulation of mortgage registration activities through the Umm Al Quwain Municipality Department in line with the regulations issued by the UAE Central Bank and the settlement of issues and violations related to unregistered mortgages.

Umm Al Quwain Law No. 6/2023 relates to protecting the rights of investors where there are delays or hurdles in real estate development projects, as well as ensuring these projects are completed, when possible. It also provides for a special committee to handle issues related to cancelled and incomplete real estate projects to be established.

Finally, Umm Al Quwain Law No. 7/2023 amends Umm Al-Quwain Law No. 2/2005 on the regulation of real estate brokerage activities in the Emirate and sets out legislation and guidelines to regulate all brokerage activities.

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News developments

UAE: Federal Tax Authority Issues Corporate Tax Guide

13/09/202313/09/2023
by Tanya Jain

The UAE’s Federal Tax Authority has announced it has issued a Corporate Tax Guide. The Guide has been issued following the issuing of Federal Decree-Law No. 47/2022 on the Taxation of Corporations and Businesses (Corporate Tax Law) on 3 October 2022 and its publication in the Official Gazette on 10 October 2022.

The law provides the legislative basis for imposing a federal tax on corporations and business profits in the UAE. The provisions of the law will apply to tax periods commencing on or after 1 June 2023.

Various Cabinet and Ministerial Decisions have since been published. The Guide is aimed at providing general guidance on corporate tax in the UAE with a view to making the provisions of the Corporate Tax Law as understandable as possible to readers.

It provides readers with an overview of the main corporate tax rules and procedures, including the determination of the corporate tax base, the calculation of corporate tax, the filing of corporate tax returns and other related compliance requirements and assistance with the most common questions businesses might have. In addition, the guide explains where further assistance should be sought if there are questions about the guide’s contents or areas not specifically dealt with in the guide.

It covers the fundamentals of the corporate tax regime in the UAE, including what corporate tax is, who is subject to it, what types of income are taxable and how a taxable person’s corporate tax liability is calculated as well. Finally, the guide explains the corporate tax administration process, from Tax Registration and record keeping to submitting returns and making payments.

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News developments

Dubai: DIFC Data Protection Regulation Amendments Enacted

13/09/202313/09/2023
by Tanya Jain

The Dubai International Financial Centre (DIFC) has announced it has enacted amendments to its Data Protection Regulations.

Among other amendments, the Centre has enacted the region’s first regulations on the processing of personal data via autonomous and semi-autonomous systems such as Artificial Intelligence or generative, machine learning technology. Regulation 10 creates space for the DIFC to be a platform for interoperability of the many and varied guidelines and principles issued by sovereign governments and non-governmental organisations. The creation of a plug-and-play space for the application of best-fit principles to Artificial Intelligence technology development is fundamental, responsible and ethical processing of personal data in such systems.

The amendments also provide clarity on personal data breach assessments and reporting obligations. This will include situations where a temporary custodian finds personal data that has been inadvertently left behind or lost.

In addition, they provide clarity on the use and collection of personal data for marketing and communication purposes, particularly in terms of appropriate notices when employing systems that may impair data individuals’ rights to restrict or remove their personal data, default cookies settings and conditions for consent.

They also provide clarity on investigations and the enforcement powers of the Commissioner when a controller or processor may employ unfair or deceptive practices.

The Commissioner’s Office is also considering testing use cases through participation in a regulatory sandbox comprised of technology developers, users, regulators and non-governmental or quasi-governmental organisations.

Guidance to accompany the updated Regulations will be issued in due course.

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