UAE: Corporation Tax on Business Profits on the Way

Gulf News (United Arab Emirates), 31 January 2022: The UAE’s Finance Ministry has announced it is going to introduce a corporation tax on business profits.

It will be levied at 9%.

There will also be a 0% tax rate for taxable profits up to 375,000 AED. This will help small businesses and startups.

It will apply for financial years from 1 June 2023.

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/.

The shortlists for the LexisNexis Women in Law Awards are in!

LexisNexis Middle East is pleased to announce the shortlists for the first Women in Law Awards in the GCC.

Sponsored by Yungo Legal Consultants, New York University (NYU) Abu Dhabi, Al Tamimi & Company and HFW Middle East, the Women in Law awards celebrate women’s achievements in legal practice in the GCC.

Over 150 women – all legal practitioners or otherwise active in the legal industry in the GCC – entered for an award in 20 different categories of law practice. You can view the shortlisted candidates here.

LexisNexis Middle East thanks all the women who submitted an entry, their participation is what has made these awards a success from the start.

The winners in each category will be announced at a gala dinner and awards ceremony at the Westin Dubai Mina Seyahi Beach Resort and Marina in Dubai on 23 February 2022.

Join us as we celebrate women’s achievements in the GCC! Book your seats or table here.

UAE: Penalties for Drone Ban Violation Announced

Arab News, 26 January 2022: The UAE’s Public Prosecution have announced the fines which will be imposed on those who violate the ban on drones.

They will be fined at least $27,225 and jailed for between six months and five years.

The ban was announced earlier this week.

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/.

UAE (Ras al Khaimah): Integrated Resorts Entity to be Established

Khaleej Times (United Arab Emirates), 25 January 2022: Ras al Khaimah’s Tourism Development has announced it is going to establish a new integrated resorts entity.

It will include hotel operations, convention spaces, entertainments, restaurants and lounges, spas and retail and gaming facilities.

The Department of Entertainment and Gaming Regulation will comply with global best practices in gaming regulation which operate as part of integrated resorts across various jurisdictions globally.

It will also consider the Emirate’s social, cultural and environmental landscape. In addition, it will cover licensing, taxation, operational procedures and consumer safeguards.

It will be responsible for creating a robust framework which will ensure responsible gaming at every level.

It will address the entire gaming enterprise in integrated resorts and all the relevant laws and regulations, including financial crime laws are complied with by operators, suppliers and employees.

The regulations will also cover marketing, advertising and financial transactions.

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/.

Abu Dhabi: New Family Business Ownership Governance Law Approved

Abu Dhabi’s Ruler has approved a new family business ownership governance law.

It is aimed at strengthening the sector’s contribution to the economy and facilitating the transition to successive generations.

It also aims to improve the legislation in this area by adopting a more flexible and sustainable economic model, in line with best governance practices internationally.

In addition, it aims to boost family businesses’ contribution to the diversification and growth of the economy.

It will empower owners of family business to prevent the selling of shares or dividends to individuals or companies outside the family and to get approval from the family partners first before a shareholder sells their respective equity stake to a non-family member.

Owners of family businesses can also issue family-owned shares with weighted voting rights and prevent the pledging of family-owned businesses as encumbered assets, to avoid expropriation.

The current law does not apply to family-owned businesses where non-family members own more than 40% of shares.

The new law are applied to family-owned businesses on an opt-in basis for owners or co-founders by submitting a request to the Economic Development Department.

The Department will issue the Implementing and administrative regulations to the new law from March 2022.

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/.

Meet the Sponsors of the LexisNexis Women in Law Awards!

LexisNexis Middle East is pleased to announce the sponsors of the first LexisNexis Women in Law Awards being held on 23 February 2022.

We are proud to have Yungo Legal Consultants as Bronze Sponsor, and New York University (NYU) Abu Dhabi, Al Tamimi & Company, HFW Middle East and DLA Piper as Award Sponsors of this event.

The Women in Law Awards aim to celebrate women’s accomplishments and innovation in the legal field in the Middle East region. The Awards also set out to recognise the organisations that promote women and gender equality in their teams.

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

HFW Middle East participates as a sponsor at the LexisNexis Women in Law Awards

LexisNexis Middle East are pleased to announce that HFW Middle East will be participating as an Awards Sponsor at the first LexisNexis Women in Law Awards being held on 23 February 2022.

The Women in Law Awards aim to celebrate women’s accomplishments and innovation in the legal field in the Middle East region. The Awards also set out to recognise the organisations that promote women and gender equality in their teams.

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

Al Tamimi & Company participates as a sponsor at the LexisNexis Women in Law Awards

LexisNexis Middle East are pleased to announce that Al Tamimi & Company will be participating as an Awards Sponsor at the first LexisNexis Women in Law Awards being held on 23 February 2022.

The Women in Law Awards aim to celebrate women’s accomplishments and innovation in the legal field in the Middle East region. The Awards also set out to recognise the organisations that promote women and gender equality in their teams.

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

New York University (NYU) Abu Dhabi participates as a sponsor at the LexisNexis Women in Law Awards

LexisNexis Middle East are pleased to announce that New York University (NYU) Abu Dhabi will be participating as an Awards Sponsor at the first LexisNexis Women in Law Awards being held on 23 February 2022.

The Women in Law Awards aim to celebrate women’s accomplishments and innovation in the legal field in the Middle East region. The Awards also set out to recognise the organisations that promote women and gender equality in their teams.

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.