Abu Dhabi: New Code of Practice for Marina Operations Launched

Abu Dhabi’s Municipalities and Transport Department has announced it has launched a new Code of Practice for those practising commercial marina activities in the Emirate.

It includes the key health and safety considerations they have to meet.

It has been issued in line with international standards and together with Abu Dhabi Maritime.

They support more comprehensive safety and security regulatory reform and the compulsory attestation of marina berth leasing contracts.

Abu Dhabi Maritime will oversee the organisation of marinas referred to in the Code of Practice. They will also address the management of several aspects of their business operations, including a set of rules and conditions which their stakeholders must adhere to.

Safety and Environment, Emergencies, Communications, Marina Inspection, and Maintenance and Security are covered among other things.

They also include agreed emergency responses and business continuity plans to safeguard businesses against potential risks and hazards and ways to enable a speedy resumption of operations following an emergency.

Marina Berth Leasing Contracts by the Department will now have to be mandatory no more than six months or at the time of the next contract renewal, whichever comes first.

It will provide boat owners and marinas with standardised terms and conditions and eliminate disputes and issues between parties. The new attestation service will be available online and follow the same principles as the Abu Dhabi Tenancy Law.

To ensure compliance with the Code of Practice, Abu Dhabi Maritime will carry out safety and security audits and license commercial marinas.

Also reported in Alroeya on 13 October 2021. For full story, click here.

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UAE: Expo 2020 Dubai Attendees Should Use VAT Refund Scheme

The UAE’s Federal Tax Authority has urged Expo 2020 Dubai attendees to use the VAT refund scheme.

The scheme applies to taxes paid on goods and services connected with Expo 2020 Dubai.

It has been introduced by the Authority in line with Cabinet Decision No. 1/2020.

The Authority added they have issued a comprehensive guide for official participants in Expo 2020 Dubai.

It addresses five categories of taxes which can be refunded.

The first category is VAT incurred by official participants on goods and services in direct connection with the construction, installation, alteration, decoration, and dismantling of their exhibition space. The second category is the VAT incurred by the official participants on goods and services in direct connection with the works and activities of organising and operating the official participant’s exhibition space, as well as any presentations and events taking place on the Expo 2020 site.

The third category is the VAT incurred by official participants on goods and services related to the actual operations of the official participant, provided the value of each product or service claimed is not less than 200 AED.

The fourth category is VAT incurred by official participant in connection with all operations, services and activities provided for the purpose of participation in Expo 2020 Dubai, whether located in or outside the boundaries of the Expo site.

The fifth category is the VAT incurred on the import of goods for personal use of the official participant’s section commissioner general, section staff and the beneficiaries.

The guide clarifies that to qualify for VAT refunds for expenses under the first and second category, the official participant must possess a certificate of entitlement issued by Expo 2020 Dubai, which is established by virtue of Dubai Decree No. 30/2014.

However, where the expenses are not related to the first and second category but are included in the third, fourth, or fifth, the official participant will not need to obtain a certificate of entitlement to apply for a VAT refund.

It clarifies the refund mechanism and the VAT reclaimable as well as the special case for imports certificate of entitlement. It also clarifies the eligibility criteria for the certificate of entitlement, how to apply for the certificate of entitlement and the certificate of entitlement request form and its supporting documents.

In addition, it clarifies the processing of the certificate of entitlement application by Expo 2020 Dubai, how to apply for refunds, procedures for the offices of Official Participants registered for VAT and procedures for the offices of Official Participants not registered for VAT and the supporting documents for the refund request.

Finally, it clarifies the processing of the refund application by Expo 2020 Dubai, the frequency of the refund application and payment of the tax on the sale of imported goods.

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Dubai World Trade Centre Authority Approves New Single and Multiple Family Offices Licensing Regulations

The Dubai World Trade Centre Authority has announced it has approved new Single and Multiple Family Office Regulations.

The Single Family Offices Regulations allow for offshore entities, founded directly by members of a single family, to own and manage their collective wealth, assets, businesses and investments by incorporating a new Free Zone Establishment or Free Zone Company. It will be subsequently licensed to operate from the designated free zone.

The new Multiple Family Offices regulations are aimed at the increasing numbers of international professional and wealth management and advisory service industry providers who want to operate and expand their market presence and management portfolios in the region.

Multiple Family Offices licenses facilitate and enable services offered to multiple families, their members, businesses, entities, trusts and foundations.

The aim is to encourage family businesses to register as these entities.

They address the needs of family-run entities and also introduce a new platform for these entities to set-up offshore holding companies in the Zone.

It will help them manage their private family global wealth, assets and investments from Dubai. Also reported in Alroeya on 10 October 2021. For full story, click here.

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