Saudi Arabia has announced citizens and expatriates will only be allowed to own two prepaid SIM cards
- 01/05/201711/12/2019
- by Benjamin Filaferro
Saudi Arabia’s Communications and Information Technology Commission has announced citizens and expatriates will only be allowed to own two prepaid SIM cards. The announcement follows concerns over terrorist attacks in the country and the regulator hopes the restriction is temporary. The limit applies to voice and data lines in the Kingdom.
Weekly Spotlight – April 30, 2017
- 30/04/201711/12/2019
- by Benjamin Filaferro
This week the spotlight is on legal and regulatory developments in Qatar, where the country’s Cabinet has approved a draft corporate bankruptcy and prevention law following a proposal from the Economy and Commerce Ministry. If approved, the law will provide a detailed regulatory framework for corporate bankruptcy and prevention in line with international standards. The aim is to improve the country’s investment environment.
The Cabinet also approved amendments to the country’s 2006 Competition Law and draft Executive Regulations to accompany it. If approved, the amendments will repeal and replace Qatar Law No. 19/2006. The aim is to bring Qatar’s legislative framework in line with developments in this area.
The UAE’s Securities and Commodities Authority will disclose the names of those who violate its provisions
- 24/04/201711/12/2019
- by Benjamin Filaferro
The UAE’s Securities and Commodities Authority has announced it will disclose the names of those who violate its provisions in line with Securities and Commodities Authority Decision No 30/2016. The aim is to protect investors and enhance the principles of sound and fair practices. It is also aimed at improving the efficiency of UAE capital markets. The Securities and Commodities Authority will investigate any alleged violations before publishing their details. If a violation has occurred, the Authority will publish the names and job titles of violators along with the type of infringement(s) and the penalty imposed on its website. Violators will be able to appeal an infringement decision. During this time their details will not be published.
Weekly Spotlight – April 23, 2017
- 23/04/201711/12/2019
- by Benjamin Filaferro
This week the spotlight is on immigration developments across the GCC. According to local media reports in Kuwait, a cap on expatriates is being considered by the country’s population committee. Expatriates account for two thirds of the country’s total 4.4 million population. The Committee has also recommended the number of visas allotted to citizens to hire domestic workers is reduced by up to 50% and the number of visas allotted for security companies with Government contracts is reduced by approximately 25%. The Committee has gone on to recommend a time limit of about 10 to 20 years is set for expatriates in certain employment categories to stay in the country. After this period, they will have to leave and will not have right to return. The Committee has proposed the number of visas anyone living in the country can apply for annually is reduced. This will be done together with the General Information Systems Department at the Interior Ministry. Finally the Committee has called for a law to double fines for breaching residency rules and a law to punish anyone who helps or incites any expatriate worker to escape from their sponsors to be introduced.
Meanwhile in Qatar, the work visa rules for expatriate employees have been amended. However the rules for obtaining family visas and residency permits for spouses and children remain unchanged. To get a family visa, private sector employees will have to earn between 7,000 and 10,000 Riyals each month. They will also need to provide a certified marriage document, their salary certificate and bank statements for six months. Government employees will only have to provide their salary certificate. All applicants will receive a text message advising them of the application outcome. Under the new rules, employers will have to get approval for work visas from the Administrative Development, Labour and Social Affairs Ministry first. They will then have to apply to the Interior Ministry. Employers will be able to get visa approval without providing names and when they sign the employment contract with the worker they will need to present a passport copy, the employment contract and the Ministry’s approval to get the employee’s entry visa.
The Governments of the Gulf Cooperation Council (GCC) could increase VAT
- 22/04/201711/12/2019
- by Benjamin Filaferro
A senior economist has said the Governments of the Gulf Cooperation Council (GCC) could increase VAT from 5 to 10% by 2020. In addition, the Governments of Bahrain, Kuwait, Oman and Saudi Arabia are looking at introducing a 10% tax on business profits. Qatar already has this type of tax and the UAE imposes 20% on the profits of foreign banks.
Oman’s Government is considering adopting a new Public Private Partnership (PPP) law
- 18/04/201711/12/2019
- by Benjamin Filaferro
Oman’s Government is considering adopting a governance structure as part of plans to open the door for Public Private Partnership (PPP) projects in the Sultanate. A new PPP law has already been drafted and is likely to be enacted soon. It could adopt some of the existing bodies and functions under the existing Privatisation Law. It also sets out a legal framework for the procurement of PPP projects in the country.
Dubai’s Health Authority has issued the first fines for non-compliance
- 17/04/201711/12/2019
- by Benjamin Filaferro
Dubai’s Health Authority has issued the first fines for non-compliance with the Emirate’s health Insurance Law. It has fined 25 health centres, clinics, insurance brokers and insurance companies between 10,000 and 80,000 AED. In addition it has referred six clinics for potential fraudulent activities to the prosecution authorities but has not named them.
Weekly Spotlight – April 16, 2017
- 16/04/201711/12/2019
- by Benjamin Filaferro
This week the spotlight is on tax developments in the GCC and wider Middle East, where Saudi Arabia has confirmed no income tax will be imposed on individuals and corporation tax will not be imposed on institutions this side of 2020. The confirmation follows previous comments in 2016 suggesting there were no plans to introduce income, property or commodities taxes as part of the Saudi Vision 2030. A 50% tax on soft drinks and 100% tax on tobacco and energy drinks will be introduced by June 2017. Elsewhere, an expatriate levy which will have to be paid by sponsors by September 2017 and will have to be paid for each expatriate employee. The fee will rise to 800 Riyals by 2020. It has also been confirmed VAT will stay at 5% until 2020.
Meanwhile in Jordan, Jordanian taxpayers who do not submit their 2016 tax returns by 30 April will be fined it has been announced. The fines will be between 100 and 500 Dinars. A weekly fine of 4,000 Dinars will also be applied. Tax returns can be filed online.
Dubai’s Land Department new rent law is awaiting approval from the legislative committee
- 13/04/201711/12/2019
- by Benjamin Filaferro
Dubai’s Land Department is working on a new rent law and is awaiting approval from the legislative committee. The law is aimed at reducing landlord-tenant disputes and stabilise rental market volatility. It’s understood it will come into force in June. The Land Department is also looking at introducing Real Estate Investment Trusts regulations (REITs).