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UAE: Non-Muslim expatriates will be able to dictate where they want their assets to go when they die
- 30/05/201711/12/2019
- by Benjamin Filaferro
Following a Decision changing the rules governing wills in Abu Dhabi, non-Muslim expatriates will be able to dictate where they want their assets to go when they die. Under the changes, there will be no dispute over a deceased’s possessions and the custody of children. Expatriates will be able to register a will for approximately 500 AED and wills be registered in English rather than Arabic.
The UAE’s Health Minister has issued a Ministerial Decision on declaring death
- 30/05/201711/12/2019
- by Benjamin Filaferro
The UAE’s Health Minister has issued a Ministerial Decision on declaring death. Ministerial Decision No. 550/2017 covers death resulting from cardiac-respiratory arrest, death from complete loss of brain functions and pediatric brain death guidelines. It was introduced after a national committee made up of all local health authorities prepared the latest Decision together with the General Authority for Islamic Affairs and Endowments. There was considered to be an urgent need to enact legislation on the declaration of death to protect hospitals and enable doctors to stop the suffering of brain-dead patients. The Decision aims to reinforce Federal Decree-Law No. 5/2016 and Federal Decree-Law No. 4/2016. It differentiates between declarations of death resulting from cardio-respiratory arrest and death resulting from complete loss of brain functions. This is intended to be a guide for hospitals, especially for those with intensive care units. Brain death is defined as an irreversible cessation of all functions of all parts of the brain. The conditions and exceptions for the declaration of brain death, including proper diagnosis through clinical preliminary examination are laid out.
Weekly Spotlight – May 29, 2017
- 29/05/201711/12/2019
- by Benjamin Filaferro
This week the spotlight is on tax developments in the GCC, where following its ratification by the UAE and in line with the procedural requirements, the Gulf Cooperation Council (GCC) countries’ agreement on VAT and selective taxes is now in force. The General Secretariat of the GCC has received the UAE's ratification documents for the two agreements. The two agreements come into effect when the second GCC country submits its ratification documents to the secretariat.
Elsewhere, following its first meeting, the UAE’s Federal Tax Authority has announced a 100% selective tax on tobacco and energy drinks and a 50% tax on soft drinks will be introduced by December 2017. The Finance Minister, Sheikh Hamdan Bin Rashid Al Maktoum has also said the Tax Procedures Law will be issued and published soon. Meanwhile, the VAT Law is currently being debated by the technical legislative committee and will then be submitted to the Cabinet. The Selective Tax Law will then be discussed by the committee.
KSA companies suffering financial losses will not be exempted from VAT
- 22/05/201711/12/2019
- by Benjamin Filaferro
The Manager of Saudi Arabia’s VAT Project, Hammoud Alharby has confirmed companies suffering financial losses will not be exempted from VAT and sectors which generate more than 375,000 Riyals will have to register for the tax. Registration will be optional for sectors generating up to 185,000 Riyals. Alharby confirmed the draft VAT law will be issued in the next fortnight. Its provisions will come into force in January 2018. The penalties are expected to include paying half of the value of the tax due in addition to the tax payment if the business fails to register or if a mistake is made in the tax return.
Weekly Spotlight – May 21, 2017
- 21/05/201711/12/2019
- by Benjamin Filaferro
This week the spotlight is on legal and regulatory developments in Oman, where the Deputy Chairman of Oman’s Shoura Council, Mohammed Al Ghassani has suggested Oman is considering plans to allow foreigners to buy property outside of integrated tourism complexes if they meet certain conditions. The aim would be to boost the housing market and the economy.
Elsewhere, the country’s Telecom Regulatory Authority will announce a third mobile operator in September following an invitation to tender last year. Omantel and Ooredoo are currently the two Mobile Network Operators in the country and Renna and Friendi are the two Mobile Virtual Network Operators. It is expected to be in the first week of September and all the proposals are currently being reviewed. The aim is to increase competition in the Sultanate’s telecommunications sector.
Egypt’s Parliament has approved the country’s new Investment Law
- 16/05/201711/12/2019
- by Benjamin Filaferro
Egypt's Parliament has approved the country’s new Investment Law. It will now be referred to the President for further consideration. Under the law, there will be tax exemptions of up to 50% for investors in the country's poorest regions and other incentives in sectors like electricity and renewable energy. It will also provide a service centre for investors which will be aimed at being a one-stop shop. Authorities will have 60 days to provide investors with all of the necessary authorisations.
UAE: New Islamic Finance guidelines have been introduced
- 15/05/201711/12/2019
- by Benjamin Filaferro
The Accounting and Auditing Organisation for Islamic Financial Institutions has introduced new Islamic Finance guidelines. The new guidelines cover competitions and trophies in Islamic Sharia, including their modern applications, investment, gold transactions-regulating criteria and re-purchase standards. The aim is to help scholars decide whether financial activities and products conform with Sharia law.
Weekly Spotlight – May 14, 2017
- 14/05/201711/12/2019
- by Benjamin Filaferro
This week the spotlight is on legal and regulatory developments in free zones in the GCC where Qatar’s Cabinet has called for a draft law specifying regulations for economic zones in the country to be issued. The call follows a review by the Council of Ministers of the Advisory Council’s recommendations regarding the law. If approved, the Council of Ministers, following a proposal from the board of directors of the Economic Zones Company (Manateq) will be able to establish one or more economic zones. All types of companies, partnership contracts or other legal entities, owned by one or more natural or legal persons will be able to be established in the zone. It will not matter if they are foreigners or nationals. They will be exempt from having to obtain any other licence, approval, permission or registration in the country. They will also be free to transfer any of their capital, income, profits or investments outside the State without restrictions.
Elsewhere, Dubai’s Land Department has announced it is preparing an action plan to regulate lease registrations in the Emirate’s free zone areas. The regulatory system will be implemented in phases by Dubai Investments Park. It will include updating relevant data for all properties under their jurisdiction and registered in the Land Department’s Ejari system.
Qatar: Investment Clubs and Foundations to be Established
- 11/05/201711/12/2019
- by Benjamin Filaferro
Qatar’s Financial Centre has announced it has introduced legislation to allow Investment Clubs and Foundations to be set-up. Foundations will be established under the QFC Foundation Regulations and Rules and will have their own legal personality. Their structure will be flexible and will be able to be used for succession planning, asset protection and employee share plans. Their constitution needs to be provided to the Financial Centre’s Authority but will remain a confidential document. Investment Clubs will be companies limited by shares and will be incorporated under the QFC Investment Clubs Regulations and Rules. To ensure they do not have to be authorised, Investment Clubs should not be carried on ‘by way of business’. They will be able to pool funds by up to 15 members and investing in a portfolio of assets and securities. In certain circumstances, a member will be able to exit by selling their shares back to the Investment Club. The Regulations also provide for the Investment Club’s assets to be valued and for disputes over valuations to be resolved. Both entities will be able to be 100% foreign owned and will be able to trade in the currency of their choice. They may also benefit from unlimited repatriation of profits.