Newsletter Archives - Page 200 of 209 - LexisNexis Middle East

UAE’s Federal Tax Authority has announced it will open online excise tax registration

25/09/201711/12/2019
by Benjamin Filaferro

The UAE’s Federal Tax Authority has announced it will open online excise tax registration for businesses on 17 September. Businesses will be able to register 24 hours a day, 7 days a week. They will have to register via the Authority’s website.

Kuwaiti bourse is set to change the limits for trading shares in one transaction

25/09/201711/12/2019
by Benjamin Filaferro

Sources have suggested the Kuwaiti bourse is set to change the limits for trading shares in one transaction whether it is buying or selling by removing the maximum limit of five million shares in one transaction. The aim is to improve the environment for investment companies. Under the amendments, there will not be a limit on the number of shares which can be bought or sold in one transaction as long as the number of traded shares does not exceed 5% of the company’s capital in the Bourse. The amount of shares bought by an investor must also not trigger the need to request an obligatory request offer for purchase under Kuwait Law No. 7/2010 as amended.

Bahrain: working group to put guidelines in place for the evaluation of green buildings

12/09/201711/12/2019
by Benjamin Filaferro

The undersecretary of the Municipality Affairs Ministry, Nabil Mohamed Abdelfateh has announced the Ministry has formed a working group to put optional guidelines in place for the evaluation of green buildings. The aim is to encourage the construction of green buildings which are environment friendly. Abdelfateh added the first draft of the guidelines will be optional and will be sent out for consultation with other relevant parties like the Urban Planning and Development Authority, Agriculture and Marine Wealth, Energy Ministry, developers and investors.

UAE: Fines increased for entities using bogus economic licences

11/09/201711/12/2019
by Benjamin Filaferro

Abu Dhabi’s Economic Development Department has announced it has increased the fines for entities using bogus economic licences. The fines have been increased to 50,000 AED and violators will be blacklisted. The announcement follows the Department intensifying its monitoring of compliance with the regulatory regime.

Weekly Spotlight: Selective tax system to be adopted in October and VAT in January 2018

10/09/201711/12/2019
by Benjamin Filaferro

This week the spotlight is on enhancements to our UAE Federal Laws coverage where with the permission of ProConsult Advocates & Legal Consultants we have published an unofficial translation of the UAE’s new VAT Federal Decree-Law (Federal Decree-Law No. 8/2017). It can be found here: http://www.lexismiddleeast.com/doc/3938304C495F4C4E5F323031372D30382D32335F30303030385F4D61724B616E5F456E.

We are still awaiting the official publication of the Decree-Law and are still monitoring this legislative development with our Publishing Partners, SADER Legal Publishing.

In other developments in this area, the UAE’s Federal Tax Authority board have approved changes to the UAE tax system, including new procedures to adopt a selective tax system in October and VAT in January 2018. The board went on to approve the proposed fees and fines in line with the Authority's remit as laid out in Federal Decree-Law No. 13/2016. Finally they approved the penalties to be applied for breaches of Federal Law No. 7/2017 and Federal Decree-Law No. 8/2017. The Minister of State for Financial Affairs said work on issuing executive regulations to these laws to provide specific details about their implementation is underway.

UAE: DFSA and Hong Kong to establish a framework for cooperating in FinTech innovation

05/09/201711/12/2019
by Benjamin Filaferro

Dubai’s Financial Services Authority has signed an agreement with Hong Kong’s Securities and Futures Commission to establish a framework for cooperating in FinTech innovation. The agreement was signed for the Authority by its Chief Executive, Ian Johnston and for the Commission by its Chief Executive, Ashley Alder. Under the agreement, both Authorities will share information on FinTech developments and innovations in their respective markets. Both regulators will also refer innovative firms to the other’s markets and provide them with regulatory guidance.

Bahrain: Implementation of Bahrain Edict No 130/2016 postponed

04/09/201711/12/2019
by Benjamin Filaferro

Bahrain’s Chamber of Commerce and Industry has announced it is postponing the implementation of Bahrain Edict No 130/2016, which would have come into force next month, until March 2018. It follows a series of meetings between the Industry, Commerce and Tourism Ministry and the Chamber about the proposed increase. The meeting between the Ministry and the Chamber followed directives from HRH Prime Minister Prince Khalifa bin Salman Al Khalifa.

Weekly Spotlight: UAE Federal VAT Decree-Law issued

03/09/201711/12/2019
by Benjamin Filaferro

This week the UAE’s President has issued the Federal VAT Decree-Law (Federal Decree-Law No. 8/2017) so we focus on this tax development in this issue. We have requested this Law as a priority from our Publishing Partners, SADER Legal Publishing. We will keep you updated as and when this Law is Gazetted and when it is available on our service.

We have been pleased to add commentary from Clyde & Co and Arendt & Medernach on this latest development. Clyde & Co’s analysis can be found here: http://www.lexismiddleeast.com/doc/2506361_2506370 while Arendt & Medernach’s analysis can be found here: http://www.lexismiddleeast.com/doc/2506689_2506691?highlight=Arendt+%26+Medernach These articles join over fifty articles we have published this year on this prospective development which is now becoming a reality.

From 1 January 2018, the 5% tax will be imposed on the import and supply of goods and services at each stage of production and distribution. It includes what is considered a supply and specifies the goods and services which will be zero-rated as well as the exceptions. The tax imposed will be the responsibility of a Taxable Person who makes taxable supplies or what is considered to be a supply or on import.

UAE: Dubai’s Airport Freezone Authority has released the first detailed halal industries guide

30/08/201711/12/2019
by Benjamin Filaferro

Dubai’s Airport Freezone Authority has released a detailed halal industries guide as part of its campaigns to contribute to the Emirate’s aim to become the region’s Islamic economy capital. The guide is the first of its kind. It defines Halal products in different industries and highlights numerous financial investment possibilities for international financiers.

Bahrain: All maritime companies should apply for a licence within six months

29/08/201711/12/2019
by Benjamin Filaferro

Bahrain’s Ports and Maritime Affairs Department at the Transport and Telecommunications Ministry has informed all companies and commercial enterprises registered in Bahrain they should apply for a licence with the Department within six months. This is line with Bahrain Law No. 9/2017 related to the charter of maritime service licences. The Department said companies which work in managing and operating private and public ports, maritime guiding, maritime shipping agencies, ship agencies and other related services should apply for the licence.

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