Newsletter Archives - Page 4 of 211 - LexisNexis Middle East

Category: <span>Newsletter</span>

UAE: Launches World’s First VAT Refund System for E-Commerce Tourists

18/12/202418/12/2024
by Hannah Gutang

Khaleej Times, 16 December 2024: The Federal Tax Authority (FTA) has unveiled a groundbreaking VAT refund system for e-commerce retail purchases made by tourists during their stay in the UAE, marking a world-first initiative.

This innovative system, developed in partnership with Planet, the authorised operator, is part of the FTA’s strategy to embrace proactive solutions through innovation and digital transformation.

The new system integrates platforms and e-commerce retailers registered with the Authority into the ‘VAT Refund for Tourists on E-Commerce Purchases’ program.

This initiative builds on the success of a fully digital VAT refund system launched over two years ago, which has been continuously updated to remain entirely paperless.

Tourists can now enjoy a seamless shopping experience, easily scanning their passports and completing purchase transactions that are automatically converted into digital invoices.

The system allows for quick verification of invoices via a shoppers’ portal, ensuring fast and efficient VAT refund procedures for eligible purchases.

The FTA’s Director-General expressed pride in launching this pioneering electronic system, which enhances the UAE’s reputation as a leading international tourism destination.

The system has been praised for its simplicity, efficiency, and speed, offering tourists a unique experience by enabling VAT recovery on purchases from both traditional stores and registered e-commerce platforms.

The VAT refund process is designed to be smooth and efficient, from purchase to refund completion upon the tourist’s departure.

Tourists can apply for VAT refunds directly through registered e-commerce platforms by providing travel document details and personal information to verify eligibility at the time of purchase.

The registration is finalised once the tourist’s identity is confirmed during delivery or online order fulfillment.

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Saudi Arabia: Social Insurance Launches Compliance Index for Enterprises

17/12/202417/12/2024
by Hannah Gutang

The Saudi Social Insurance announced the launch of the Compliance Index service, aimed at assisting employers and enterprises in achieving insurance compliance.

Analysis

The Saudi Social Insurance introduced the Compliance Index to educate enterprises about insurance systems and promote the principle of insurance compliance among employers.

Objectives of the Compliance Index

The Compliance Index aims to achieve several key objectives, including encouraging enterprises to adhere to social insurance systems, distinguishing enterprises with high compliance levels, and educating those with lower compliance. Additionally, the index seeks to offer exceptional services to compliant enterprises, thereby fostering a culture of adherence to insurance regulations.

Access and Additional Services

Employers and enterprises can access and review the Compliance Index through their accounts on the GOSI Business platform. Recently, the organisation launched the innovative “Self-Compliance” electronic service for enterprises, aiming to create a positive relationship and ongoing partnership to enhance and sustain occupational safety and health in work environments.

For the full story, click here.

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Oman: New Wage Protection and Workforce Transfer Regulations

17/12/202417/12/2024
by Hannah Gutang

The Ministry of Labour in Oman issued two ministerial decisions to regulate wage protection and the temporary transfer of non-Omani workers within the private sector.

Analysis

The Ministry of Labour in Oman issued two ministerial decisions to regulate wage protection and the temporary transfer of non-Omani workers within the private sector.

Wage Protection System

The Ministry of Labour in Oman announced a new Wage Protection System (WPS) to electronically monitor the payment of wages in the private sector. The system mandates employers to transfer wages to employees’ bank accounts or financial institutions under the supervision of the Central Bank of Oman, as per the agreed employment contracts and within the legally specified timeframe.

Employers are required to update employment contracts to reflect any changes in wages and must transfer wages through the WPS within three days of the end of the wage period. The Ministry’s relevant department will oversee the implementation and monitoring of the WPS, maintaining a dedicated database.

Exceptions to the WPS include cases of labour disputes where the worker has stopped working for more than 30 days, suspension of the worker for reasons beyond the employer’s control for more than 30 days, and new employees who have not completed 30 days of service.

A committee will review exemption requests not covered by the specified exceptions. Administrative penalties for non-compliance include warnings, suspension of preliminary work permits, and fines of 50 Omani rials per employee, with increased fines for repeated violations. The decision also repealed the previous Oman Ministerial Decision No. 299/2023.

Workforce Transfer Regulations

The Ministry also introduced regulations for the temporary transfer of non-Omani workers between private sector establishments. Key conditions for transfer include not moving workers to nationalised professions, ensuring job compatibility, and obtaining worker consent. Workers must have completed at least six months with the current employer, and the work permit must remain active with more than six months until expiration. Transfers are limited to six months per worker annually, and both establishments must comply with nationalisation quotas and have no service suspensions or financial obligations to the Ministry.

The receiving establishment must not employ the worker beyond the transfer period and must honour all rights and obligations, including maintaining the worker’s previous wage and benefits through the WPS. If a worker leaves the receiving establishment, it must immediately notify the original employer and provide evidence of the departure. The original employer is required to report the worker’s departure following Ministry procedures. The transfer period will count towards the worker’s total service duration, ensuring the protection of their rights and continuity of service calculation.

The decision also stipulates the percentage of transferred workers should not exceed 50% of the total registered workers in either establishment, and the transfer must be officially registered with the Ministry using the approved form. The receiving establishment is responsible for not employing the worker after the transfer period and must bear all rights and obligations during this time, ensuring the worker receives at least the same wage and benefits as in the previous establishment.

For the full story, click here.

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Bahrain: Shura Council Reviewing Amendments to Penal and Evidence Laws

17/12/202417/12/2024
by Hannah Gutang

The Shura Council in Bahrain discussed the report of the Foreign Affairs, Defense and National Security Committee regarding a draft law amending some provisions of the Penal Code and the report of the Legislative and Legal Affairs Committee on the proposed law amending some provisions of the Evidence Law in Civil and Commercial Matters.

Analysis
Protection of Modern Communication Means

The Council reviewed a report from the Committee on Foreign Affairs, Defense, and National Security regarding a draft law to amend certain provisions of Bahrain Decree-Law No. 15/1976 on the Penal Law, and associated with Bahrain Decree No. 7/2024. The committee recommended approval of the draft law in principle.

This legislative proposal aims to safeguard modern communication devices such as mobile phones and laptops, which contain personal information, banking data, and other sensitive details. The law seeks to impose stricter penalties for the unlawful exploitation of such data, reflecting the increased reliance on these devices in daily life and the need for protective legislation.

Amendments to the Civil and Commercial Evidence Law

Additionally, the Council discussed a report from the Legislative and Legal Affairs Committee on a proposed amendment to Bahrain Decree-Law No. 14/1996 on the Law of Evidence in Civil and Commercial Matters. The proposal suggests raising the maximum value threshold for legal transactions that can be proven by witness testimony from 500 to 1,000 dinars. This change considers the evolving economic conditions, the purchasing power of the currency, and the nature of current civil transactions. The committee recommended allowing consideration of this proposal, aligning with Bahrain’s legislative policy to update laws in response to economic developments.

For the full story, click here.

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Saudi Arabia: SDAIA Consults on Personal Data Audit and Certification Rules

17/12/202419/12/2024
by Hannah Gutang

SDAIA (the Saudi Authority for Data and Artificial Intelligence) has sought expert opinions on regulations governing the licensing of personal data processing audits and certification issuance, aiming to boost public trust in personal data handling.

Analysis

Licensing Conditions

The authority outlined general conditions for licensing, requiring applicants to adhere to system rules, regulations, and any official documents issued by the competent authority. Applicants must conduct audits or issue certifications independently, disclose potential conflicts of interest, and report any past complaints related to system compliance, ensuring no ongoing complaints during the application process.

Disclosure and Independence

The authority emphasised the need for applicants to disclose any violations previously identified by the competent authority. The regulations stipulated that applicants must be independent legal entities with a physical presence in Saudi Arabia, providing official contact details, including the legal name, address, and commercial registration or foreign investor license number.

Technical and Personnel Requirements

Applicants must possess the necessary technical tools and qualified personnel to perform audits or issue certifications related to personal data processing and protection, in line with system rules and methodologies set by the competent authority. Certification issuance requires accreditation from the Saudi Accreditation Center.

License Duration and Renewal

Licenses are granted for three years, with renewal applications required at least 90 working days before expiration, subject to meeting licensing conditions.

License Revocation

Licenses are revoked if the legal entity dissolves or undergoes transformation, merger, or division, as per company regulations. Revocation does not affect the validity of audit reports or certifications issued before the revocation date unless deemed invalid by the competent authority.

The end date of the consultation is January 11, 2025.

Here are the draft rules for the licensing of audits or checks of personal data processing activities and the issuance of accreditation certificates.

For the full story, click here.

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UAE: Announces Amendments to Corporate Tax Law

13/12/202413/12/2024
by Hannah Gutang

Finance Ministry has announced updates in relation to certain provisions of Federal Decree-Law No. 47/2022 on the Taxation of Corporations and Businesses.

These amendments aim to enhance the business environment in the UAE and promote greater compliance with global standards for tax transparency and fairness.

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Sharjah: Announces Rules on Conditional Release of Prisoners

13/12/202413/12/2024
by Hannah Gutang

Khaleej Times, 10 December 2024: Prisoners in Sharjah may be granted conditional release under a new decision issued by the emirate’s Executive Council.

The decision states that an inmate may be released on parole after serving three-quarters of his/her sentence.

The release, which would still include restrictions, could be set for a period of one month or more.

Those sentenced to life in prison can be granted conditional release if they have served at least 20 years in jail.

In all cases, however, the Commander-in-Chief of Sharjah Police shall issue a decision on an inmate’s conditional release.

The emirate’s public prosecution will then be notified.

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Saudi Arabia: CMA Announces Deadline for Eighth FinTech ExPermit Applications

13/12/202413/12/2024
by Hannah Gutang

The Capital Market Authority (CMA) has set 31 December 2024, as the final date for submitting applications for the eighth review of the FinTech Experimental Permit (ExPermit).

Applications received by this deadline will be considered in the current review round, while those submitted afterwards will be evaluated in the subsequent round.

The CMA encourages interested parties to apply for the FinTech ExPermit, ensuring their applications meet the necessary criteria outlined in the Financial Technology Experimental Permit Instructions.

Key requirements include that the proposed FinTech product must be related to securities activities regulated by the CMA and be sufficiently developed for testing in the FinTech Lab.

This announcement highlights the CMA’s dedication to fostering financial technology innovation and supporting the growth of this crucial sector within the capital market.

Since the FinTech Lab’s inception in 2018, 53 permits have been issued, introducing innovative models that diversify investment tools and enhance the capital market’s appeal.

Authorised FinTech companies have achieved significant milestones, raising over SAR 3.8 billion through equity crowdfunding and debt instrument platforms.

Investment fund distribution platforms have attracted a diverse investor base, with distributed units valued at over SAR 2.6 billion.

Additionally, robo-advisor platforms have managed assets exceeding SAR 2.2 billion, offering investors advanced tools for investment management.

The FinTech Lab aims to attract a wide range of innovative business models to the capital market.

The CMA invites innovators to capitalise on the Kingdom’s dynamic FinTech ecosystem, promoting innovation in financial services and aligning with the Financial Sector Development Program (FSDP).

For more details on the Financial Technology Experimental Permit Instructions and the FinTech Lab, please visit the provided link.

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Sharjah: Council Committee Reviews Proposed Law on Military Pensions and Benefits

13/12/202413/12/2024
by Hannah Gutang

The Legislative and Legal Affairs, Appeals, Suggestions, and Complaints Committee of the Sharjah Consultative Council (SCC) convened to deliberate on a proposed law addressing pensions and end-of-service benefits for military personnel within the emirate’s regulatory bodies.

The draft law was initially presented during a previous council session. A meeting was held this morning at the council’s headquarters in Sharjah, led by the committee’s head.

Committee members and key officials, including the legal advisor and the committee secretary, participated in the session.

The focus was on scrutinising the draft law’s provisions, with particular emphasis on its core articles.

This involved evaluating the eligibility criteria for pensions and benefits, the procedures for their distribution, and the transitional provisions related to membership requirements.

The committee underscored the legal and financial aspects embedded in the draft law, aiming to establish robust regulations for subscriptions, benefits, and pension calculations.

During the meeting, the committee shared insights on various articles, emphasising the importance of regulatory measures tailored to the unique characteristics of Sharjah’s military organisations.

The committee plans to continue its thorough review of the draft law in upcoming meetings, ultimately preparing a final report for submission to the Consultative Council for further discussion and approval.

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Qatar: Warning From QCB

13/12/202413/12/2024
by Hannah Gutang

QCB has emphasised the importance of safeguarding the confidentiality and privacy of personal and banking information for all customers.

The QCB urges customers to avoid clicking on any suspicious links received via SMS.

It is important to note that text messages sent by banks operating in the country will never include electronic links.

The QCB further advises customers to immediately contact their bank when receiving unsolicited SMS messages containing an electronic link requesting personal or banking information.

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