LexisNexis Middle East

UAE: Exempts Cryptocurrencies and Virtual Assets from VAT

09/10/202409/10/2024
by Tanya Jain

Khaleej Times, 7 October 2024: The UAE has introduced amendments to the Executive Regulations of Federal Decree-Law No. 8/2017 on VAT, exempting certain activities related to cryptocurrencies and virtual assets from VAT.

This move aims to establish the UAE as a hub for investment activities and support the growth of the financial sector.

The amendments, approved by the UAE Cabinet through Cabinet Decision No. 100/2024, exempt digital representations of value that can be digitally traded or converted and are intended for investment purposes from VAT. However, this exemption does not extend to digital representations of fiat currencies or financial securities.

The scope of the exemption covers transfers, conversion, keeping, and managing virtual assets, essentially encompassing cryptocurrency trading.

Additionally, the amendments provide exemptions for investment fund management services, including the management of fund operations, investments, and performance monitoring.

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News developments

Oman: Health Ministry Issues Circular on Maternity and Paternity Leave

04/10/202410/10/2024
by Tanya Jain

The Arabian Stories, 2 October 2024: The circular directs health institutions, particularly those that provide services to pregnant women and childbirth, to streamline the process for workers across all sectors to obtain proof of their eligibility for maternity and paternity leave.

According to the provisions outlined in the circular, maternity leave allowance, effective from 19 July 2024, is granted for a period of 98 days, which is not limited to a specific number of births.

The law permits that up to 14 days of this leave can be taken before the expected delivery date.
Paternity leave is granted for a period of 7 days, provided that the child is born alive and the leave is taken within 98 days of the child’s birth.

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News developments

UAE: Hajj Permit Requirements for Citizens

03/10/202403/10/2024
by Hannah Gutang

Emaratalyoum, 29 September 2024: The General Authority for Islamic Affairs, Endowments and Zakat has set three conditions for obtaining a Hajj permit for the upcoming season, as per Cabinet Decision No. 32/2018 regarding the Hajj and Umrah system.

The applicant must be a citizen of the UAE, be at least 12 years old, and must not have performed Hajj during the last 5 Hajj seasons.

Priority in granting Hajj permits will be given to those who have not previously performed Hajj, including disabled people, those with intractable diseases, the elderly, and mahrams and companions who meet the conditions, taking into account those who have priority in registration in the electronic system.

For the full story, click here.

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News developments

Saudi Arabia: Financial Support for Persons with Disabilities Regulated

03/10/202403/10/2024
by Hannah Gutang

Al Yaum, 29 September 2024: The Human Resources and Social Development Ministry has amended the regulatory framework governing social and professional programmes for persons with disabilities.

The new regulations standardise terminology and align the definition of a person with a disability with Saudi Arabia Administrative Decision No. 26/1445 of Rights of Persons with Disabilities.

The legislation mandates the Ministry’s oversight of services provided to persons with disabilities by private and non-profit entities.

It also establishes eligibility criteria for financial assistance, capped at 20,000 riyals annually, based on the assessment and severity of the disability.

Additionally, it introduces initiatives aimed at enhancing the skills of persons with disabilities.

For the full story, click here.

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News developments

Qatar: Electronic Payment Compliance Enforcement by Commerce Ministry

03/10/202403/10/2024
by Hannah Gutang

Al-Sharq, 29 September 2024: The Commerce and Industry Ministry is carrying out an organised campaign in markets across the country to monitor and control violating stores that do not provide electronic payment methods as a service to customers.

The concerned ministry has detected numerous violations and will close stores that have not met the conditions within the previously granted deadline.

It is also notifying other violating stores for the first time and giving them a specific deadline to rectify their situation.

After that, stricter measures will be taken, including closure, violations, and financial fines for violators.

The new requirements are verified through field tours conducted by ministry inspectors to monitor various markets across the country.

During inspection tours, compliance with relevant instructions is monitored.

Additionally, there is a dedicated hotline for receiving public complaints, through which the relevant authorities receive various complaints, including stores’ non-compliance with providing electronic payment services, which is a violation punishable by law.

It is worth noting that the Commerce and Industry Ministry has issued a decision, in addition to instructions from the Qatar Central Bank, requiring commercial establishments operating in the country at all levels to provide one of the electronic payment services.

This aims to facilitate daily banking transactions for the public and beneficiaries and enable consumers to benefit from this service, which is their right to pay for purchases or service fees using credit cards, cash, or ATM cards, without imposing any additional fees or commissions on the prices of goods or services.

Equal treatment must be ensured between those who pay in cash and those who pay through electronic payment cards, without any additional charges, regardless of the method chosen by the consumer.

For the full story, click here.

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News developments

Oman: MOCIIP Issues Decision on Commercial Loans

03/10/202403/10/2024
by Hannah Gutang

Oman Observer, 29 September 2024: The Ministry of Commerce, Industry and Investment Promotion has issued a Ministerial Decision setting the return due for obtaining a commercial loan or debt at 6% unless a lower percentage is agreed upon.

The decision was made based on the Commercial Law and a letter from the Oman Chamber of Commerce and Industry, in response to public interest requirements.

The decision states that this percentage may be exceeded in exceptional cases, such as long-term loans, loans directed to projects contributing to economic development, or loans associated with a high degree of risk, in coordination with the Oman Chamber of Commerce and Industry.

However, this return does not apply to loans provided by banks, finance companies, and asset leasing companies licensed by Oman’s Central Bank.

The decision will be published in the Official Gazette and will be effective for one year from the date of its publication.

It comes within the framework of the government’s efforts to ensure the flexibility of finance for businesses while enhancing governance principles and regulating the investment environment in Oman.

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News developments

Kuwait: Issues Regulations for The Exchange of Information for Tax Purposes

03/10/202403/10/2024
by Hannah Gutang

Al-Jarida, 28 September 2024: The Finance Ministry has issued executive regulations for the decree-law on the exchange of information for tax purposes, in accordance with Kuwait Decree No. 75/2024 and Kuwait Decree-Law No. 6/2024.

The regulations outline the procedures and requirements for implementing agreements on the exchange of tax information between Kuwait and other countries.

Such as the agreement with the United States to implement the Foreign Account Tax Compliance Act (FATCA), the Convention on Mutual Administrative Assistance in Tax Matters, and the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information.

The competent authority is empowered to determine reporting requirements, request additional information from financial institutions, and ensure compliance with the agreed standards for exchanging tax-related data.

This legal measure aims to improve transparency and facilitate the exchange of relevant financial information for tax purposes between Kuwait and its partner nations.

For the full story, click here.

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News developments

Dubai: Conditions for Transferring Property Ownership Off-Plan

03/10/202403/10/2024
by Hannah Gutang

Mubasher, 29 September 2024: The Dubai Land Department has outlined the legal requirements for transferring ownership of off-plan properties in the emirate.

According to Dubai Decree No. 4/2010, transferring ownership of off-plan properties necessitates obtaining a no-objection certificate from the developer.

This requirement is mandated by the contractual agreements between developers and buyers.

For completed properties, such as apartments, villas, and townhouses, the “Malak” application provides information on any outstanding financial dues associated with the property.

If dues exist, buyers have the option to proceed with registration or postpone until the dues are settled.

The no-objection certificate can be obtained electronically through the “Dubai REST” application, ensuring compliance with the established legal framework.

For the full story, click here.

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News developments

Bahrain: New Regulations for Tourist Establishments

03/10/202403/10/2024
by Hannah Gutang

Al-Biladpress, 29 September 2024: Tourist facilities in Bahrain face new restrictions on their operating hours and services.

The new regulations, issued by the Tourism Ministry, aim to regulate the hospitality industry and ensure compliance with certain standards.

The key aspects of the new regulations include a complete closure of tourist facilities offering food and beverages in hotels at 3 AM.

Additionally, the provision of tourist services, artistic and musical performances, and music operations is prohibited between 2:30 AM and 12 PM for certain categories of establishments.

Furthermore, restaurants designated for independent tourist services separate from hotels are required to obtain a licence from the Bahrain Tourism and Exhibitions Authority.

These establishments are also mandated to comply with specific conditions, such as obtaining approvals from relevant authorities, not altering their premises or management without prior consent, and refraining from engaging in unauthorised activities.

For the full story, click here.

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News developments

Abu Dhabi: Digital Mediation Platform Promises Swift Justice

03/10/202403/10/2024
by Hannah Gutang

Gulf News, 27 September 2024: In Abu Dhabi, the public can settle commercial, property, and other civil disputes online through the Justice Ministry’s “Electronic Mediation” platform.

This platform allows users to create a virtual negotiation space, exchange documents remotely under a mediator’s supervision, and reach amicable settlements.

If an agreement is reached, it is documented for potential implementation.

The platform supports procedures in Arabic and English, aiming to deliver swift justice, enhance client satisfaction, and improve service quality.

It promotes alternative dispute resolution methods, reduces the burden on courts, and involves private mediators.

The platform includes features for registering, renewing, and striking off mediators, facilitating non-judicial and judicial mediation, mediator sessions, payment of mediation fees, and preparation of final mediation reports.

The Justice Ministry is streamlining access to mediation services through this platform, allowing users to initiate the mediation process through the unified electronic portal or digital identity.

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