News

UAE’s Finance Ministry: Certain services will be exempt from VAT

17/07/201711/12/2019
by Benjamin Filaferro

The UAE’s Finance Ministry has confirmed certain financial services, residential properties, bare land and local passenger transport will be exempt from VAT. The UAE is set to implement 5% VAT on 1 January 2018. Supplies, including sales or leases, of commercial properties will be taxable at the standard VAT rate of 5% percent but supplies of residential properties will generally be exempt from VAT. In addition, the first supply of newly-constructed residential properties within 3 years of their completion will be zero-rated for VAT purposes. VAT will also be charged at 0% for exports of goods and services outside the GCC and international transportation and related supplies. Supplies of certain sea, air and land transportation (like aircrafts and ships), certain investment grade precious metals (like gold or silver which reach 99% purity), supply of certain education services and supply of relevant goods and services and supply of certain healthcare services and supply of relevant goods and services will be taxed at 0%.

Training

DIFC AOL Civil Code Bridge Series

16/07/201711/12/2019
by Benjamin Filaferro

LexisNexis and the DIFC Academy of Law are pleased to announce the launch of a new series of courses that bridge the gap between the civil law and common law systems that co-exist in the UAE.

To view the full conference program or find out more about our expert speakers download the brochure

CONCEPT: The UAE Civil code is a fundamental cornerstone of the legal system. This practical course will guide you through Federal Law No. 5/1985 Promulgating the Civil Transactions Law of the United Arab Emirates and provide case studies and examples from expert practitioners.

TARGET AUDIENCE: Legal Consultants, Advocates, and Corporate Counsel with business interests in the UAE

WHEN: 23, 24 & 25 July 2017

For more information or to book email training.me@lexisnexis.com or call +971 56 811 0052

Newsletter

Weekly Spotlight – Qatar to pursue compensation for damages

16/07/201711/12/2019
by Benjamin Filaferro

This week the spotlight is on the continuing fallout between Qatar and its GCC neighbours, Bahrain, Saudi Arabia and the UAE and Egypt. Qatar’s Attorney General, HE Dr Ali bin Fetais al Marri has announced a committee to pursue compensation for damages resulting from Qatar’s isolation by Bahrain, Egypt, Saudi Arabia and the UAE has been established. The Compensation Claims Committee will handle claims by private companies, including major firms like Qatar Airways, public institutions and individuals. The committee will use domestic and international tools to obtain compensation and will hire overseas law firms to handle claims. It will receive all types of complaints, grievances and requests relating to the country’s isolation which started on 5 June 2017. It will be the sole committee following up cases brought by individuals, private and public companies, state institutions, banks, national carrier company and other parties affected. The Foreign Affairs and Justice Ministers will be committee members.

In a separate development, Qatar’s Foreign Affairs Minister, Mohammed bin Abdulrahman al Thani has written to the GCC’s Secretary General setting out the country's conditions to stay in the bloc. Qatar gave three days for its isolation to end otherwise it would leave. There has been speculation Bahrain, Saudi Arabia and the UAE and Bahrain will expel Qatar from the GCC or even the Arab League.

News developments

UAE: Companies Should Follow European Public Information Protection Legislation

12/07/201711/12/2019
by Benjamin Filaferro

The UAE’s Economy Ministry has called on companies dealing with commercial partners in the EU to keep up with the new European public information protection legislation. The Assistant Undersecretary for the Ministry’s External Trading Sector, Joma Mohammed Alkait said the Ministry is issuing this call as part of its efforts to keep all companies informed on new developments in policies and legislations in the relevant markets in which they may have trading partners. The legislation will be implemented in May 2018 and is aimed at strengthening and protecting private personal information in the European Union. It will not only affect companies operating in European countries but also companies who have commercial and investment activities with European countries. Companies should reconcile their procedural and operational activities in line with the legislation.

News developments

Jordan Accedes to Patent Cooperation Treaty

12/07/201711/12/2019
by Benjamin Filaferro

The accession procedures of Jordan to the Patent Cooperation Treaty (PCT) with the Secretary General of WIPO have been completed and came into effect on 9 June 2017. Jordan becomes the 152nd member of the Treaty. Any PCT applications filed on or after the effective date will include the designation of Jordan. It will be possible to file international patent applications through the Jordanian Patent Office.

News developments

Egypt: Investment Law Executive Regulations to be Finalised Soon

11/07/201711/12/2019
by Benjamin Filaferro

Egypt’s Investment Minister, Sahar Nasr has announced the Executive Regulations to the Investment Law will be issued by 30 June. The drafting committee will hold a meeting on Sunday to finalise the Regulations. The Investment Law was approved by President Al-Sisi on 1 June.

News developments

Bahrain: Landmark FinTech Standards Issued

11/07/201711/12/2019
by Benjamin Filaferro

Bahrain’s Central Bank has announced new regulations to create a regulatory framework to allow start-ups and fintech firms to test and experiment their banking ideas and solutions. It will provide a virtual space for companies to test their technology-based innovative solutions and will be open to existing Central Bank licensees and other local and foreign firms. The testing duration will be nine months and can be extended for up to three months. To be eligible, solutions need to demonstrate their solution is innovative, beneficial to customers, technically tested and will be deployed in the Kingdom after the trial period ends.

News developments

Dubai: New law issued to regulate civil organisations in the Emirate

09/07/201711/12/2019
by Benjamin Filaferro

Dubai’s Ruler, HH Sheikh Mohammed bin Rashid Al Maktoum has issued a Law to regulate civil organisations in the Emirate. Under the law, the organisations, which will be legally referred to as civil establishments will have to designate a specific financial allocation to cover the cost of their activities. The activities can be in the social, health, educational, cultural, scientific, occupational, creative, art or humanitarian fields. Each civil organisation must have at least 10 founders, including two Emiratis. No activity can be undertaken until the organisation is granted a licence by the Community Development Authority. Registration will include the organisation’s headquarters, geographical range, its purpose, activities and target groups, its member’s names and their nationalities, professions and residences.

News developments

UAE: an e-service will be established to obtain event licences

09/07/201711/12/2019
by Benjamin Filaferro

Event licencing changes have been approved following an agreement between Abu Dhabi’s Tourism and Culture Authority and the General Command of the UAE Armed Forces. The agreement will establish an e-service for event licences to be obtained. It was signed for the Authority by its Director-General, Saif Saeed Ghobash and by the Head of Administration and Human Resources at the UAE’s Defence Ministry, Major General Salem Saeed Ghafan Al Jabri.

News developments

The Saudi Arabian Monetary Agency has requested insurance companies send quarterly reports on the Saudisation

04/07/201711/12/2019
by Benjamin Filaferro

The Chairman of the Insurance Committee at the Alshariqyia Trade and Industry Chamber, Salah Aljabr has confirmed the Saudi Arabian Monetary Agency has requested insurance companies send quarterly reports on their activities. This includes showing their commitment in training Saudi nationals. Aljabr added these reports should include details of training policies for managers and employees. Aljabr explained the relevant companies are completing the necessary procedures to complete the full Saudisation of the Vehicle Claims Management Department, Customer Service and Complaint. The deadline to introduce full Saudisation to these sectors is July 2017. Aljabr added the Agency has given companies sufficient time to complete the procedures and confirmed the Saudisation level in these sectors is 100%.

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