Join us in Kuwait City on 23 November 2022 for the Kuwait Business Law Forum 2022 – 6th Edition!
News developments
Qatar Tribune, 17 October 2023: Qatar’s Labour Ministry has announced it has updated the e-contract platform.
It has updated the authentication of digital employment contract services.
The platform allows private sector employees to verify the contract terms and approve or reject them.
Domestic worker contracts can also be authenticated via the platform without service centers having to be physically attended.
Once the contract authentication process is completed, an automatic contract audit is initiated. The contract authentication service enables an application to be submitted to an establishment via the employer’s portal using the National Authentication System.
The application will then be transferred to the worker for approval via the worker and individual portal.
The contract data will then be verified. It will be available in 11 languages.
Also reported in Al-Sharq on 16 October 2023. For the full story, click here.
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News developments
Qatar Tribune, 10 October 2023: Qatar’s Central Bank has announced it has issued loan-based crowdfunding regulations.
They cover the licensing and regulation of these activities and services in the country.
Among other requirements, entities wanting to provide loan-based crowdfunding activities must apply for the relevant licence from the Central Bank.
The regulations have been issued in line with the national financial sector and Fintech strategies and the Central Bank’s efforts to regulate and develop the country’s financial sector.
Also reported in Lusail on 9 October 2023. For the full story, click here.
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News developments
Gulf Times, 2 October 2023: Qatar’s Stock Exchange has announced it has amended the eligible securities list. The list states who can carry out market making, liquidity provision, margin trading, and covered short‐selling activities.
The Exchange has added more companies to the list. The new list will come into force on 2 October.
The constituents of the 20-stock Qatar Index and Al Rayan Islamic Index will be eligible for margin trading and covered short-selling.
Stocks of companies with an annual turnover rate equal to or greater than 10%, and a quarterly turnover rate in their trades exceeding 80% of trading days in each quarter, are also now eligible.
In addition, tradable units of the exchange-traded funds QE Index ETF and the Al Rayan Qatar ETF are eligible for margin trading and cover short-selling. Companies with at least one liquidity provider or market maker are eligible as well.
The securities are eligible for margin trading and covered short-selling are Ooredoo, Qamco, Qatar Insurance, QATR, QETF, Qatar Electricity and Water, Qatar Islamic Bank, Woqod, Qatari German Medical Supplies, Nakilat, Qatar Islamic Insurance, QIIB, Qatari Investors Group, Qatar Industrial Manufacturing Company, QLM, QNB, Qatar National Cement, Milaha, Qatar Oman Investment, Salam International Investment, United Development Company, Vodafone Qatar, Widam Food and Zad Holding.
Aamal Company, Al Khaleej Takaful, Baladna, Barwa, Commercial Bank, Dlala, Doha Bank, Dukhan Bank, Ezdan, Al Faleh Educational Holding, Gulf International Services, Gulf Warehousing, Estithmar Holding, Inma Holding, Industries Qatar, Masraf Al Rayan, Mannai Corporation, Medicare Group, Al Meera, Meeza, Mahhar Holding, Mekdam Holding, Mesaieed Petrochemical Holding, Mazaya Qatar and Alijarah Holding are also eligible.
In addition, all companies listed on the main market and the venture market, and all exchange-traded funds listed on the Exchange are eligible for market maker and liquidity provider activities.
Finally, all securities qualified for covered short-selling are eligible for lending and borrowing activities, and brokers of any stocks excluded from the qualified list will have three months to close open positions of the relevant activities.
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News developments
Qatar Tribune, 14 September 2023: Qatar’s Justice Minister has announced Artificial Intelligence is going to be used in the country’s justice and legal systems. The Minister was addressing the Law and Artificial Intelligence Conference at Lusail University earlier this week.
The Minister is seeking recommendations to help draft an Artificial Intelligence Law.
Also reported in Raya on 13 September 2023. For the full story, click here.
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Join us on 14 November 2023 for the Qatar Business Law Forum Conference 2023 – 8th Edition.
News developments
We are excited to introduce the newest edition of Lexis Middle East Gulf Tax. Our complimentary magazine provides valuable insights into the latest tax and financial developments throughout the region.
In this issue, we delve into the finer points of free zones in the UAE, where recent Cabinet and Ministerial Decisions have shed light on the operation of Corporate Income Tax. Discover the clarifications and implications that may affect your business.
In this edition:
FEATURE: FINER POINTS ON FREEZONES
Explore how recent Cabinet and Ministerial Decisions have brought clarity to the operation of Corporate Income Tax within UAE freezones. Mourad Chatar of Value Square unravels surprises in determining liabilities.
FEATURE: E-INVOICING: WHAT NEXT?
Dive into the adoption of new technology across the GCC to enhance tax compliance. Discover how tax regulators are leveraging mandatory e-invoicing for improved tax regulation. Insights provided by Ekansh Agrawal and Shashank Chandak of KPMG.
TAX NEWS ROUND-UP
Stay informed about the latest updates in tax treaties and regulations throughout the region.
WHAT’S CHANGED?
Discover the significance of the new UAE clarification procedure within the dynamic tax landscape. Brought to you in partnership with Crowe.
PRACTICAL FOCUS: TAX AND M&A
Gain valuable insights from Mourad Chatar and Ismail El Koundi of Value Square, tailored for tax and M&A professionals.
INHOUSE TAX PROFILE: SUSTAINABLY MINDED
Explore the intersection of sustainability and tax planning with Rajpal Bal, Global Head of Tax, Treasury & Customs at Aramex.
ANY QUESTIONS? – HOW DOES TAX RETENTION OPERATE?
Delve into the workings of tax retention in Kuwait with insights from Rami Alhadhrami of BDO Kuwait, shedding light on the requirements that apply to entities trading in Kuwait.
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Have you read the Lexis® Middle East Gulf Tax – Spring and Summer 2023 editions? Click the links below to access them.
News developments
Gulf Times, 6 September 2023: Qatar’s Cabinet has approved a draft law regarding control of precious metals and valuable stones. It has been proposed and approved to keep up with developments in control over precious metals and valuable stones.
If approved, it will replace Qatar Law No. 4/1978.
The Cabinet also approved a draft law amending Qatar Law No. 1/2012 on the regulation and control of advertisement placement. They have referred it to the Shoura Council to consider.
Finally, they reviewed the results of a study on proposed amendments to the country’s Labour Law.
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News developments
Gulf Times, 30 August 2023: Qatar’s Cabinet has approved a draft Ministerial Decision specifying the works to be implemented in line with Qatar Law No. 4/2018 on organising the electricity and water service connection and the required conditions and controls.
They also approved a draft Decision from the Chairman of the Qatar General Electricity and Water Corporation or Kahramaa specifying the conditions and procedures for connecting electricity and water to buildings and facilities whose maximum demand exceeds five megawatts of electricity and 600 cubic metres per day of water.
In addition, they approved a draft law amending Qatar Law No. 9/1987 on the control and regulation of narcotic drugs and dangerous psychotropic substances. They have referred it to the Shoura Council to consider.
Finally, they approved a draft Cabinet Decision amending Qatar Decision No. 36/2014 establishing the National Committee for the Customs Clearance System and Cross-Border Trade Facilitation.
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News developments
Al-Sharq, 27 August 2023: Qatar’s Supreme Judicial Council has announced it has launched a new service to determine heirs and distribute estate consensually through the Mahakem portal.
The Council has said that the new service has been launched as part of the implementation of Qatar Law No. 4/2023 concerning the distribution of inheritance to facilitate the processes for settling inheritance matters.
Applications must be submitted within the legal term stipulated by the law which is 30 days from the date of death.
The law sets out the rules for distributing the inheritance. These include that the debts of the deceased must be paid off under the supervision of the judge before the distribution of inheritance.
Read the full story here.
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