Dubai’s Health Authority has issued the first fines for non-compliance with the Emirate’s health Insurance Law. It has fined 25 health centres, clinics, insurance brokers and insurance companies between 10,000 and 80,000 AED. In addition it has referred six clinics for potential fraudulent activities to the prosecution authorities but has not named them.
Dubai’s Land Department is working on a new rent law and is awaiting approval from the legislative committee. The law is aimed at reducing landlord-tenant disputes and stabilise rental market volatility. It’s understood it will come into force in June. The Land Department is also looking at introducing Real Estate Investment Trusts regulations (REITs).
Dubai’s Land Department has announced new rent regulations are under consideration. The aim is to reduce landlord-tenant disputes and stabilise the Emirate’s rental market. No further details have been given but the draft is ready and will be sent to the Legislative Council soon. It follows the introduction of new measures to improve market transparency, including mandatory use of a unified rental lease form. Department officials are also working on introducing new rental security deposit and unit handover forms.
The UAE’s Finance Ministry has published a VAT timetable on its website. The timetable details the dates and venues for all workshops and who should attend. The publication comes as the Finance Ministry launches the first phase of its awareness and education workshops to prepare businesses for the new tax system which will be introduced by the end of this year, for excise tax, and early next yearfor VAT. It also follows confirmation from the Ministry for businesses with taxable suppliers over 375,000 AED to register for VAT. However businesses whose revenues fall short of the threshold should keep updated accounting records. These could be used if and when they need to register for VAT purposes. Both taxes are going to be introduced at around the same time and in line with the UAE’s GCC neighbours. The first workshop targeted so-called 'multipliers' or Government entities like chambers of commerce and economic development departments. It was also aimed at consultancies and partners. The workshops will ensure businesses
fully understand the new system and have the knowledge to take the necessary measures to comply with the new tax laws and procedures.
