10/02/2020
ADDED signs cooperation agreement with ADQ
Agreement to establish framework for enhancing the Abu Dhabi Local Content Program
Legal, Tax, Regulation & Compliance
10/02/2020
Saudi Arabia imposes new tax on property deals, exempts them from VAT
The royal order said the government would bear the cost of the new Real Estate Transaction Tax “for up to 1 million riyals ($266,616)” for Saudi citizens purchasing their first home.
10/02/2020
World Bank Ranks Bahrain and UAE Top Arab Nations for Human Capital
Bahrain scored 0.65 points, up more than 8 percent from its 0.60 ranking based on the same factors 2010 – four times the global average.
10/02/2020
Multilateral Convention to tackle tax evasion and avoidance continues expand reach in developing countries
It guarantees extensive safeguards for the protection of taxpayers' rights.
10/02/2020
UAE companies required to keep beneficial ownership register
In addition to the registers of beneficiaries and shareholders, companies will also have to keep a register of nominee directors acting in accordance with the guidelines or instructions issued by another person.
10/02/2020
UAE clarifies scope and application of economic substance regulations
The new regulations will apply retrospectively to applicable entities whose financial years began on or after 1 January 2019.
10/01/2020
UAE companies required to keep beneficial ownership register
Companies which come under the remit of the regulation have until 27 October 2020 to set up a register of their ‘real beneficiaries’ as well as shareholders.
09/30/2020
UAE Central Bank: 6 to 12 months time deposits attract 22.8...
The first quarter of this year recorded activity on time deposits from 6 to 12 months
09/29/2020
Managing the evolving compliance landscape facing multinationals
We take a closer look at the findings of the Global Business Complexity Index 2020
09/28/2020
DIFC Data Protection Law – consent management
Consent management is the process of obtaining and managing consent from data subjects in order to collect and process their personal data.
09/28/2020
Egypt’s new banking law comes into force after Al-Sisi’s ratification
Banks obliged to reconcile their conditions under its provisions within 1 year, transition period can be extended for 2 years
09/28/2020
Turkey lowers banks’ asset ratio requirements in stimulus reversal
The measure, which will be applied from Oct. 1, followed a surprise rate hike by the central bank last week designed to defend the lira and ease investors’ concerns that a splurge in lending by banks would lead to economic instability.
09/25/2020
UAE President issues decree for private sector to pay equal salaries to men and women
The procedures, controls and standards necessary for evaluating work of equal value will be set by the government
09/25/2020
UAE central bank urges banks to step up anti-money laundering efforts
It said manufacturing production shrank “due to supply chain disruptions, limited export opportunities and subdued domestic demand.”
09/24/2020
UAE announces details of economic substance regulations
Government entities are no longer exempt and are now subject to the updated ESR
09/24/2020
Saudi Arabia campaign uncovers 770 VAT violations
Violations at retail stores include tax evasion and failure to keep records
09/24/2020
QFC Regulatory Authority prohibits IFSQ from conducting business
The Regulatory Authority took this action because IFSQ has failed to satisfy the Regulatory Authority in respect of its fitness and propriety.
09/23/2020
Abu Dhabi denies reports of changes to rules surrounding entry into the emirate
The authorities urged the public to rely only on official sources of information
09/23/2020
Kuwait’s National Assembly panel passes law to reduce expat numbers
The draft law gives the government six months to determine the number of expats needed by the country
09/23/2020
Egyptian expats' remittances rise to $2.9bln in July: CBE
Total remittances reached $17bln in seven months