10/13/2020
OECD drafts principles for $100bn global corporate tax revolution
Technical blueprint would upend taxation of US tech groups but still needs political agreement
Legal, Tax, Regulation & Compliance
10/13/2020
UAE Federal tax Authority introduces new version of eDirham
FTA stresses the necessity for all those registered with the Authority who are eDirham users to prepare to switch to the new version of the eDirham
10/13/2020
Oman plans to introduce 5% VAT from April 2021
It will thus become third Gulf state to introduce this tax after UAE, Saudi Arabia
10/12/2020
UAE approves new law regulating wealth management sector
The decree will strengthen protection for investors and family-owned companies seeking fund managers to oversee their investments
10/12/2020
PwC to offer solution for DIFC data law compliance
Comprehensive self-assessment has been developed in line with PwC’s internationally-established data protection framework
10/09/2020
Latham & Watkins helps spin out Egypt’s new banking law
In connection with this, the CBE also implemented its Usage of Non-Cash Payments’ Methods Law
10/09/2020
PwC Middle East buys Tyconz Enterprise to expand operations
Through this asset purchase, PwC will further expand its ability to deliver SAP digital solutions and complement its existing capabilities
10/09/2020
Switzerland shared bank account data with 66 countries in 2020
This is part of an annual exercise since 2017 when Switzerland decided to implement a global agreement aimed at preventing tax evasion.
10/08/2020
Regulator issues swift second rebuke of IFS Qatar
The firm was banned from accepting new business on 17 September
10/08/2020
UK woman tried to fly to Dubai with $2.44 million in cash in five suitcases
Officers searched her suitcases and found the huge cash haul, the largest detection at the UK border so far in 2020.
10/07/2020
The rise of foundations in the UAE
A foundation is an independent legal entity and is derived from civil law jurisdictions, as opposed to a trust which is a common law concept. It also has no members or shareholders, but is self-owned.
10/07/2020
PwC acquires SAP enterprise consulting business of Tyconz
The deal marks the firm’s first in the region since it bolted on UAE-based data analytics firm Teambase in May last year, and just its second globally during the corona-induced downturn (following a deal in Austria).
10/07/2020
Dubai's top court dismisses tycoon's $115m damages claim for superyacht
The court ruled that the challenge filed by Russian tycoon Farkhad Akhmedov on the judgements pronounced by two lower courts shall be deemed "groundless".
10/07/2020
QIB named ‘Best Bank for SMEs in Qatar’ at Asiamoney Best Bank Awards 2020
The programme offers entrepreneurs financial services, advice, and guidance, and features several benefits for SMEs
10/07/2020
EBRD’s investments in Turkey to reach $1.7 billion this year
The EBRD head also noted that Turkey has a strong economic base as a developing country
10/06/2020
MSMEDA, Banque Misr sign EGP 500m worth microfinance contract
It will support the Central Bank of Egypt and Egyptian Federation for Microfinance initiative to expand the provision of funding to NGOs and micro companies.
10/06/2020
Regulator orders IFS Qatar to close to new business
It comes a little over a year after the firm was hit with a $100,000 fine
10/06/2020
Dubai Department of Finance partners with UAE Central Bank to facilitate fee payments
The new partnership will ultimately advance the UAE's digital transformation strategy for public services
10/06/2020
Saudi Arabia introduces Arab world's first plastic banknote
A five riyal polymer note comes into circulation from Monday
10/06/2020
Dubai Buyout Firm Al Masah Liquidated After Its Founder Banned
The voluntary liquidation was filed after an extraordinary general meeting called by two of Al Masah’s shareholders.