Insight Category: News
The Saudi Central Bank (SAMA) has issued a decisive set of regulations to govern the burgeoning Buy Now, Pay Later (BNPL) sector in Saudi Arabia, marking a new era of legal oversight for this dynamic financial service. Legal Framework and BNPL Rise The global BNPL market, valued at $309.2 billion in 2023, while latest figures… Continue reading Redefining BNPL: How SAMA’s Regulations Are Shaping Saudi Arabia’s FinTech Sector...
In the dynamic commercial landscape of Saudi Arabia, where time is a critical factor, the need for swift and decisive resolution of debts is paramount. The Saudi legal system has innovatively responded with the introduction of the Performance Order. This rapid legal instrument is designed to expedite commercial operations by compelling debtors to fulfil their… Continue reading Payment Orders in Saudi Arabia: An Effective Legal Mechanism for Debt Collection in the Fast-Paced Commercial World...
The Federal Tax Authority has published a guide that details the criteria for identifying natural persons subject to the Corporate Tax Law, effective from June 1, 2023. ‘Corporate Tax Guide: Taxation of Natural Persons under the Corporate Tax Law’ is a crucial document for individuals engaging in business activities in the United Arab Emirates (UAE)… Continue reading UAE Corporate Tax: Identifying Natural Persons...
A new year brings New Year’s Resolutions. With corporate tax laws and guides still being drafted and published as we speak, making smart tax moves now brings benefits in uncertain times. Remember that Corporate Tax is 9% out of your revenues, therefore it is important to make correct and timely decisions. To assist with this,… Continue reading Your 2024 Corporate Tax To-Do List...
In a bid to fortify the growth and sustainability of family-owned businesses in Dubai, the Dubai Centre for Family Businesses, operating under the Dubai Chambers, has introduced a ‘Sample Article of Association for Family Businesses.’ This strategic move aims to provide a foundational framework for effective management, governance procedures, and corporate best practices, fostering growth… Continue reading Dubai Centre for Family Businesses Unveils Key Initiatives to Support Growth and Continuity...
Partner and Head of Tax, Shamma Al Falahi recently spoke with Finance Middle East regarding the tax landscape in the UAE. The introduction of corporate tax in the United Arab Emirates (UAE) marks a significant shift in the region’s tax landscape. The Corporate Tax Law, effective for financial years starting on or after June 1,… Continue reading Essential insights for businesses on UAE’s corporate tax implementation...
Corporate lawyers Michael Kortbawi and Mahmoud Kreidie recently spoke with Al Arabiya News on the increase of scams in the UAE, and how residents can stay vigilant. Certainly, the rise in scams, particularly during the year-end holidays, has become a growing concern with cyber-criminals utilizing increasingly sophisticated methods to deceive individuals and companies in the… Continue reading UAE residents urged to be vigilant against new wave of ‘sophisticated’ scams...
With soaring property prices, timeshares could become an attractive affordable option for a luxury holiday home in Dubai, as such Derek Robins recently spoke with Arabian Business regarding timeshare regulations and protection for buyers. Key timeshare regulations to know Only properties classified as four or five-star hotels or luxury apartments may be used as timeshares.… Continue reading Dubai real estate: Should you buy a timeshare?...
The UAE has established itself as a global business hub, attracting investors and corporations worldwide. A critical component of its appeal has been the differential treatment of businesses in free zones compared to those on the mainland, especially concerning tax. Yet, introducing new corporate tax laws is reshaping this landscape and making the discussion on… Continue reading How will corporate tax changes affect businesses in UAE free zones vs mainland entities...
The UAE legislator has approved cheques, as a mechanism to provide exceptional protection which other commercial tools do not benefit from. However, it comes with strict conditions, in order to preserve its value and importance as a payment mechanism. For this reason, the UAE legislator stipulated in the Federal Commercial Transactions Law that a returned… Continue reading From conflict to consensus: Bounced and returned cheque as a direct execution deed due to bank account’s closure...