Insight Category: Regulatory & Legal Updates
When the Ministry of Finance (MOF) announced the implementation of corporate tax it announced that it would be following the Organization for Economic Co-Operation and Development (OECD) model. By doing so, it would also introduce a well-established principle of corporate taxation, namely the principle of transfer pricing. Transfer pricing will see a greater scrutiny placed… Continue reading UAE Corporate Tax: Transfer Pricing...
In the United Arab Emirates (UAE) there are three levels of courts for litigation: Court of First Instance: This court is the first level of litigation, and it considers all civil, commercial, labor, and personal status cases. The court is competent to examine documents, statements of claim and determine the relationship between the litigants and… Continue reading An application for retraction as a new method of appeal to final judgments...
On the 27th of June 2022, Dr. Abdulrahman Abdul Manan Al Awar, Minister of Human Resources and Emiratization issued Ministerial Decision No. 318/2022 concerning Bank Guarantees and Employee Protection Insurance (hereinafter referred to as “New Decision’’). The New Decision is an implementation of Article 8 Cabinet Decision No. 18/2022 on the Classification of Private Sector… Continue reading MOHRE: New resolution for bank guarantees and employee protection insurance...
In the following Chambers & Partners Law and Practice Insurance Litigation article, Simon Isgar, Adam Tighe and Amany Ahmed discuss a range of topics including; rules governing insurer disputes and the litigation process and rules on limitation, including the UAE court structures. 1. Rules Governing Insurer Disputes 1.1 Statutory and Procedural Regime There are several… Continue reading Chambers & Partners: Insurance Litigation 2022...
Real estate funds (“REF”) and real estate investment trusts (“REIT”) are currently a topic on everyone’s agenda given the introduction of new regulations aiming to attract more foreign capital to the industry as part of the Government’s plan to strengthen the United Arab Emirates position as a global destination for real estate investments. This article… Continue reading ADGM Real Estate Funds...
The Amendment Law amends some provisions of the Federal Decree-Law No. 8 of 2017 on VAT which shall take effect from 1 January 2023. Some of the major amendments are the following: If Registered persons only make zero-rated supplies and don’t make (or no longer make) standard rated supplies, they can then apply for an… Continue reading VAT update: UAE announces changes to provisions...
A family-owned business maybe be the oldest form of business organization in human history. In the GCC, the business environment has developed exponentially to the extent that there are large corporate enterprises which are owned by single families. Such businesses play a significant role in the development, growth and diversification of the economy. It has… Continue reading New Law for Family Companies in the UAE...
On June 28, 2022, the Saudi Council of Ministers in the Kingdom of Saudi Arabia (the ‘Kingdom’ or ‘KSA’) approved the new Companies Law (the ‘New Companies Law’) under Saudi Arabia Cabinet Decision No.678/1443. The New Companies Law was approved and published in the official gazette on July 4, 2022, with the legislation expected to… Continue reading The New Companies Law in the Kingdom of Saudi Arabia: What to Expect....
Adopting hybrid or remote work triggered several legal conflicts. Undoubtedly, following the Covid pandemic, the employment market was impacted from many perspectives. Notably, the rapid trend by organizations to let their employees work remotely or change the policies by adopting the hybrid system. The decision to adopt hybrid or remote work triggered several legal conflicts… Continue reading Key legal aspects for hybrid or remote work mechanisms...
Since the enactment of Law No. 13, for the year 2008, on the Interim Real-Estate Register in the Emirate of Dubai (hereinafter referred to as “Real-Estate Register Law”), the UAE legislator mandated that all units sold off-plan must be registered in the interim registry. Off-plan units are considered to be units that are either under… Continue reading Registration of contracts for the sale of units sold off-plan in the interim registry is conditionally no longer required for its validity...