A majority of tariff lines will be subject to 0% customs duties. Other tariff lines will undergo phased elimination of customs duties over 5, 7, and 10 years. Introduces an invoice declaration of origin tailored for approved exporters. Collaborative efforts are underway to address Technical Barriers to Trade (TBT). Commits to implementing Authorized Economic Operator...
UAE Bankruptcy Court according to the Federal Decree-Law No. 51/2023 comes into effect on May 1 Eliminates the need for distinct enforcement proceedings initiated by creditors Preventive Settlement mechanism replaces the Bankruptcy Preventive Composition In a significant stride towards enhancing the legal framework for financial restructuring and insolvency in the United Arab Emirates (UAE), the...
The Sultanate of Oman is gearing towards a Foreign Investor-friendly regulatory regime. With the latest regulatory reforms, foreign investment do not need a residency card to establish a business in Oman. This groundbreaking development is part of Oman’s strategic vision to diversify its economy and attract global investors. Thinking about expanding your business to Oman?...
Learn how to make a Tax Assessment Review Request and Tax Assessment Reconsideration Request in the UAE. Background of Federal Tax Authority As communicated in the Federal Decree-Law No. 28 of 2022 and Cabinet Decision No. (74) of 2023 On the executive Regulation of Federal Decree-Law No. (28) of 2022 on Tax Procedures, the...
The Abu Dhabi Chamber of Commerce and Industry has unveiled the Abu Dhabi International Arbitration Centre (arbitrateAD), a new international arbitration centre situated in Abu Dhabi. Starting February 1, 2024, the new governance framework and arbitration regulations will supersede those of the Abu Dhabi Commercial Conciliation and Arbitration Centre (ADCCAC). This significant development marks a...
Federal Decree-Law No. (32) of 2023 on Finance Lease comes into effect on 29 March 2024 Bilateral and tripartite leasing includes sale-leaseback arrangements Registration of a finance lease agreement is no more mandatory; but needed to ensure enforceability with third parties In a tripartite lease arrangement, the risk of loss concerning the leased asset is...
Free Zones in the UAE (United Arab Emirates) has been a key factor showcasing the country as a global business hub, attracting investors and entrepreneurs from around the world. One of the key factors contributing to this success is the establishment of Free Zones, which serve as specialized economic zones offering a range of benefits...
In a significant development for businesses operating in the UAE, the landscape of UAE corporate tax is undergoing a transformative shift. The latest developments, encapsulated in Cabinet Decision No. 100 of 2023 and Ministerial Decision No. (265) of 2023 have replaced the erstwhile Cabinet Decision No. 55 of 2023 bringing about critical adjustments to the...
The UAE Labour Law amendment has brought in a transformative development. We explore the implications for employers and employees in the UAE, with the introduction of Federal Decree-Law No. 20/2023 on 13/09/2023.
Regulation of Competition is a robust legal framework crafted to encourage fair competition and deter monopoly. It’s poised to shape a fair, dynamic, and resilient business landscape in the UAE. Demonstrates the government’s commitment to fostering a level playing field and promoting innovation. The United Arab Emirates has recently implemented a substantial legal framework to...
