Contrary to previous budgets, this year NRIs have received their fair share of incentives. The foremost is the relaxation announced on Double Taxation. Finance Minister Smt. Nirmala Sitharaman pointed out that NRIs faced issues related to their accrued incomes in their foreign retirement accounts mainly due to a mismatch in the taxation periods. The new...
UAE plans to offer citizenship to gifted expatriates and thereby give them a bigger stake in the economy. The new amendment states that UAE nationality may be obtained by law, citizenship or naturalization. The policy aims to acknowledge the exceptional foreign talents in UAE and to attract new talents resulting in the development and prosperity...
Arabtec, Dubai-based construction major, hired de Novo Corporate Advisors and Lumina Capital Advisers to secure maximum value for subsidiaries including Target Engineering and Arabtec Engineering Services (AES). The company assured the creditors that they would try their level best to protect the value of the liquidation assets. The company is ready to implement all possible...
ICC Arbitration Rule 2021 applies to all ICC arbitration proceedings happening after the 1st of January 2021, regardless of the agreement end date. The exception is only when the parties at the time of submission agrees to go with the existing agreement. The 2021 Rules aim at greater efficiency, flexibility and transparency of the proceedings...
British Oil and Gas explorer Cairn Energy Plc has won an arbitration award of USD1.2 billion, plus interest and costs against the Government of India on a tax dispute. The dispute arose as a result of a change in Indian Tax law in 2012, enabling the government to retrospectively tax companies for mergers and acquisitions...
The International Chamber of Commerce (ICC) and Abu Dhabi Global Market (ADGM) announced the opening of an ICC case management office in Abu Dhabi, UAE. The existing activities of the ICC MENA region will be integrated into this new case management structure, as agreed by ICC and ADGM. Related Services: ADGM Practices Operations are expected...
The UAE Federal Judiciary approved the establishment of misdemeanor courts for the decision of specific minor cases in just one day based on the Code of Criminal Procedures. This will reduce the backlog of cases in the courts resulting in better efficiency of judiciary. Related Services: UAE Mainland Litigation The cases that are addressed in...
Abu Dhabi Judicial Department (ADJD) in its mission to simplifying litigation procedures and facilitating access of Justice to everyone has adopted 25 new forms in both Arabic and English. The ADJD aims to break the language barrier for litigants (residents and non-residents) and to simplify the procedures resulting in transparent litigation. Related Services: UAE Mainland...
The UAE- India Food Security Summit – 2020 organised by Consulate General of India, Dubai, Confederation of Indian Industry and India Invest has unveiled the Food Corridor Project between the two countries which will triple the exports of agricultural produces from India to UAE, rising the current export of $2.2 billion trade to $ 6...
Traditionally, setting up a business in UAE mainland required a local partnership. Only Free Zone entities were allowed 100% foreign ownership. A recent announcement has radically changed the business landscape of UAE, allowing 100% foreign ownership in UAE mainland businesses. Investments in certain sectors and economic activities will benefit from this newscheme. Related Services: General...
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