December 19th, 2018

Latest NEWS

VAT refund system for tourists in final stages — UAE

VAT refund system for tourists in final stages — Federal Tax Authority The system operator will coordinate with retailers registered with the FTA. The UAE’s Federal Tax Authority on Saturday said a system to return Value Added Tax (VAT) to the tourist is nearing its final preparation stages, with an advanced system to be put in place that corresponds with international best practices. The new system relies on an advanced integrated digital system to set up a direct connection with...

Cayman Islands Anti-Money Laundering Regulations Update

The Cayman Islands Monetary Authority (“CIMA) has provided welcome clarification on certain points of ambiguity within the Anti-Money Laundering Regulations, 2017 (“AML Regulations”) which came into force on 2 October 2017, and the corresponding guidance notes (“Guidance Notes”) issued by CIMA on 13 December, 2017 by way of a notice issued on 6 April, 2018 (the “Notice”). This briefing provides a summary of the key areas of clarification. I. Designation/Appointment of MLRO,...

Upcoming UAE Residency changes

The UAE Cabinet on Sunday 24th June 2018, made numbers of amendments to the current residency laws public. The changes include: -Offering residency visas of up to 10-years for key professional workers including doctors and engineers and their families. - Offering residency visas of up to 10-years for foreign investors establishing businesses in UAE. - Allowing foreign companies to own 100 percent of their business in the UAE. At present they must offer an Emirati partner a substantial...

New changes to UAE Labour Law: End of service gratuity

Understanding your employee rights is a very important part of living and working in the UAE. Below is the Labour law, as published by the UAE Ministry of Labour, with regards to end-of-service gratuity pay. Gratuity pay -Article 132 As amended by Federal Law no. 12 dated 29/10/1986: The worker having spent one year or more in continuous service shall be entitled to an end of service gratuity upon the termination of his service. The days of absence from work without pay shall not be...
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