Sick leave is a leave taken from work that workers can use to stay home to address their health and safety needs without losing pay. Paid sick leave is a statutory requirement in numerous countries. In UAE, an employee is entitled to a sick leave of not more than 90 days per year, only after […]
In response to the UAE Government’s efforts to provide relief to businesses during the COVID–19 pandemic, a number of free zones have announced major relief packages including fee waivers, rent holidays and waiver of penalties. Re/think has compiled an “Economic Stimulus Package Tracker” focusing on key incentives provided by various UAE financial free zones’ financial […]
The Kingdom of Saudi Arabia (KSA) has increased the Value Added Tax (VAT) from 5% to 15% effective from 1st July this year. Less than three years from the date of implementation of VAT in the KSA, while some are still getting used to the introduction of VAT, the rate hike has come as a […]
What’s new? Most UAE Free zones have introduced incentives to boost business amid CoronaChaos. Arguably the most substantial and impactful incentives for new applicants are found in ADGM and DIFC, two traditionally “High hurdle” jurisdictions. Key take-away Never since the launch of ADGM or DIFC – two tier 1 global financial centres – has establishing […]
“Precaution is better than cure” – a measure is taken in advance to prevent something dangerous, unpleasant, or inconvenient from happening. Preventative measures are your first line of protective shield. The best way to protect yourself from COVID-19 is to practice good hygiene, such as washing your hands often with soap and water for at […]
What’s new? On 30 April 2020, the FATF published its mutual evaluation report on the UAE. The report covers: Summary of AML/CFT measures in place in the UAE as at the date of FATF’s on-site visit in 2019 Analysis of the UAE’s level of compliance with the FATF 40 recommendations and the level of effectiveness […]
On 29 Apr 20, the ADGM’s Registration Authority announced further incentives for new businesses, supporting their ADGM-based establishment amidst COVID-19 pandemic. Whom do they apply? These incentives apply to: New applicants for financial, non-financial and retail license types excluding SPVs, Foundations, VC firms, Tech Start-up applicants, Accelerators and Incubators and Professional Associations. Existing ADGM companies […]
The Ministry of Finance (MOF), UAE amended the Country by Country Reporting (CbCR) with the following effect. Filing is restricted to MNE groups headquartered in the UAE No secondary or surrogate filing by the Constituent Entities is permitted, other than by Ultimate Parent Entities. Amendments apply for all reporting years starting January 1, 2019. What […]
The UAE Federal Tax Authority (FTA) has recently announced the issuance of the Clearance Certificate as an additional service on its portal. As of now, the FTA has not released its guidance on the newly released services. Generally, the Clearance Certificate is an official confirmation provided by the Tax Authority that a tax registrant’s standing […]
Dubai International Finance Centre (DIFC) has come out with the new Presidential Directive no. 04 of 2020, also known as DIFC Covid-19 Directive. It sets out emergency measures for employers and employees in the freezone impacted by the coronavirus pandemic. Keynotes: Validity – the resolution is effective from April 21, 2020, until July 31, 2020, […]
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