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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
Further to our alert of 25 June 2019 on the economic substance regulations, which came into effect on 30 April 2019 pursuant to the Cabinet of Ministers Resolution No. 31 of 2019 (“Regulations”), and in light of the approaching enactment of the Ministry of Finance guidelines to the Regulations, it is important for businesses operating in the UAE to:
The Regulations require entities holding a trade license in the UAE onshore or in a free zone to:
The report will need to be submitted:
A number of significant sanctions may be imposed by the authorities against a business that fails to comply with the Regulations framework, e.g.:
Since we understand that UAE businesses will be required to advise the Relevant Authority of their economic substance in respect of their financial year commencing on or after 1 January 2019 and will need to file the report within 12 months of the end of the financial year, you should:
As the largest law firm in the Middle East and with our strong corporate structuring and tax expertise and experience across all industry sectors in the Middle East, Al Tamimi & Company’s experts will be delighted to assist you as follows:
(b) Ongoing Compliance
Please do not hesitate to contact Al Tamimi’s Corporate Structuring Team and Tax Team if you require any assistance.
Click here to follow Al Tamimi’s Tax Team’s LinkedIn page for more updates on tax developments in the Middle East.
Partner, Corporate Structuring
Head of Taxation, Tax
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