The first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.Read the full edition
The UAE Ministry of Finance has issued the much awaited UAE VAT law and launched a new dedicated tax website for the Federal Tax Authority.
The VAT law is based on the common principles agreed by all GCC countries in the GCC VAT framework agreement, which was published in the Official Gazette on 21 April 2017. The executive regulations, which will contain more details on the application of the VAT, are expected to be published during the final quarter of 2017.
The key highlights of the UAE VAT law are as follows:
As the VAT registration process will open on a voluntary basis from mid-September and there is only four months remaining for VAT to be effective in the UAE, it is important for you to undertake a VAT impact assessment to understand the impact of VAT on your business and to comply with your VAT obligations.
If you have any questions on the above or require any assistance with VAT implementation, please do not hesitate to contact us.
Shiraz Khan, Senior Tax Advisor, Al Tamimi & Company
Ahmed Ibrahim, Partner & Head of Equity Markets, Al Tamimi & Company
Brinda Shroff, Associate, Al Tamimi & Company