Contributed by Emirates Chartered Accountants Group, UAE
Notice on Temporary Suspension of Export and Re-export of wheat and wheat flour
The export or re-export of wheat and wheat flour originating from the Republic of India, which was imported after May 13, 2022 has been temporarily banned vide Customs Notice No. (06/2022) issued on 30/06/2022.
Companies wishing to export / re-export wheat and wheat flour must submit a request to the Ministry of Economy to obtain permission to export outside the UAE along with supporting documents to verify the origin of the shipment.
The permit is valid for only 30 days from issuance and must be submitted to Dubai Customs via electronic clearance systems.
Amendment of Decision No. 3 of 2021
The Federal Tax Authority has amended Decision No. 3 of 2021 and released updated Decision No. 3 of 2022 on Implementing the marking of tobacco and tobacco products scheme.
This update specifies prevention of supply, transfer, storage or possession of cigarettes, electrically heated cigarettes and water pipe tobacco in the State (Local Market, Arrival and Departure Terminals) using marks with the old design from 31 December 2023.
Democratic Republic of the Congo Approves Pending Tax Treaty with the UAE
On 8 July 2022, the Cabinet of the Democratic Republic of the Congo approved the ratification of the pending income tax treaty with the United Arab Emirates.
UAE to introduce new gold import rules
The UAE will introduce a new set of regulations on gold imports in line with international rules that seek to thwart money laundering and the financing of terrorism and illegal organisations.
The Regulations, drafted in accordance with OECD guidance on gold imports will come into effect from January 2023. They have been drafted in accordance with guidance from the Organisation for Economic Co-operation and Development (OECD) and its corresponding protocol for gold.
Dubai issues decree to regulate the grant of ‘Musataha’ rights on use of commercial lands
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Decree No. (23) of 2022 regulating the grant of ‘Musataha’ rights on commercial lands in Dubai.
The Decree regulates the use of commercial lands in Dubai by granting the right of ‘Musataha’ to develop real estate projects.
As per the Decree, the ‘Musataha’ agreement creates a real property right that entitles its holder to construct a building or invest in, mortgage, lease, sell, or purchase a plot of land belonging to a third party for a period of up to 35 years with an extension upto max of 50 years.
The holder of the agreement has to abide by a number of rules and regulations.
The UAE to Introduce Fines for Failure to Comply with the Emiratisation Quota
From January 2023, private sector companies with more than 50 employees that do not reach the Emiratisation quota will be subject to fines.
The penalties and incentives shall be based on the size of the establishment and extent of meeting Emiratisation criteria.
UAE and France sign Comprehensive Strategic Energy Partnership
On July 19, 2022, His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and Ruler of Abu Dhabi signed two agreements in Paris.
The first, a Comprehensive Strategic Energy Partnership (CSEP), which focuses on enhancing energy security, energy affordability, decarbonisation and climate action, ahead of the COP28. The 28th session of the Conference of the Parties (COP28) is set to take place in the UAE in 2023, and
The second is a strategic partnership agreement between Abu Dhabi National Oil Company (ADNOC) and TotalEnergies to explore new opportunities for growth across the energy value chain.Dated: [bxcode.pagedata.date]