According to Climate Bonds Initiative, total global green bond issuance in 2018 were worth $167.6bn but according to OCED, $6.9tr of investment a year is needed for the next 11 years to meet the goals set out in the 2016 Paris Agreement.

Employers must submit their applications for quota numbers to sponsor foreign workers in 2020 by July 31, 2019. Employers should start preparing supporting quota application documents.

Following the latest joint guidelines from the Philippine government, all foreign nationals must have a Taxpayer Identification Number (TIN) from the Bureau of Internal Revenue in order to work in the Philippines.

The Council of the European Union has formally adopted amendments to the Schengen Visa Code. The amendments are expected to improve procedures for travellers to the Schengen Area in 2020.

The Dubai government approved a new employment law that applies in the Dubai International Financial Center that is expected to go into effect on August 28, 2019.

On 6 September, 2016 Resolution No. 536 concerning the Regulations Relating to the Sale or Lease of off-plan Real Property Units was implemented by the Council of Ministers (‘Wafi Law’) along with a number of implementing regulations (‘Implementing Regulations’)

The transfer pricing regulations now effective in Saudi Arabia are a significant tax development and introduce new compliance requirements related to transfer pricing documentation and Country-by-Country (‘CbC’) reporting.

Excise tax will be implemented in Oman with effect from 15 June 2019 in accordance with the unified GCC Excise Tax Agreement, making Oman the fifth GCC country to implement excise tax. The implementation of excise tax in Oman follows the issuance of the Royal Decree 23 of 2019 (“the Excise Tax Law “) on 13 March 2019 and the subsequent publication of the Excise Tax Law on 17 March 2019.

On 24 April 2019, the President announced the amendment to the Act Governing Relations between the People of the Taiwan Area and the Mainland Area, and the effective date for this amendment will be further determined by the Executive Yuan. The penalties of the following activities will be raised, provided however that other than those imposed for agent's activities.

CGA Monthly Bulletin (June 2019)