Tax 1. Proposal to Abolish Stamp Tax Act

Further to our previous update, we can now confirm that the UAE Cabinet has issued resolution no. 56 of 2019 on 14 August 2019 (“Cabinet Resolution”) to appoint Emirates Development Bank to manage the registry referred to in the Law. The Cabinet Resolution came into effect on 30 August 2019.

On 4 September 2019, the Ruler of Dubai issued Decree no. 27 of 2019 in respect of the reduction and exemption from certain fees and penalties in the Emirate of Dubai (the “New Decree”). The New Decree was published in the Official Gazette on 24 September 2019.

Company Act 1. MOEA's Rulings in Relation to Quorum and Voting Threshold

In a world of closed economic borders with restrictions on travel and the movement of assets, internationally mobile individuals, their families and businesses have developed a genuine need for liberating, flexible solutions. Acquiring a second residency or citizenship through investment provides families with a broad spectrum of lifestyle, business, investment and tax benefits and has become an increasingly popular choice worldwide.

Taxation 1. Implementation Date of Act on the Use and Taxation on the Inward Remittance of Overseas Funds

Statute for Industrial Innovation 1. Amendment to Article 12-1, Article 12-2, Article 19-1, Article 23-1 and Article 23-3 of Statute for Industrial Innovation

The UAE has amended legislation dealing with ship arrests. Parties looking to enforce maritime debts in the UAE are advised to take note of the new procedures, which are now effective.

Family business and wealth ownership is expanding, and demand for learning and support in this area in an increasingly complex world is well established. This programme aims to improve not only the well-being, financial and business interests of the families involved, but of the societies and communities in which we all live and operate.

If the United Kingdom leaves the European Union with no deal on October 31, British citizens planning on traveling to EU later this year may have no other option but to renew their passports this week.