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GCC

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The Kingdom of Saudi Arabia (KSA) has announced to triple the rate of VAT to 15%, which will come to effect on 1 July 2020. This is a significant rate increase and one of the fiscal measures taken by the KSA Government to mitigate the negative effects of the COVID-19 pandemic and other macro-economic developments on public finance. The increased rate is expected to apply to all supplies of goods and services that are currently…

There have been continuous discussions among law firms and commentators on whether the Coronavirus (COVID-19) pandemic constitutes a “force majeure” event, which is derived from the principle established in French Civil Law. Some say that the principle of force majeure should be applied in the current crisis, as the conditions of a force majeure event are met: sudden, unpredictable and impossible to prevent. Therefore, a contracting party may be exempted from fulfilling its contractual obligations…

In the wake of the COVID-19 health crisis, working-from-home has become the new normal, however, it does present a number of practical challenges, including how to execute legally binding documents. It has long been common practice for deal documents to be signed in counterpart, on different days, by signatories in different corners of the globe, but with our freedom of movement curtailed and home printing capabilities limited, feasible options are often restricted. Electronic contract execution…

On 31 March 2020, the UAE Ministry of Economy announced a significant reduction in the official fees for 26 different trademark services, pursuant to UAE Cabinet Resolution No. 20 of 2020. The fee reductions have come into effect on 5 April 2020. This is the second year in a row that the Ministry of Economy has reduced its fees, with the last reduction announced pursuant to Cabinet Decree No. 15 of 2019, and is in…