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In brief Our Middle East Tax Newsletter aims to provide you with regular updates, insights and practical guidance on the tax implications of doing business in the region. In this issue, we provide a roundup of the current status of Value Added Tax (VAT) and the most recent tax related developments across the Gulf Cooperation Council (GCC), as well as their implications on the financial position of businesses. Oman VAT On 12 October 2020, it…

In brief Recent developments in the labour laws of the United Arab Emirates (UAE), Saudi Arabia and Bahrain have been issued to bridge the gender- pay gap between men and women. The updates have been in relation to: (i) prohibiting discrimination, whether in pay or otherwise, between male and female employees who carry out the same job in the UAE, Saudi Arabia and Bahrain; (ii) introducing paternity leave in the UAE; and (iii) granting female…

In brief On 29 August 2020, the United Arab Emirates (UAE) Government’s Emirates New Agency (Wakalat Anba’a al Emarat, or ‘WAM’) publicly announced that H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, issued Federal Decree Law No. 4 of 2020 (the UAE Israeli Boycott Repeal Law), abolishing Federal Decree Law No. 15 of 1972 Concerning the Arab League Boycott of Israel (the UAE Israeli Boycott Law). The UAE Israeli Boycott Repeal Law…

Overall global deal values down 31% from the previous half year, and 41% from H1 of 2019 which is the slowest first half for M&A since 2013Overall Middle East deal values and volume drop by around 58% and 26% respectively from H1 2019Total Middle East M&A deal values during the last two months of H1 2020 grew from USD 2.649 billion in H1 2019 to USD 33.501 Global M&A activity saw a decline in activity…

On 15 July 2020, the U.S. and Gulf Cooperation Council (“GCC”)-led Terrorist Financing Targeting Center (“TFTC”) designated six targets affiliated with the Islamic State of Iraq and Syria (“ISIS”), including an entity allegedly posing as a charity (and its director) based in Afghanistan that allegedly provided support to ISIS’ branch in that country, ISIS-Khorasan (“ISIS-K”). The entities that were designated are: Al Haram ExchangeTawasul CompanyAl-Khalidi ExchangeNejaat Social Welfare Organization Five of these targets (which includes…