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UAE

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In brief Across the globe, transfer pricing disputes have increased following a waterfall of changes, e.g., BEPS, increased transparency, global compliance obligations, intangibility of value creation and digitized taxation. The pandemic added its synchronized impact by provoking countless economic and social ripples on the already turbulent waters. Against this backdrop, the Middle Eastern economies are battling lower oil prices and budget deficits, which in turn increase the pressure for fiscal receipts. In the last couple…

In brief The UAE’s Ministry of Health and Prevention (MoHAP) has issued a long awaited resolution setting out exceptions to Article 13 of Federal Law No. 2 of 2019 (“Health Data Law”), which by default prohibits the transfer, storage, generation or processing of health data that relates to health services provided in the UAE (“UAE Health Data”) outside of the UAE. Ministerial Resolution 51/2021 (“Resolution”) relaxes the data transfer restriction for certain types of processing…

The UAE Federal Tax Authority (FTA) announced that any person or group proven to have violated the provisions of tax legislation has the right to apply to the FTA to reduce or be exempted from an administrative penalty, provided that there is an excuse acceptable to the FTA, and that there is evidence available justifying the excuse and the violation related thereto, which led to the imposition of an administrative penalty. The FTA clarified that…

The Dubai Court of Cassation has recently issued a judgment that tackles the effect of incorporating arbitration clauses by means of referring to the general conditions of a FIDIC (or the International Federation of Consulting Engineers) contract including the arbitration clause therein. In the case in question, the parties had agreed that the 1987 FIDIC Red Book General Conditions of Contract would govern the transaction. Clause 67 of the 1987 FIDIC Red Book General Conditions…

Background Just when creditors in the UAE got used to Law No. 20 of 2016 concerning the Pledge of Moveable Assets as Security (“Old Pledge Law”), and the amendment that was introduced in 2019, the winds slightly changed course when Law No. 4 of 2020 on the Pledge of Rights in Moveable Assets (“New Pledge Law”) was introduced  in May 2020. Since then, creditors were not so sure in what direction the new breeze was…