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UAE

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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…

In brief The UAE Legislator has always taken into account the obstacles and complications that may delay the ability of any sector covered by the legislations to achieve the desired results. It has also acted in line with the leadership’s keenness to create a supportive environment for businesses of different specialties, which requires the establishment of clear legislative and legal sequences in order to ensure the ability to deal effectively with the global and local…

The UAE Federal Supreme Court recently dismissed an appeal filed by the Federal Tax Authority (FTA) against taxes and administrative fines and penalties imposed by the FTA against a UAE company, a Dubai based beverage distributor, in connection with excise taxes. Baker McKenzie Habib Al Mulla represented the company. The court also ordered that the FTA repay the full amount of the penalties to the company. This was considered to be the first time the…