Author: afridi-angell

LexisNexis UAE Managing Partner Report 2023

The 2023 UAE Managing Partner Report is here!

 

Brought to you by LexisNexis Middle East and supported by Abu Dhabi Global Market, this year’s report titled, ‘Where the Future is Still Bright’, is packed with positive growth and optimism in the UAE legal market.

 

Bashir Ahmed shares his insights on the growing compliance landscape in the UAE legal market. Read his interview by downloading the PDF.

Lex Mundi’s 2023 Cross-Border Transactions Global M&A Trends Report

This report is produced by the Lex Mundi Cross-Border Transactions (CBT) Group. The CBT Group provides access to the experienced, top-tier legal advice clients require to expand their operations and investments into global markets.  The report sets out Lex Mundi’s member firms’ insights and predictions for 2023 in respect of mergers and acquisitions (M&A), including key concerns facing M&A practitioners across various regions (including the Middle East and Africa, Asia and the pacific, Europe, North America, Latin America and the Caribbean) and a look back and look forward on deal activity by market segment and sector.

The Mergers & Acquisitions Review, 16th Edition – The Law Reviews

The Mergers & Acquisitions Review provides a practical overview of global M&A activity and the legal and regulatory frameworks governing M&A transactions in major jurisdictions worldwide. With a focus on recent developments and trends, it examines key issues including relevant competition, tax and employment law considerations; financing; due diligence; and much more.

Service of claim documents within the jurisdiction and abroad Q&A: DIFC

DIFC-specific information setting out the framework for service of claim documents (in relation to domestic and foreign proceedings) within the jurisdiction, and service of claim documents outside the jurisdiction.

Pre-action Letters: Dubai International Financial Centre (DIFC)

This Q&A focuses on Dubai International Finance Centre (DIFC) specific information on all the key issues to consider before issuing or responding to a pre-action better. Furthermore, this Q&A provides country-specific commentary on Practice note, Letter before action (Pre-action or demand letter): Cross-border, and forms part of Cross-border dispute resolution.

Recovery of trade debts Q&A: (DIFC)

This Q&A is DIFC specific information on the legal options available to parties looking to recover a trade debt including ordinary legal proceedings, special fast-track procedures (if any), insolvency proceedings and amicable settlement opportunities.

 

This Q&A also provides United Arab Emirates commentary on Practice note and Recovery of trade debts: a cross-border overview.

Rules of evidence (including cross-border) in civil proceedings Q&A: (DIFC)

This Q&A provides an overview of the rules of evidence in civil proceedings, including rules on the disclosure obligations of the parties, admissibility of evidence, witness evidence, the standard of proof, as well as issues that arise in gathering cross-border evidence.

The International Capital Markets Review (UAE chapter), 12th edition

This volume will prove to be a useful guide investigating the international capital markets. The book itself covers multiple jurisdictions, however this chapter is dedicated to the analysis of the market situation in the United Arab Emirates in 2022. It not only contains multiple relevant sub topics (such as developments affecting debt and equity offerings, the tax and insolvency law, developments affecting derivatives, securitisations and other structured products and more ), but it also provides strategic considerations to take into account and to gain that broad understanding and what may lie ahead.

Tax Residency in the UAE: who qualifies as a UAE Tax Resident?

Recently approved Cabinet Decision 85 of 2022 (the Decision) outlines the requirements and conditions for classification of persons as a “Tax Resident” of the UAE. We briefly outline below who qualifies as a UAE tax resident.

 

Afridi & Angell have assisted a variety of clients in procuring tax domicile certificates and are well versed in the procedures and requirements. If you are interested in learning more about whether you may qualify as a Tax Resident, or the procedures for obtaining a tax domicile certificate, please reach out to one of our team members. Tax domicile certificates are an important and valuable component in the tax-planning structures that we implement for many of our clients.

 

Companies as UAE Tax Residents

 

Article 3 of the Decision provides that a company shall be deemed as a Tax Resident where it meets one of the following criteria:

 

(1) it is established, formed or recognised according to the legislation in force in the UAE. The Decision expressly excludes branches of foreign companies registered in the UAE from the definition of a Tax Resident; or

 

(2) it is otherwise deemed as a Tax Resident by virtue of a different federal law imposing tax (Tax Law).

 

Natural Persons as UAE Tax Residents

 

Article 4 outlines the requirements for a natural person and provides that such a person shall be deemed as a Tax Resident where they meet one of the following conditions:

 

(1) the habitual or primary place of residence of the individual is located in the UAE, so long as it is considered to be the place of fiscal and personal interests of the individual and where it meets the conditions and standards as applicable and determined from time to time;

 

(2) the individual is physically present in the UAE for a minimum of 183 days, within the duration of 12 consecutive months; or

 

(3) the individual may qualify as a Tax Resident where they have been physically present in the UAE for a minimum of 90 days within the relevant duration of 12 consecutive months, if the individual holds UAE nationality or a valid UAE Residence Permit or the nationality of any of the GCC Countries, and meet either of the following conditions:

 

a. the individual holds a “Place of Permanent Residence” in the UAE; or

b. the individual holds a position or is exercising “Activities” in the UAE.

 

A “Place of Permanent Residence” means a place located in the UAE which is deemed available to the individual at all times and “Activities” includes any activity practiced on a regular, ongoing and independent basis by a natural person.

 

The Decision provides that any person deemed as a Tax Resident in the UAE may submit an application to the Federal Tax Authority for issuance of a tax domicile certificate. ■