Investment in new plant, machinery: provisions allowing tax credits being extended for three years
The Federal Board of Revenue (FBR) has said that the operation of provisions allowing tax credits on investment in new plant and machinery by an existing industrial undertaking or establishment of new industrial undertakings is being extended for further three years in the budget (2016-17).
Non-resident companies: FBR issues separate procedures/conditions
The Federal Board of Revenue (FBR) has made it mandatory for non-resident companies (having no Permanent Establishment in Pakistan) to be registered to provide tax registration or incorporation document from relevant regulatory authorities of the foreign country.
Wheeling of electricity: Nepra approves regulations
National Electric Power Regulatory Authority (Nepra) has approved regulations for wheeling of electricity aimed at improving and opening up power sector and promote competition.
The UAE foreign investment law has recently been issued and published. Federal Law No. 19 of 2018 on Foreign Direct Investment (the “FDI Law”) aims to promote foreign direct investment in the UAE and secure the country’s position as a leading and growing international business hub.
In order to increase the economic competitiveness of the UAE, there have been recent initiatives undertaken by UAE free zones including the creation of a freelancer permit, the introduction of a new type of commercial licence by the Dubai International Financial Centre (“DIFC”) and the launch of a new commercial license for tech start-ups by the Abu Dhabi Global Market (“ADGM”).
The UAE Legal Landscape addresses the key factors that underpin legal frameworks, policy, regulation and enforcement, taxation, organisational behaviour and investor strategies in the UAE.
