June 2016 Issue 45
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Extension Of The Grace Period Of Implementing The Revised UAE Commercial Companies Law
This is an update to the attached Tax alert sent on June 9, 2016 with regard to the grace period of implementing the revised UAE Commercial Companies Law (CCL) that was coming to an end in June. The UAE Cabinet recently approved a proposal by Sultan bin Saeed Al Mansouri, Minister of Economy, to extend the period for existing companies in the UAE to comply with the law to one year. The adjustment of positions now starts from July 1, 2016 and ends on 30 June, 2017. The extension came after Al Mansouri received several requests from the Securities and Commodities Authority, the Departments of Economic Development across all the emirates, and a number of existing companies in the UAE to have more time to adjust to the new law given the substantial time needed to complete the statute amendments and obtain government approvals and the effort required for holding general assemblies for some companies.
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India Announces Sweeping Reforms To FDI Rules
New Delhi: India announced on 20.06.2016, sweeping reforms to rules on foreign direct investment, opening up its defence and civil aviation sectors to complete outside ownership and clearing the way for Apple to open stores in the country. The move comes two days after central bank governor Raghuram Rajan, a darling of financial markets but under pressure from political opponents at home, announced he would not seek another term, a surprise move that raised concerns about whether reforms he set in motion will stall. Prime Minister Narendra Modi hailed the changes to the foreign direct investment (FDI) rules, stressing his government’s reform credentials. “These changes are fairly significant, particularly if you look at them in the context of what happened over the weekend with Governor Rajan’s decision to step down,” said Shilan Shah, India economist at Capital Economics in Singapore. "It might be the government’s way to illustrate its commitment to reforms and mitigate any investor fallout following Rajan’s decision."
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GCC To Discuss Introduction Of Taxes
The Financial and Economic Cooperation Committee in the Gulf Cooperation Council will hold an extraordinary meeting in Riyadh, Saudi Arabia, 24.05.2016 to discuss the introduction of taxes.
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Saudi Arabia Second Country To Endorse WTO Treaty
RIYADH: Saudi Arabia has completed the process for endorsing the WTO Trade Facilitation Agreement.

The Kingdom is the second country to endorse the treaty, according to the Ministry of Commerce and Investment, local media reported on 15.06.2016.
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South Korea, India To Enhance Free Trade Deal
South Korea and India have agreed to enter into talks aimed at re-negotiating the terms of their existing bilateral Comprehensive Economic Partnership Agreement (CEPA), particularly to improve the list of traded goods subject to reduced tariffs
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