Politics

UAE Progressive Legal Reforms: Enhancing Lives and Opportunities

The introduction of a corporate tax law, effective from June 1, 2023, brings a nine percent tax rate for companies, focusing on profits rather than total turnover. 

Companies above the Dh375,000 threshold are subject to this tax, supporting small and medium businesses.

Bankruptcy Laws Ensuring Fairness:

Effective May 1, 2024, new bankruptcy laws protect debtors and creditors’ interests. Courts can initiate a moratorium for three months, which is extendable, allowing debtors to devise a restructuring plan without separate creditor actions and fostering fair resolution within a specified timeframe.

Safety Nets for Job Loss:

The Involuntary Loss of Employment scheme, effective from January 1, 2023, mandates registration for all citizens and residents, providing financial support in case of job loss. 

Differentiated payment structures based on salary levels ensure a safety net, offering up to 60% of the average basic salary for three months in case of involuntary job loss.

Expanding Reproductive Rights:

Surrogacy laws in the UAE now permit non-Muslim couples to opt for surrogacy and access IVF treatments, broadening opportunities for parenthood.

Inclusive Civil Marriage Regulations:

The Federal Personal Status Law, effective February 1, 2023, facilitates non-Muslim foreigners in navigating marriage regulations, divorce proceedings, custody arrangements, inheritance procedures, and paternity proofs.

Empowering Employee Benefits:

The End-of-Service Scheme, initiated on November 1, 2023, empowers UAE employees to invest their gratuity in multiple savings schemes. 

Upon termination of employment, employees can access benefits, including accrued returns from investment funds, enhancing financial prospects beyond traditional gratuity schemes.

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