Ministry of Human Resources and Emiratisation (MoHRE) Calls for Meeting 2024 Emiratisation Targets by Year-End
Key Takeaways:
- Companies with 50+ employees must achieve 2% increase in Emiratisation for skilled positions, while those with 20-49 employees in rapidly growing sectors must hire at least one Emirati.
- Over 124,000 Emiratis are currently employed across 23,000 private companies, demonstrating unprecedented compliance levels.
- Companies must register Emiratis in UAE pension, retirement, and social security systems, with salaries transferred through the Wage Protection System.
- Non-compliance penalties include AED 96,000 per unfilled position, with legal actions against fraudulent practices.
- The Nafis programme connects companies with Emirati job seekers, while Tawteen Partners Club members receive up to 80% discount on Ministry service fees and priority in government procurement.
- Companies can report violations through the call center (600590000), Ministry’s application, or website.
The Ministry of Human Resources and Emiratisation (MoHRE) has issued an urgent reminder to private sector companies regarding the approaching December 31st deadline for meeting 2024 Emiratisation targets. This strategic initiative aims to enhance Emirati participation in the private sector workforce, reflecting the government’s commitment to creating sustainable employment opportunities for UAE nationals. Companies across various sectors are now intensifying their recruitment efforts to meet these mandated targets, designed to foster a more locally-integrated private sector economy.
Federal Tax Authority (FTA) urges December License Holders to Register for Corporate Tax by Year-End
The Federal Tax Authority (FTA) has issued an urgent call for Corporate Tax registration from Resident Juridical Persons holding December-issued licenses, as mandated by FTA Decision No. 3 of 2024. This directive emphasizes immediate action to ensure compliance and avoid penalties, with the Authority implementing streamlined registration processes through its EmaraTax digital platform. The requirement affects both new and existing businesses, marking a significant step in the UAE’s implementation of its Corporate Tax framework.
Key Takeaways:
- Submit Corporate Tax registration by December 31, 2024, for all December license holders.
- Complete 30-minute registration through EmaraTax digital services.
- Choose between direct platform access, Tax Agents, or government service centers for registration.
- Earliest license issuance date determines deadline for entities with multiple licenses.
- Applies to both Resident and Non-Resident Juridical and Natural Persons.
- Receive Tax Registration Number via email after electronic verification.
Al Reem Island Property Register Transfers to ADGM Jurisdiction.
Following Al Reem Island’s incorporation into ADGM in April 2023, the property register will transition from Abu Dhabi Municipality to ADGM Registration Authority on January 1, 2025, under the new Real Property Regulations 2024. This major shift introduces common law principles to real estate transactions on the island, requiring property owners, banks, and legal practitioners to adapt to new registration requirements and expanded forms of land interests. The transition marks a significant development in Abu Dhabi’s real estate sector, integrating international financial center standards with local property management.
Key Takeaways:
- Transfer covers all real estate interests and mortgages to ADGM land register.
- Six-month window to report discrepancies after registration.
- ADGM Registrar will use ADM records without independent verification.
- New mortgage requirements include property description, secured debt details, maturity date.
- Common law jurisdiction requires review of existing UAE civil law templates.
- Mortgage enforcement continues through ADGM courts.
- Banks must review processes before January 2025 deadline.
- ADGM offers expanded land interests including legal mortgages, equitable mortgages, easements.
UAE Ministry of Economy Unveils Landmark Price Control Framework for Essential Consumer Goods
The Ministry of Economy has announced the implementation of three ministerial decrees to regulate pricing of essential consumer goods, effective January 2, 2025. These regulations aim to strengthen consumer protection and ensure market stability by establishing clear guidelines for price modifications and retail practices. The initiative introduces comprehensive oversight mechanisms for nine essential commodities, reflecting the government’s commitment to maintaining affordable access to basic necessities while promoting fair market competition.
Key Takeaways:
- Policy covers 9 essential goods: cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread, wheat.
- Price increases require Ministry approval for essential goods and cleaning products.
- Minimum 6-month gap required between consecutive price increases.
- Retail stores over 1,000sqm must display clear unit pricing.
- New code of conduct established to regulate supplier-retailer relationships.
- Dedicated team to monitor price changes and review increase requests.
- Consumers can file complaints against violations.
- Implementation involves Ministry of Economy, local authorities, suppliers, retailers, and digital merchants.
