Corporate tax in the UAE
In January 2022, the Ministry of Finance (Ministry) of the United Arab Emirates (UAE) announced its intention to…
The Bureau of Industry and Security (BIS) issued a new rule on April 8th, 2022, which officially added Switzerland, Norway, Iceland, and Lichtenstein to the global export controls coalition. These new additions were made for the purpose of growing the cooperation of nations standing against Russian aggression and Belarusian involvement, through the wide imposition of rigorous export controls.
In addition, the BIS also issued a new final rule on the same day, which imposes vast new restrictions on Belarus and Russia. One new measure includes the expansion of all license requirements for Belarus and Russia under the EAR (Export Administration Regulations) to any products listed on the CCL (Commerce Control List). Hence, the new final rule amended the FDP rule (foreign “direct product” rule) for both Belarus and Russia so that now it applies to any products on the CCL. Subsequently, BIS also published a set of countries within the EAR that are now excluded from several license requirements as these expressed devotion to the implication of export controls on the two nations in a substantial and similar matter to those implicated by the US. Such committed countries are now entitled to partial or full exclusions form the license requirements in the FDP rule. More information on the new measures imposed by the BIS on April 8th, 2022 can be found here.