ZATCA has published the Regional Headquarters Tax Rules (“RHQ Tax Rules”), approved and enacted by ZATCA’s board resolution no. (9-1-24) on 04/02/2024. Under the RHQ Tax Rules, RHQ licensed entities will enjoy the following tax incentives for a period of 30 years commencing from the date on which the RHQ license is issued: Any income derived by an RHQ entity that is not eligible for an exemption under the RHQ Tax Rules (such as income…
In brief Over the last few months, the United Arab Emirates (UAE) have made a few legislative changes in relation to the Ultimate Beneficial Ownership (UBO) regulations as well as the associated administrative penalties, with the issuance of: Under the previous Cabinet resolution, the main challenge that corporate entities and the authorities faced was in relation to identifying the UBO in entities that adopt complex structures and have multiple layers of ownership or that are…
In brief This is some guardedly good news for foreign investors operating in Egypt who are interested in establishing vehicles to import commodities for direct trading on the domestic market in Egypt (i.e., importation for trading). A company can now be majority or wholly-owned by foreign nationals or foreign entities and apply for the importation license for commercial resale. However, the importation license will only be granted for 10 years with a possible renewal for…
The Government of Saudi Arabia has announced the issuance of the long-awaited Civil Transactions Law (“CTL”), the third of the four laws announced as part of the specialized legislations reform (the others being the Family Law, Evidence Law (both have been issued) and the Criminal law (expected to be issued soon)). The CTL was officially published in the Saudi official gazette on 19 June 2023. The CTL contains 721 articles and marks an important advancement…
Clarity has been provided by the UAE Ministry of Finance on income generated by a UAE Free Zone Person that could be eligible for a 0% tax rate In brief Since the release of the UAE corporate tax law on 9 December 2022, UAE Free Zone Persons have been eagerly awaiting the release of the definition of ‘Qualifying Income’. The release of this information now enables UAE Free Zone Persons to determine if they are…