Financial services VAT in Bahrain. KSA Transfer Pricing regulations. Tax Disputes Resolution Committees in the UAE. Oman Excise Tax Law. Read on for the most recent tax-related developments from across the Gulf Cooperation Council (GCC).
With Bahrain, Saudi Arabia and the UAE having introduced Value Added Tax, and other Gulf Cooperation Council members states to follow suit over the next year, businesses are operating in a new tax regime in the Middle East. Our Middle East Tax Newsletter aims to provide you with updates, insights and practical guidance on the tax implications of doing business in the region.
The first anniversary of the introduction of Value Added Tax (VAT) in the UAE is fast approaching and, where applicable, many businesses have little time left before the end of their first tax year to carry out any required end-of-year input tax adjustments.
The insurance industry has been grappling with some Value Added Tax (VAT) related challenges since the introduction of VAT in the United Arab Emirates (UAE) at the start of 2018.
In its recently published VAT Guide on Insurance, the Federal Tax Authority (FTA) provides helpful clarifications on some of the issues faced by insurers and companies related to the insurance industry.
The United Arab Emirates (UAE) and Saudi Arabia (KSA) are off to a strong start with value added tax (VAT) introduced in the GCC member states on 1 January 2018, and the first VAT returns filed on 28 February 2018. Businesses have started to adapt to the realities of conducting operations within the new VAT regime and to manage the inevitable challenges arising in the first phase of implementation.