VAT’s UP

VAT’s UP

FTA Secures Accreditation as a Certified Government Innovative Organisation

Date: 27 Feb, 2024

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External URL: https://bit.ly/48Cgchc

Dubai February 27 2024:

FTA has been honoured with the prestigious title of “Certified Government Innovative Organisation – Advanced Level” by the esteemed Global Innovation Institute (GInI), a specialised entity in innovation assessment for organisations granting professional certifications, accreditations and membership in the field of innovation.

This milestone coincides with the FTA’s active engagement in the events of “UAE Innovation Month 2024” which ran throughout the month of February.

The acquisition of the prestigious “Certified Government Innovative Organisation” certificate, endorsed in the United States and exclusively crafted for governmental bodies, signifies the Federal Tax Authority’s remarkable strides in innovation and development. This accolade underscores the Authority’s commitment to pioneering advancements and signals its unwavering dedication to pushing the boundaries in the realms of innovation and progress.

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FTA Signs Agreement with 01GOV Platform to Expand Use of its Tax 10 Platform

Date: 22 Feb, 2024

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External URL: https://bit.ly/48r9Uks

Dubai February 22 2024:

As part of its agenda for the ‘UAE Innovates 2024’ initiative, held throughout the month of February, the Federal Tax Authority (FTA) signed a collaboration agreement with the 01GOV Platform, in an effort to expand the use of its own TAX 10 platform.

The Authority launched Tax 10 last year to encourage innovation, promote institutional excellence and professional creativity among its employees, in a bid to ultimately upgrade its services, drive sustainable development and promote a culture of innovation.

The agreement forms part of the FTA’s community contribution during the monthlong ‘UAE Innovates 2024’ initiative. The Authority aims to encourage cooperation among various government entities, local academic institutions and tax authorities across the region in order to enhance innovation in the public sector and provide a model for using advanced technology to upgrade government services.

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Saudi Arabia Grants 30-Years Tax Relief to MNCs with HQ in its Country

Date: 20 Feb, 2024

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External URL: https://www.newarab.com/news/saudi-arabia-gives-tax-breaks-foreign-firms-new-hqs

Riyadh February 20 2024:

In a new step towards attracting foreign investments and global companies, the Saudi Arabian official Gazette has announced its plans to grant 30 years of tax relief to multinational companies (MNCs) establishing regional headquarters in the Gulf kingdom.

The Ministry of Investment of Saudi Arabia, in coordination with the Ministry of Finance and the Zakat, Tax and Customs Authority today announced 30-year tax incentive package for The Regional Headquarters (RHQ) Program, to further streamline the process for MNCs to establish their RHQ in the country. The offer includes a 0 percent corporate tax and withholding tax rate for 30 years, which will be applied for companies from the day they obtained their RHQ license.

The tax relief granted to multinational companies establishing headquarters in the country comes before a January 1 deadline to open such branches in Saudi Arabia. The program aims to attract MNCs to set up their RHQ in Saudi Arabia and position the Kingdom as the leading commercial, industrial and investment hub for the MENA region.

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ZATCA Records 6 Million Customs Declaration and More Than 1 Million Zakat & Tax Declarations

Date: 12 Feb, 2024

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External URL: https://zatca.gov.sa/ar/MediaCenter/News/Pages/news_1200.aspx

Riyadh February 12 2024:

The Zakat, Tax and Customs Authority, through its land, air and sea ports, processed about 6 million customs declarations for the Kingdom’s imports and exports during the year 2023, amounting to more than 2.3 million containers, while the number of zakat and tax declarations for the authority’s taxpayers reached more than 1.6 million zakat declarations.

At the level of enhancing the security aspect, seizures across all customs ports during the year 2023 amounted to more than 50,000 seizures, including all prohibited items that the Authority thwarted in an attempt to smuggle them into the Kingdom.

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Kuwait, UAE Sign Double Taxation Agreement

Date: 11 Feb, 2024

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External URL: https://bit.ly/3HVnUbv

Kuwait City February 11 2024:

Kuwait and the United Arab Emirates have signed an agreement to avert double taxation between the two countries, Kuwait News Agency (KUNA) reported.

In its statement, Kuwait’s Ministry of Finance said the final agreement between the two regarding taxes on income on capital and to prevent tax evasion and avoidance had been signed.

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FTA Earns ISO Certificate for Implementing International Standard in its Innovation Management System

Date: 09 Feb, 2024

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External URL: https://bit.ly/42UXCQp

Abu Dhabi February 09 2024:

The innovation management system of the Federal Tax Authority (FTA) has earned a new international accreditation, in recognition of it implementing global best practices and standards that enhance the effectiveness and efficiency of innovation management.

The Authority has been awarded the ISO 56002:2019 certificate, confirming its success in implementing the international standard for innovation management. This achievement coincides with the FTA’s participation in the month long UAE Innovates 2024 initiative.

The certification was granted after experts from the certifying body audited the FTA’s system and verified the accuracy of all related procedures. The Authority passed the audits successfully, confirming that its system provides an effective framework for driving innovation.

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FTA Launches Hackathon Event to Encourage Innovators in the Tax Sector

Date: 08 Feb, 2024

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External URL: https://bit.ly/3SCZU1G

Dubai February 08 2024:

As part of its agenda for participating in the month long ‘UAE Innovates 2024’ initiative, held throughout the month of February, the Federal Tax Authority (FTA) has opened the door for participation in its Hackathon event.

With the Hackathon, the Authority aims to develop innovative technological solutions for the challenges the tax sector faces, in addition to strengthening cooperation and partnership among government, educational, and private institutions to achieve a sustainable impact.

The FTA invited innovators to participate in the event, which offers them an opportunity to generate pioneering solutions that address the challenges facing the tax sector in several aspects, including raising awareness about taxes in the community; employing advanced technology to streamline procedures, such as the submission of tax returns for small and medium-sized enterprises (SMEs); and combating tax evasion.

Submissions will continue to be accepted until 23 February, after which the Authority will organise a special event on 29 February at the Dubai Creative Hub – Emirates Towers, in collaboration with world-leading software developers SAP, the FTA’s strategic partner in digital transformation.

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FTA Launches 2nd Phase of Corporate Tax Awareness Campaigns in Abu Dhabi

Date: 06 Feb, 2024

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External URL: https://bit.ly/48hrZS1

Abu Dhabi February 06 2024:

Tax Authority (FTA) has launched the second phase of its comprehensive campaign to raise business sectors’ awareness of Corporate Tax and provide continuous knowledge support to taxpayers. The campaign is part of the FTA’s efforts, in collaboration with the relevant parties, to ensure a seamless implementation of the Corporate Tax Law which entered into effect in June and applies to financial years that began on or after 1 June 2023.

The FTA explained in a press release today that the new phase of the Corporate Tax awareness campaign – which runs until the end of this year – will feature a number of events and virtual as well as in-person workshops across the UAE’s seven emirates. The program will focus on raising awareness about various specific topics such as legislation and the requirements and procedures for Corporate Tax compliance and will be tailored to the needs of each of the concerned taxpayer.

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MPs Approve 2% Tax on Expat Remittances in Bahrain

Date: 02 Feb, 2024

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External URL: https://www.zawya.com/en/world/middle-east/mps-approve-2-tax-on-expat-remittances-in-bahrain-o6eommrt

Manama February 02 2024:

Parliament has unanimously approved a legislation to tax expatriate remittances despite strong opposition from the government.

During its weekly session yesterday, Parliament Speaker Ahmed Al Musallam led the “yes” vote to impose a two per cent levy on the total amount remitted each time by an expatriate individual. It will be now reviewed and voted on by the Shura Council after Mr Al Musallam referred it urgently to the upper chamber.

The government was obliged by law to draft the Parliament-presented legislation within six months. However, it has asserted that a remittance tax would be unfair and ‘unconstitutional’.

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Oman Most Affordable Tax-free Country

Date: 19 Jan, 2024

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External URL: https://www.muscatdaily.com/2024/01/15/oman-most-affordable-tax-free-country/

Muscat January 19 2024:

Oman is the most affordable tax-free country to relocate to in 2024, with a relocation score of 7.92 according to research by award-winning expat insurance provider William Russell. It is also the cheapest country to purchase or rent an apartment in, as it boasts the lowest monthly living costs. It is also the third cheapest country for monthly utility bills, costing around £83 ($103).

Kuwait is the second most affordable tax-free country to move to this year, with a relocation score of 6.49/10. Single economy flights to the country range from US$159 to US$660 and Kuwait is also the second most affordable country for both monthly costs and utility bills.

Bahrain ranks third most affordable tax-free country to relocate to in 2024, earning a relocation score of 6.36/10. Bahrain is the second cheapest country to purchase an apartment in, costing US$173/sqm on average. It is also the fifth most affordable country for both monthly costs and utility bills.

Popular relocation spot – the United Arab Emirates – ranked the fourth most affordable tax-free country (relocation score 5.84/10), with monthly costs of around US$959, while the average monthly net salary in the UAE is around US$3,474.

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Qatar: General Tax Authority Announces Tax Return Filing Dates

Date: 18 Jan, 2024

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External URL: https://www.zawya.com/en/economy/gcc/qatar-general-tax-authority-announces-tax-return-filing-dates-yrhwtxdv

Doha January 18 2024:

The General Tax Authority (GTA) announced the timeframe for the submission of tax returns for the tax year ending on December 31, 2023 and the application window extends from January 1, 2024 to April 30.

The GTA further clarified that all companies with a commercial register or a commercial ‎license must submit a tax return, and this requirement applies irrespective of whether they have ‎engaged in actual commercial activity. Submissions can be made through the Dhareeba tax ‎portal, dhareeba.qa or the Dhareeba Application, the service has been activated for the companies that meet the conditions for submitting a simplified tax return.

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UAE FTA Releases Guide on Tax Groups in Jan 2024

Date: 16 Jan, 2024

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External URL: https://www.zawya.com/en/legal/regulations/uae-corporate-tax-set-up-a-tax-group-to-optimise-your-compliance-cost-vnhmu78q

Abu Dhabi January 16 2024:

This month, the Federal Tax Authority (FTA) released Corporate Tax Guide CTGTGR1 focusing on tax groups. The guide offers detailed explanations on various aspects of tax group and the conditions for establishing a tax group.

The parent company and its subsidiary/ies can request the FTA to form a tax group, if they are resident juridical persons, with the parent company owning at least 95 per cent of the share capital, voting rights, and entitlement to profits and net assets of the subsidiary/ies. Both entities should not be exempt or qualified free zone persons. Additionally, the parent company and its subsidiary must share the same financial year and follow the same accounting standards for preparing their financial statements.

The juridical person condition clarified that the sole establishments, freelancers, and unincorporated partnerships cannot be part of the tax group.

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UAE FTA Recruits 134 Emirati Talents to its Team in 2023

Date: 15 Jan, 2024

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External URL: https://bit.ly/491g5MI

Abu Dhabi January 15 2024:

The Federal Tax Authority (FTA) appointed 134 UAE citizens to its team in 2023, filling various specialised, technical, and administrative positions.

The figure exceeds the FTA’s strategic targets in that regard, where the Authority had aimed to recruit 123 Emiratis in a campaign announced at the beginning of 2023 to raise Emiratisation rates across all sectors of its work.

In a meeting with the Emirati employees appointed in 2023, FTA Director General His Excellency Khalid Ali Al Bustani said: “Over the past few years, the Federal Tax Authority has achieved numerous milestones in developing its human capital, relying particularly on distinguished national talents. The Authority implemented a strategy aimed at training and empowering its team members – and Emirati employees, in particular – by providing diverse job opportunities in tax-related fields and associated sectors.”

“Since its establishment, the Authority has recruited and continuously trained a significant number of qualified UAE citizens,” H.E. added. “We strive to achieve high rates of Emiratisation, which serves to enhance the role that Emirati citizens play across all sectors, including upper management. We will continue to recruit UAE citizens, in line with the FTA’s strategy to upskill our human capital through sustainable organisational development and capacity building.”

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UAE FTA Collaborates with Etihad Credit Bureau to Enhance Tax Compliance

Date: 12 Jan, 2024

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External URL: https://bit.ly/427cf2h

Abu Dhabi January 12 2024:

The Federal Tax Authority (FTA) has signed a membership agreement with Etihad Credit Bureau, the federal entity mandated with regularly collecting credit information from financial and non-financial institutions in the UAE. This agreement is to strengthen bilateral cooperation and benefit from the Bureau’s services and credit information database to enhance tax compliance in the UAE.

The agreement was signed by His Excellency Khalid Ali Al Bustani, Director General of the FTA, and H.E. Marwan Ahmad Lutfi, Director General of Etihad Credit Bureau, at the FTA headquarters in Dubai. It aims to establish an electronic link between the two entities, enabling the Authority to directly access credit reports provided by the Bureau. This will further help strengthen compliance with tax legislation based on authenticated and accurate information and assessments

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MPs Approve 2% Tax on Expat Remittances in Bahrain

Date: 10 Jan, 2024

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External URL: https://bit.ly/47u76T5

Manama January 10 2024:

Parliament has unanimously approved a legislation to tax expatriate remittances despite strong opposition from the government.

During its weekly session yesterday, Parliament Speaker Ahmed Al Musallam led the “yes” vote to impose a two per cent levy on the total amount remitted each time by an expatriate individual.

It will be now reviewed and voted on by the Shura Council after Mr Al Musallam referred it urgently to the upper chamber.

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ZATCA Extends Cancellation of Fines and Exemption of Penalties Initiative for Taxpayers until June 2024

Date: 06 Jan, 2024

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External URL: https://zatca.gov.sa/en/MediaCenter/News/Pages/news_1173.aspx

Riyadh January 06 2024:

The “Cancellation of Fines and Exemption of Penalties Initiative” in Saudi Arabia has been extended until June 30, 2024. The initiative covers fines for late registration, late payment, late filing of returns, fines to correct VAT returns, as well as fines for violations of VAT field control related to applying the e-invoicing regulations and other general regulations.

ZATCA has invited taxpayers to view the details of the initiative through the simplified guideline available on its website, which includes a detailed explanation of the most important aspects of the decision, such as the types of penalties that are included, the conditions for benefiting from the exempt fines and the steps for paying financial dues in installments, as well as introducing the field control violations.

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UAE Corporate Tax: Registration Mandatory for Small Businesses Even with Losses

Date: 03 Jan, 2024

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External URL: https://bit.ly/3NQtajP

Dubai January 03 2024:

FTA declares that it doesn’t mater whether a business is relatively new or has been making losses, they need to register irrespective of whether their annual profit is above or below the Dh 375,000 threshold.

However, if businesses don’t meet the Dh 375,000 profit level, eligible taxable persons (i.e. business owners) can elect for the ‘Small Business Relief’ on their tax return.To be eligible for the relief the criteria is as follows:

  • To be eligible for the relief, the business’s revenue must be below or equal to Dh 3 million for the latest and all previous tax periods.
  • Where the revenue exceeds Dh 3 million, the business will no longer be able to elect for the relief package, even if the revenue falls below the threshold in subsequent tax periods.

But the bottom-line remains the same – these businesses will still need to register for corporate tax.

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Qatar Tax Authority Imposes Penalties worth ₹239 crores on L&T

Date: 02 Jan, 2024

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External URL: https://bit.ly/3TQPXQj

Doha January 02 2024:

General Tax Authority in Qatar has imposed a penalty of ₹111.31 crore for the tax period from April 1, 2016, to March 31, 2017, and an additional ₹127.64 crore for the period from April 1, 2017, to March 31, 2018 on the infrastructure giant Larsen and Toubro (L&T). The two monetary penalties amount to a total tax penalty of ₹239 crore.

According to a regulatory filing by the infrastructure major to the stock exchanges, Qatar Tax Authority has charged the tax penalty over variation in the income declared by L&T against the authority’s assessment.The penalties were levied under article 14 of income tax law number 24 for the year 2018 (in Qatar).

L&T promptly responded by filing an appeal against what it deems an arbitrary and unjustified penalty. The company insists that the penalties were a result of tax assessments and subsequent adjustments in the tax returns for the mentioned periods.

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KSA: ZATCA Issues an Interactive Calendar of Zakat and Tax Returns for the Year 2024

Date: 01 Jan, 2024

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External URL: https://zatca.gov.sa/ar/MediaCenter/News/Pages/news_1177.aspx

Riyadh January 01 2024:

The Zakat, Tax and Customs Authority issues a calendar includes all the dates specified for submitting zakat accounts returns, tax returns for withholding tax, selective goods tax, and value added tax, and more.

In this regard, the Authority added that the calendar is distinguished by its interactive feature, so that it can be added via the calendar of mobile devices and easily browsed. Establishments and those interested can also download the calendar here.

FTA Reveals 13,600 Participants Joined 48 In-person and Virtual Corporate Tax Workshops

Date: 26 Dec, 2023

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External URL: https://bit.ly/48efN5c

Dubai December 26 2023:

The Federal Tax Authority (FTA) confirmed that the first phase of the Corporate Tax awareness campaign launched this year recorded significant participation from taxpayers and various stakeholders involved in its implementation. The campaigns aim to provide continuous knowledge support to all relevant taxpayers and stakeholders and ensure the accurate and seamless implementation of Corporate Tax, in collaboration with relevant entities.

The FTA noted that as part of the campaign, 39 virtual workshops were organised to introduce Corporate Tax and clarify the procedures for its registration in both Arabic and English. Furthermore, the Corporate Tax awareness campaign also included 9 in-person workshops across all 7 Emirates. The workshops concluded with a session on the ‘General Principles on Taxation of Corporations and Businesses’ in December 2023 organised by the Federal Tax Authority.

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FTA Issues Guide Outlining Criteria to Determine Natural Persons Subject to Corporate Tax

Date: 24 Dec, 2023

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External URL: https://bit.ly/4aHxEmH

Dubai December 24 2023:

The Federal Tax Authority (FTA) has issued a new guide outlining the criteria to determine natural persons subject to the Corporate Tax Law, that came into effect on 1 June 2023.

The guide provides a comprehensive and simplified explanation and instructions for natural persons realising income in the UAE, enabling them to determine whether they are subject to Corporate Tax.

The FTA urged all concerned natural persons (individuals) realising income in the UAE, or conducting business – wholly or partly – in the UAE, to refer to the new guide, to familiarise themselves with the Corporate Tax Law, implementing decisions, and other relevant materials available on the FTA’s website.

According to the guide, non-resident natural persons are subject to Corporate Tax in case where they have a permanent establishment in the UAE with a total Turnover of the permanent establishment exceeding AED 1 million within a Gregorian calendar year as from calendar year 2024.

Saudi Arabia's Offers 30-Year Tax Break

Date: 15 Dec, 2023

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External URL: https://www.khaleejtimes.com/business/saudi-arabia-offers-30-year-tax-break-for-companies-moving-regional-hqs-to-riyadh

Riyadh December 15 2023:

Saudi Arabia announced a 30-year corporate income tax exemption package for foreign companies establishing their regional headquarters in the kingdom. The move is the latest in its aggressive campaign to attract international investment and headcount.

The offer includes a 0% corporate tax rate for 30 years, which will be applied for companies “from the day they obtained their RHQ license,” the statement read. International companies will benefit from the tax exemption package starting from the date their licences are issued, it added.The programme has so far attracted 200 foreign companies, Saudi Investment Minister Khaled Al-Falih was quoted as saying.

The move is part of efforts by Crown Prince Mohammed bin Salman to wean the economy off oil by creating new industries that would generate jobs for Saudis.

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FTA Releases a Series of TAX Guides

Date: 12 Dec, 2023

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External URL: https://tax.gov.ae/en/taxes/corporate.tax/corporate.tax.guides.references.aspx

Dubai December 12 2023:

The Federal Tax Authority (FTA) released a range of Tax Guides to help you understand taxation better and comply with the law of the land.

Corporate Tax Guide | CTGEPX1
Taxation of Extractive Business and NonExtractive Natural Resource Business

Corporate Tax Guide | CTGEPF1
Exempt Persons: Public Benefit Entities, Pension Funds and Social Security Funds

Corporate Tax Guide | CTGTNP1
Taxation of Natural Persons under the Corporate Tax Law

Corporate Tax Guide | CTGFSI1
Taxation of Foreign Source Income

Corporate Tax Guide | CTGACS1
Accounting Standards and Interaction with Corporate Tax

NBR Releases Updated Version of the Digital Stamps Manual

Date: 10 Dec, 2023

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External URL: https://www.nbr.gov.bh/publications/view/DS_manual_importers_Local_Manufacturers

Manama December 10 2023:

The National Bureau for Revenue released an updated version 1.1 of the Digital Stamp System Guide for Importers and Local Manufacturers.

This manual aims to provide importers and local manufacturers with:

  • An overview of the Kingdom of Bahrain’s excise rules and procedures in regard to the Digital Stamps Scheme.
  • The necessary guidance needed to navigate the Digital Stamps Scheme online portal and the process of ordering and tracking digital stamps from the perspective of an importer of excise products.

Note: The manual is intended to provide general information only and does not represent exhaustive or legally binding guidelines.

For additional information, kindly contact National Bureau for Revenue (NBR) via email ds@nbr.gov.bh

KSA: ZATCA Thwarts Two Attempts to Smuggle Captagon Pills

Date: 09 Dec, 2023

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External URL: https://zatca.gov.sa/ar/MediaCenter/News/Pages/news_1143.aspx

Manama December 09 2023:

Zakat, Tax and Customs Authority at the Haditha port was able to thwart an attempt to smuggle 138,728 thousand Captagon pills, which were found hidden in wooden boxes inside the stairs of the trailer, and in the second attempt, was able to thwart an attempt to smuggle 117,340 thousand Captagon pills, which were found hidden inside the spare tire of one of the vehicles coming to the Kingdom through the port.

The Authority confirmed that it is continuing to tighten customs control over the Kingdom’s imports and exports, and is on the lookout for attempts by smugglers, in cooperation with the Narcotics Control Department to achieve the security of society and protect it from scourges.

The Authority called on everyone to contribute to combat smuggling in the national economy by contacting it on the designated number 1910 or via e-mail 1910@zatca.gov.sa, or the international number 00966114208417.

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Kuwait Signs Inclusive Framework on BEPS

Date: 07 Dec, 2023

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External URL: https://bit.ly/47PYRSr

Kuwait City December 07 2023:

Kuwait joins international efforts against tax avoidance by joining the OECD/G20 Inclusive Framework on BEPS, an international collaboration with over 140 member countries and jurisdictions.

Through its membership, Kuwait has also committed to addressing the tax challenges arising from the digitalisation of the economy by participating in the Two-Pillar Solution to reform the international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate.

Collaborating on an equal footing with all other members of the Inclusive Framework, Kuwait will participate in the implementation of the BEPS package of 15 measures to tackle tax avoidance, improve the coherence of international tax rules and ensure a more transparent tax environment.

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ZATCA Calls Establishments Subject to Withholding Tax to Submit Their Returns for Last November

Date: 06 Dec, 2023

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External URL: https://zatca.gov.sa/ar/MediaCenter/News/Pages/news_1140.aspx

Riyadh December 06 2023:

The Zakat, Tax and Customs Authority (ZATCA) called on establishments subject to withholding tax in the Kingdom to submit their tax returns for the month of November, no later than December 10, 2023.

The Authority urged establishments to quickly submit their tax returns through its website (zatca.gov.sa) in order to avoid a fine for late payment within the specified period, at the rate of 1% of the unpaid tax for every thirty days of delay from the due date. Withholding tax is imposed on all amounts paid from a source in the Kingdom to non-resident entities in the Kingdom, in accordance with the rates specified in Article 68 of the Income Tax Law and Article 63 of its Executive Regulations.

ZATCA Wins the National Award for Voluntary Work for the Year 2023

Date: 05 Dec, 2023

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External URL: https://zatca.gov.sa/ar/MediaCenter/News/Pages/news_1141.aspx

Riyadh December 05 2023:

The Zakat, Tax and Customs Authority (ZATCA) received the National Award for Voluntary Work in the category of government agencies for the year 2023, which is organized by the Ministry of Human Resources and Social Development during a ceremony held at the “Riyadh Movenpick” Hotel.

The award aims to honor entities and individuals who demonstrated distinguished practices in volunteer work during the year, as it is awarded in five categories: These are the government sector, universities and education departments, the private sector, the non-profit sector, volunteer teams, and individuals.

The ZATCA won the award for its efforts in the administrative organization of volunteer work and enhancing its culture among its employees. The number of volunteers from the Authority reached more than 1500 volunteers with 6000 volunteer hours, in addition to holding 11 volunteer events.

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FTA Achieves Over 3.44m Tourist Tax Refund Transactions in First 9 Months

Date: 04 Dec, 2023

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External URL: https://www.gulftoday.ae/business/2023/11/23/fta-achieves-over-344m-tourist-tax-refund-transactions-in-first-9-months

Dubai December 04 2023:

The Federal Tax Authority (FTA) has achieved a significant milestone in its tourist tax refund programme, with the total number of electronic transactions surpassing 15.43 million since the system’s implementation nearly five years ago, said Director-General of the FTA.

During the first nine months of the current year alone, over 3.44 million transactions were processed, reflecting the growing popularity of the programme among tourists.

Another noteworthy aspect is that the number of self-service tax refund kiosks available to tourists has increased to 87, up from 81 in September 2022. Additionally, the number of registered sales outlets connected to the digital system has reached 15,880 providing tourists with more options to claim their tax refunds.

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ZATCA Urges Taxpayers to Benefit from the Cancellation of Fines Initiative before December End

Date: 03 Dec, 2023

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External URL: https://zatca.gov.sa/ar/MediaCenter/News/Pages/news_1139.aspx

Riyadh December 03 2023:

The Zakat, Tax and Customs Authority (ZATCA) called on taxpayers subject to tax regulations to quickly benefit from the “Cancellation of Fines and Exemption from Financial Penalties” initiative, which expires December 31, 2023.

The Authority explained that the initiative includes exempting taxpayers from fines for late registration in all tax systems, late payment, and late submission of the return in all tax systems, in addition to the fine for correcting the return for value-added tax, and fines for field control violations related to the application of electronic invoicing provisions, and general provisions.

The Authority urged all taxpayers to take advantage of the extension of the initiative during its specified period, and to contact it if there are any inquiries about the initiative via the unified call center number 19993, which operates 24/7.

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Bahrain Eliminates Tax Authority Approval Requirement for E-invoice Issuance

Date: 01 Dec, 2023

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External URL: https://www.fonoa.com/blog/bahrain-eliminates-tax-authority-approval-requirement-for-e-invoice-issuance

Manama December 01 2023:

According to the updated edition of the VAT General Guide (published on November 16, 2023) by the Bahrain National Bureau for Revenue (NBR), VAT registered persons are no longer required to obtain the tax authority’s approval to issue and retain invoices, credit and debit notes and other documents that register supplies of goods and services in electronic form.

Although the Bahraini government announced the preliminary stages towards the introduction of a mandatory e-invoicing system in mid-2022, this has not yet taken effect.

Impact

This new rule is with immediate effect. VAT registered persons in Bahrain are now able to digitise their billing processes without needing to obtain prior approval from the authorities. With this, the NBR seems to have chosen to take initial steps to streamline the digitisation of invoicing in the country, until e-invoicing becomes mandatory.

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NBR Cracks Down on VAT and Excise Violations with 174 Inspections in Local Markets

Date: 28 Nov, 2023

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External URL: https://www.zawya.com/en/world/middle-east/businesses-checked-to-ensure-implementation-of-vat-excise-bahrain-vnit2spo

Manama November 28 2023:

The National Bureau for Revenue (NBR) conducted around 174 inspections within local markets in October this year. The visits resulted in 37 violations being filed, which required the imposition of administrative fines in accordance with the Value Added Tax (VAT) and Excise Law. This was in addition to other offences such as VAT and excise evasion that resulted in the closure of some outlets.

The NBR yesterday warned it would take legal measures against violating businesses and refer those who are proven to have evaded taxes, to the authorities concerned to initiate criminal action. The law stipulates offenders could face five years in jail and a fine equivalent to three times the amount of VAT due, or imprisonment for one year and a fine equivalent to double the evaded excise tax. Meanwhile, the NBR confirmed the continuation of inspection campaigns and has urged all registered businesses to abide by the law.

For enquiries related to VAT and excise or to report any violations, you can reach teh NBR call centre on 80008001 available 24/7, or through the National Suggestions and Complaints System (Tawasul), vat@nbr.gov.bh for VAT-related queries and ds@nbr.gov.bh for Digital Stamps Scheme queries.

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NBR Publishes Updated Version of the VAT General Guide

Date: 25 Nov, 2023

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External URL: https://www.nbr.gov.bh/publications/view/VAT_General_guide

Manama November 25 2023:

The National Bureau for Revenue (NBR) published an updated version of the Value Added Tax (VAT) General Guide on November 16, 2023. The updates concern the conditions for issuing electronic documents without obtaining prior approval from the NBR.

Please click here to view the updated version of the VAT General Guide.

ZATCA Participates in the “RAD” Entrepreneurship Forum and Exhibition

Date: 20 Nov, 2023

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External URL: https://zatca.gov.sa/ar/MediaCenter/News/Pages/news_1133.aspx

Riyadh November 20 2023:

During the forum’s activities, the Authority reviewed its initiatives towards facilitating trade and its services provided to taxpayers, where His Excellency Mr. Abdullah Al-Sadhan, Deputy Governor for Operations at the Zakat, Tax and Customs Authority, participated in a dialogue session during which he touched on the initiatives and services provided by the Authority to entrepreneurs, and its efforts to raise the level of quality of digital services provided.

His Excellency also reviewed the initiative to exempt from fines and financial penalties for taxpayers subject to all tax systems, in addition to reviewing the initiatives provided by the Authority in the field of improving and developing customs clearance procedures, the most prominent of which is the two-hour clearance initiative, which represents a unique model for unifying efforts between customs clearance authorities.

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204 Accredited Tax Agents Attend FTA's Tax Agent Forum of 2023

Date: 15 Nov, 2023

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External URL: https://bit.ly/3QZhRYJ

Dubai November 15 2023:

The Federal Tax Authority (FTA) emphasised the critical role that accredited Tax Agents play in supporting taxpayers in general – and those subject to Corporate Tax, in particular – to comply with tax laws seamlessly, efficiently, and accurately.

Moreover, the Authority underlined the strict standards applied to practicing the Tax Agent profession in order to ensure the highest level of competence among accredited agents, where practicing the profession requires advanced academic qualifications and practical experience to enable Tax Agents to fulfil their role, in line with the highest standards.

The FTA organised the second Tax Agents Forum for 2023, which brought together 204 accredited Tax Agents, along with several officials from the Federal Tax Authority, as part of its continuous communication plan to introduce its strategic partners to the latest developments in the tax sector.

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Bahrain Fines its Tax Evaders

Date: 09 Nov, 2023

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External URL: https://www.gdnonline.com/Details/1294807/Tax-evaders-fined-

Manama November 9 2023:

Two business owners have been fined more than BD 120,000 for evading excise taxes on e-cigarette cartridges, and were ordered to pay back the unpaid taxes. The Lower Criminal Court fined the first defendant BD 116,309 and the second BD 4,262 .

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FTA Hosts Corporate Tax Awareness Workshop for Businesses in Sharjah

Date: 08 Nov, 2023

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External URL: https://bit.ly/46XAt0G

Dubai November 8 2023:

Marking the sixth in-person event in the FTA’s awareness campaign focusing on ‘The General Principles of Taxation of Corporations and Businesses’, the workshop gathered more than 370 business sector representatives from Sharjah. This event was part of the ongoing awareness campaign which includes physical and virtual workshops to reach all businesses and stakeholders subject to Corporate Tax across the UAE. So far, the FTA has held in-person workshops in Abu Dhabi, Dubai, Ajman, Fujairah and Ras Al Khaimah.

The workshops cover pertinent topics such as the determination of taxable persons and exempt persons, Corporate Tax rates and tax periods and Small Business Relief, transitional rules and other topics that support an easy and accurate Corporate Tax compliance.

During the workshop, the FTA team spoke about the EmaraTax platform, which allows users to complete their registration by following a few simple steps. Taxpayers can also seek assistance from Tax Agents approved by the FTA. The FTA team also encouraged participants to benefit from its Virtual Tax Webinars which provides ongoing support for taxable persons in both Arabic and English covering various aspects of Corporate Tax.

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FTA Releases Guide on Accounting Standards and Interaction with Corporate Tax

Date: 07 Nov, 2023

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External URL: https://bit.ly/45Z2ynb

Dubai November 7 2023:

FTA Releases Guide on Accounting Standards and Interaction with Corporate Tax.

The guide is designed to provide general guidance on the interaction of Accounting Standards with Corporate Tax. It provides readers with an overview of:

  • Preparation of financial statements;
  • The cash basis of accounting;
  • The realisation basis of accounting;
  • Other adjustments under Article 20(2)(i) of the Corporate Tax law;
  • Adjustments under the transitional rules.

For more information related to Accounting Standards that govern how particular types of transactions and events should be reported in Financial Statements, please refer to the official documentation released by the relevant standard setter/Accounting Standards board. For further information on IFRS, visit ifrs.org.

Who should read this guide?

This guide should be read by any Person that is responsible for preparing the Financial Statements of Taxable Persons for Corporate Tax purposes. It is intended to be read in conjunction with the Corporate Tax Law, the implementing decisions and other relevant guidance published by the FTA.

Saudi Arabia Warns Businesses to Pay Tax or Face Fines

Date: 06 Nov, 2023

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External URL: https://bit.ly/3QMpBNC

Riyadh November 6 2023:

Saudi Arabia has called for businesses to pay tax by end of the week or face fines. The Zakat, Tax and Customs Authority (ZATCA) has urged taxpayers from the business sector in the Kingdom subject to the withholding tax (WHT) to file their tax returns for October at a date no later than November 12, 2023.

WHT is one regulation in the Kingdom whereby a tax is withheld from the total income of non-resident establishments that provide services in the Kingdom in accordance with the rates specified in Article 68 of the Income Tax Law and Article 63 of its Implementing Regulations.

Taxpayers may do so through the authority’s website to avoid a one per cent fine for unpaid taxes every 30 days after the due date.

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FTA Issues Guide for Non-Resident Persons for Corporate Tax Purposes

Date: 04 Nov, 2023

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External URL: https://bit.ly/3QwoZu0

Dubai November 4 2023:

Federal Tax Authority Issues Guide for Non-Resident Persons for Corporate Tax Purposes who derive State-Sourced Income in the UAE.

The Federal Tax Authority (FTA) has clarified the criteria for determining Non-Residents subject to Corporate Tax in the UAE; the instances that require registration of a Non-Resident for Corporate Tax purposes; Taxable Income and how it is calculated; as well as other requirements for compliance by Non-Residents subject to the Corporate Tax Law, which took effect on 1 June 2023.

The FTA included a comprehensive and simplified explanation along with general guidance in its guide for Non-Resident Persons, whether natural persons (individuals) or juridical persons (including public and private corporations) who derive income in the UAE to help them determine whether they are subject to Corporate Tax.

The FTA invited all Non-Resident Persons concerned, who derive income in the UAE, or those who conduct Business or part of their Business in the UAE to consult the new guidelines and refer to the Corporate Tax Law and relevant implementing Decisions.

Who should read this guide?

The guide should be read by any natural person or juridical person who is not considered to be a Resident Person as per the provisions of the Corporate Tax Law and is deriving any income from the UAE. It is intended to be read in conjunction with the Corporate Tax Law, the implementing decisions and other relevant guidance published by the FTA.

ZATCA Wins an International Award among the Top 3 Project Management Offices in the World

Date: 02 Nov, 2023

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External URL: https://zatca.gov.sa/en/MediaCenter/News/Pages/news_1128.aspx

Riyadh November 2 2023:

The Zakat, Tax and Customs Authority, represented by the Project Management Office (PMO), received three awards at the Global Project Management Summit (Global Summit 2023) in Atlanta, Georgia, USA, which is organized annually by the Global Project Management Institute (PMI).

The first award was given to the Project Management Office of the Authority, which was named one of the top three project management offices in the world for 2023 (World PMO of the year). Based on the value that project management offices offer, the award is given to companies who demonstrate excellence in organizational capabilities for project management. A total of sixty-five international organizations competed for the award, highlighting the institutional importance of facilitating the implementation of plans and formulating a vision to augment value and attain a discernible and favourable impact on the performance of the organization.

The Authority’s Project Management Office was chosen in exchange for its efforts in handling numerous administrative and technical aspects. Since its establishment, the Office has continued in fulfilling its mandate to oversee transformational projects by putting best practices into practice, adhering to the Global Project Management Institute’s methodology to guarantee work of the highest standard, assisting in the efficient governance of the work system and monitoring projects in a way that has contributed to their extraordinary success.

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FTA Issues Public Clarification on implementing Reverse Charge Mechanism on Electronic Devices Among UAE Registrants

Date: 26 Oct, 2023

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External URL: https://tax.gov.ae/en/media.centre/news/federal.tax.authority.issues.public.clarification.on.implementing.reverse.charge.mechanism.on.electronic.devices.among.registrants.in.the.uae.aspx#:~:text=October%2025%2C%202023-,Federal%20Tax%20Authority%20Issues%20Public%20Clarification%20on%20implementing%20Reverse%20Charge,among%20registrants%20in%20the%20UAE&text=The%20Mechanism%20to%20be%20applied,purposes%20from%2030%20October%202023.

Dubai October 26 2023:

The Federal Tax Authority (FTA) and registrants for Value Added Tax (VAT) with the Authority are set to begin implementing a new decision on 30 October 2023, applying the Reverse Charge Mechanism (RCM) on supplies of electronic devices among tax registrants. In this regard FTA released a new Public Clarification on Application of the Reverse Charge Mechanism on Electronic Devices among Registrants in the State for the Purposes of Value Added Tax on its website.

The RCM will result in the liability for Value Added Tax (VAT) on supplies of electronic devices – such as mobile phones, smart phones, computer devices, tablets, and their parts and pieces – to be transferred from the registered supplier to the registered recipient provided they are supplied to a registered recipient for the purpose of being resold or used in manufacturing of electronic devices. The registered recipient will then be responsible for calculating VAT on those supplies, including it in their Tax Return, and meeting specific tax obligations related to these supplies.

The Authority noted that implementing the Mechanism is in line with Cabinet Decision regarding the Application of the Reverse Charge Mechanism (RCM) on Electronic Devices for VAT purposes, which comes into effect on 30 October 2023.

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ZATCA Urges Taxpayers Not To Respond To Fraudulent Refund Messages

Date: 18 Oct, 2023

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External URL: https://zatca.gov.sa/en/MediaCenter/News/Pages/news_1114.aspx

Riyadh October 18 2023:

The Zakat, Tax and Customs Authority called on its taxpayers and customers not to respond to any fraudulent refund or financial dues messages, or to any messages attempting to obtain personal or banking information. The Authority explained that such fraudulent practices seek to obtain personal and banking information via suspicious SMS claiming to receive requests to recover amounts paid to the Authority and requesting access to links to provide more information or fill out data forms, despite the fact that the Authority does not request access. It includes links in its SMS, and it does not ask for bank card information for payment except through the Authority’s website and the ZATCA app for smartphones.

The Authority urged the taxpayers and customers to use the Authority’s channels, including the unified number 19993 which operates 24/7 or on e-mail info@zatca.gov.sa or instant chats via the Authority’s website confirming that it receives all inquiries regarding its services through these channel.

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ZATCA Participates in GITEX 2023 in Dubai

Date: 16 Oct, 2023

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External URL: https://zatca.gov.sa/ar/MediaCenter/News/Pages/News_1116.aspx

Riyadh October 16 2023:

The Zakat, Tax and Customs Authority (ZATCA) participates in the Gulf Information Technology Exhibition GITEX 2023, held at the World Trade Centre in Dubai, UAE until October 20, 2023. GITEX, in its 43rd edition this year, focuses on the use of Artificial Intelligence (AI) technologies in all fields, and is expected to witness a remarkable attendance of more than 100,000 visitors and more than 5,000 exhibitors from more than 170 countries.

During its participation in the GITEX exhibition, the Authority will display the qualitative development in its technical services through various electronic platforms, and its experience in developing smart systems for tax services in the Kingdom. The most prominent services on display are its successful E-invoicing system, and the digital platform FATOORAH.

The Authority is also reviewing its initiative in terms of facilitating customs procedures by expanding the customs clearance initiative within two hours, and the role of the FASAH platform in coordinating efforts between the various responsible authorities, in addition to reviewing the advantages of the digital services provided by the Authority through the real estate transaction tax platform.

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FTA to Showcase its Digital Initiatives at GITEX Global 2023

Date: 14 Oct, 2023

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External URL: https://bit.ly/45D0tx5

Dubai October 14 2023:

The Federal Tax Authority (FTA) is set to participate in the 43rd edition of the GITEX Global 2023 exhibition, which kicks off on October 16 and runs for five days at the Dubai World Trade Centre, with over 6000 exhibitors from more than 170 countries taking part.

The Authority will be showcasing updates regarding its ongoing projects, in addition to launching a range of new initiatives and services at its pavilion at the exhibition, in line with the government’s digital strategy. This is part of the FTA’s efforts to leverage advanced technologies to continually enhance its operational systems and digital services, in a bid to proactively meet the needs and expectations of taxpayers.

His Excellency Khalid Ali Al Bustani, Director-General of the FTA said “The Federal Tax Authority’s participation in the GITEX Global 2023 exhibition is in line with our plans to introduce diverse digital services and highlight the continuous development these services are undergoing. We aim to shed light on transformative projects that enhance taxpayers’ and stakeholders’ satisfaction with the tax system, which, in turn, supports our ongoing efforts to implement the wise leadership’s directives to achieve global leadership in the government sector and enhance the UAE’s competitiveness in all fields.”

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Bahrain Government Rethinks Proposal to Tax Foreign Investment

Date: 12 Oct, 2023

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External URL: https://www.zawya.com/en/world/middle-east/rethink-proposal-to-tax-foreign-investment-bahrain-aaue2it2

Manama October 12 2023:

A RETHINK is being urged by the government on a proposed legislation to tax foreign investments.

Under the proposed legislation, the tax would apply to:

  • Profits from any contractual agreement
  • Profits from any share sale of the establishment or company
  • Profits from product agencies signed in Bahrain or abroad
  • Property lease or rent; arbitration, brokering or mediation
  • Contractual licensing of trademarks to others
  • Asset sale or liquidation

Investments below BD 10,000 would be exempt.

However, the levy would be applied annually as follows:

  • Five per cent on investments between BD10,001 and BD50,000
  • Ten percent between BD50,0001 and BD100,000
  • Fifteen percent between BD100,001 and BD150,000
  • Twenty percent between BD150,001 and BD250,000
  • Twenty percent between BD250,001 and BD500,000 and thirty percent beyond that

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Over 20,930 Participants Attend 108 Tax Awareness Events in 6 Months in the UAE

Date: 10 Oct, 2023

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External URL: https://bit.ly/45C2zgo

Dubai October 10 2023:

The Federal Tax Authority (FTA) introduced several new initiatives in 2023 to benefit businesses and other stakeholders. Over 20,930 participants attended 108 Tax Awareness Events in 6 Months in the UAE. The events were organized both in-person and via video conferences in the first half of this year and the overall satisfaction level of the participants was 91 percent.

His Excellency Khalid Ali Al Bustani, Director General of the Federal Tax Authority, said “The expansion of our awareness channels is part of the comprehensive plans implemented by the Authority to support the increase in the number of services we provide to enhance tax procedures. These campaigns aim to promote the tax culture and inform taxpayers about the developments in the sector to provide an environment that is conducive to self-compliance.”

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FTA Holds Awareness Workshop on General Principles of Corporate Tax in Fujairah

Date: 09 Oct, 2023

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External URL: https://bit.ly/3RUkwnh

Dubai October 9 2023:

The Federal Tax Authority (FTA) has continued to conduct awareness campaigns covering the general principles of Corporate Tax to engage directly with business sectors across the UAE. So far a total of 1,780 participants have attended five in-person workshops organised by the FTA since July, in both Arabic and English, which were primarily arranged to raise awareness about the importance of Corporate Tax and its compliance requirements.

As part of this comprehensive campaign, the FTA held the latest workshop in Fujairah, attended by His Excellency Eng. Mohammed Obaid bin Majid, Director General of the Department of Industry and Economy in the Government of Fujairah, and H.E. Sultan Jemei Al Hindasi, General Manager of Fujairah Chamber of Commerce and Industry, along with officials from the public and private sectors.

The Fujairah workshop is the fifth in a series of in-person events conducted by the FTA as part of its campaign across all seven emirates. This forms part of the Authority’s intensive efforts to support and assist taxpayers in voluntary self-compliance with Corporate Tax, presenting them with simple and accurate procedures.

The awareness campaigns, launched in May with a series of virtual workshops on Corporate Tax registration, are set to continue until the end of the year. Meanwhile, the in-person events began in July with the first workshop in Abu Dhabi, followed by a workshop in Dubai, then Ajman, Ras Al Khaimah and now Fujairah.

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FTA Collaborates with Umm Al Quwain Chamber to promote Tax Culture among Business Sectors

Date: 27 Sep, 2023

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External URL: https://bit.ly/3Pz1xMr

Dubai September 27 2023:

The Federal Tax Authority (FTA) has signed a memorandum of understanding (MoU) with the Umm Al Quwain Chamber of Commerce and Industry to cooperate on promoting a tax culture among business sectors and contribute to the UAE’s strategy and vision to support the private sector, entrepreneurs and investors.

The agreement was signed by His Excellency Khalid Ali Al Bustani, Director-General of the FTA, and His Excellency Ammar Rashid Al Aleeli, Director-General of the Umm Al Quwain Chamber. Signed at the FTA’s headquarters in Dubai, the MoU forms part of the efforts to intensify tax awareness activities, and establishes a framework for collaboration between the Authority and the Chamber to organise more workshops and awareness sessions for business sectors, entrepreneurs, and investors, particularly in the Emirate of Umm Al Quwain, familiarising them with the objectives of the tax system and its implementation procedures.

H.E. Al Bustani said “The memorandum of understanding that the Federal Tax Authority has signed with the Umm Al Quwain Chamber of Commerce and Industry serves to establish effective frameworks for bilateral cooperation to continuously upgrade the services we provide to support and assist business sectors. This aligns with the Authority’s plans to create a tax environment that encourages compliance, in accordance with the highest governance and transparency standards, by implementing continuous awareness plans that target all business categories and familiarise them with tax legislation and procedures using diverse methods and providing clear information.”

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ZATCA holds Awareness Workshops during its Participation in Law Week Activities

Date: 24 Sep, 2023

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External URL: https://zatca.gov.sa/ar/MediaCenter/News/Pages/news_1107.aspx

Riyadh September 24 2023:

The Zakat, Tax and Customs Authority (ZATCA) held a series of awareness workshops as part of its participation in the Law Week activities organized by the General Authority for Small and Medium Enterprises “Monsha’at” in cooperation with the Saudi Bar Association from September 17-20, 2023 in the cities of Riyadh, Jeddah, Al-Khobar, Medina and more.

The workshops were held under the title “Facilitations provided by the Zakat, Tax and Customs Authority to small and medium enterprises” with the aim of educating participants about the initiatives undertaken by the Authority to encourage entrepreneurship and efforts to facilitate and develop procedures through digitization and modern integrated solutions to support SMEs, thus contributing to the development of the national economy and increasing Tax compliance.

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Saudi Arabia Issues Tax Warning

Date: 22 Sep, 2023

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External URL: https://www.arabianbusiness.com/industries/banking-finance/saudi-arabia-issues-new-tax-warning

Riyadh September 22 2023:

Saudi Arabia issues strict tax warning to businesses- Settle your dues or face penalties.

Deadline to submit VAT statements

Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) has called on commercial sector establishments subject to value-added tax (VAT) and whose annual revenues on goods and services exceed SR 40m ($10.7m) to submit VAT statements for August by no later than September 30.

The Authority has emphasized the critical importance of settling outstanding tax obligations promptly as failure to do so will result in hefty fines. Compliance with tax regulations is not only a legal obligation but also essential for the smooth functioning of the nation’s financial ecosystem. Businesses are strongly advised to meet the VAT statement submission deadline.

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ZATCA calls on its Taxpayers to Benefit from its APP Services

Date: 18 Sep, 2023

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External URL: https://zatca.gov.sa/ar/MediaCenter/News/Pages/news_1103.aspx

Riyadh September 18 2023:

The Zakat, Tax and Customs Authority (ZATCA) urged all taxpayers to benefit from the ZATCA application on their smart devices. The app is available through the App Store and Google Play systems. The application helps taxpayers and customers improve their experience by obtaining an automated set of services.

In this regard, the Authority explained that it has added a number of customs and tax services to the application, including the Electronic Invoice Validation service, the Excise Goods Verification service, the Submitting and Inquiring About Reports service, Submitting Transactions, and the Customs Duty Calculator and much more.

Zakat, Tax and Customs stated that the ZATCA app is based on three main principles, which are ease, speed and efficiency. The app offers clarity and ease for everyone who uses it from the moment of registration to the implementation of services. Advanced technology provides all the Authority’s taxpayers and clients with a rich experience through simple and smart-to-use features.

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FTA Release General Guide on Corporate Tax

Date: 15 Sep, 2023

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External URL: http://www.allaboutvat.com/wp-content/uploads/CT-General-Guide-EN-10-09-2023.pdf

Dubai September 15 2023:

FTA releases a General Guide on Corporate Tax.

The guide is designed to provide general guidance on Corporate Tax in the UAE with a view to making the provisions of the Tax Law as understandable as possible to readers. It provides readers with:

  • An overview of the main Corporate Tax rules and procedures, including the determination of the Corporate Tax base.
  • The calculation of Corporate Tax, the filing of Corporate Tax Returns, and other related compliance requirements.
  • Assistance with the most common questions businesses might have.

The guide should be read by those who want to know more about the Corporate Tax regime in the UAE. It is intended to be read in conjunction with the Corporate Tax Law, the implementing decisions and other relevant guidance published by the FTA.

FTA launches Tax Awareness Event Series among School and University Students

Date: 13 Sep, 2023

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External URL: https://bit.ly/3PxVQPT

Dubai September 13 2023:

The Federal Tax Authority (FTA) has launched a new series of events, including a set of specialized educational workshops, to promote tax awareness among school and university students as part of its comprehensive awareness campaign for this key sector.

The events are scheduled to coincide with the start of the 2023/2024 academic year and aim to enhance student awareness about the basics and importance of the tax system.

The Authority explained that the campaign’s activities are organized in collaboration with the relevant educational institutions in the government, semi-government, and private sectors. It aims to enhance awareness among students – the future leaders and entrepreneurs – about the importance of the tax system and its role in maintaining prosperity, which has become a fundamental part of the UAE community’s everyday life.

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ZATCA announces Major Tax Fine Exemptions

Date: 10 Sep, 2023

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External URL: https://www.arabianbusiness.com/gcc/saudi-arabia/saudi-arabia-announces-major-tax-fine-exemptions

Riyadh September 10 2023:

Saudi Arabia’s Zakat, Tax and Customs Authority urged all taxpayers to benefit from the initiative ‘Cancellation of Fines and Exemption of Financial Penalties’, that ends December 31, 2023. The Authority has also urged tax payers to contact them if they have any inquiries via the unified call centre number (19993), on email (info@zatca.gov.sa), or via their website.

The authority has also clarified that the fines covered by the exemption decision include fines for:

  • Late registration in all tax systems
  • Late payment
  • Late filing of returns fines in all tax systems
  • Fines to correct VAT returns

It also covers fines for violations of VAT field control related to applying the e-invoicing regulations and other VAT general regulations. The initiative excludes penalties related to tax evasion violations and fines paid before the initiative’s effective date.

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Oman, Russia sign Double Tax Agreement (DTA)

Date: 05 Sep, 2023

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External URL: https://www.zawya.com/en/economy/gcc/oman-russia-sign-pact-to-avoid-double-taxation-p2ndgzs4

Muscat September 05 2023:

Oman and the Russian Federation inked an agreement on Thursday on the avoidance of double taxation and the prevention of tax evasion for income taxes.

The agreement was inked by Saud Nasser al Shukaili, Chairman of Oman Tax Authority on behalf of the Oman government and Alexei Sazanov, Deputy Minister of Finance on behalf of the Russian government. The agreement aims to legally protect investors from imposing double taxes and regulate the imposition of tax between the two countries, which will contribute to enhancing investments and trade exchange between them.

The agreement should be ratified this year and enter into force from January 1, 2024.

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FTA Renews Call for PJSCs and PSCs to Register for Corporate Tax

Date: 04 Sep, 2023

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External URL: https://bit.ly/47ZfGe8

Dubai September 04 2023:

The Federal Tax Authority (FTA) has renewed its invitation for Public Joint Stock Companies (PJSCs), Private Shareholding Companies (PSCs), limited liabilities companies and private companies resident in the UAE to register for Corporate Tax, in accordance with Federal Decree Law, which applies to financial years beginning on or after 1 June 2023.

The FTA emphasized the importance of prompt registration for corporate tax especially for the above companies and juridical persons with taxable income whose financial year started on 1 June 2023.

In January 2023, the FTA announced registration for Corporate Tax through the EmaraTax portal and invited specific categories of Taxable Persons to register. In May 2023, the FTA opened Corporate Tax registration for Public Joint Stock Companies and Private Shareholding Companies resident in the UAE. The FTA affirmed that it would provide taxpayers with sufficient time to complete registration and meet their legal obligations while giving priority to Taxable Persons whose financial year started on 1 June 2023, as part of the FTA’s strategy to ease the registration process.

Know the steps to register.

FTA releases Guide on Small Business Relief

Date: 02 Sep, 2023

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External URL: http://www.allaboutvat.com/wp-content/uploads/Small-Business-Relief-Guide-EN-29-08-2023.pdf

Dubai September 2 2023:

FTA releases Guide on Small Business Relief.
.
The guide is designed to provide general guidance on the Small Business Relief for Corporate Tax in the UAE. It provides you with and overview of:

  • What the Small Business Relief is;
  • Who is eligible for it;
  • How it works;
  • How long it is available for; and
  • Related compliance requirements.

Any person carrying on a business in the UAE should review the relevant sections of this guide and consider if the Small Business Relief is applicable to them.