Saudi Arabia warns companies of fines of up to 25 per cent of owed tax if deadlines missed
Tax
Saudi economy
Saudi Arabia issues tax warning
Saudi authorities have told businesses to pay tax or face major fines
Al Maktoum International
Eid Al Adha 2023 date; major UAE visa changes; ‘Silent Killer’ in Dubai; tax rules announced – 10 things you missed this week
Eid Al Adha dates, UAE visa changes, UK visit rules, Dubai ‘silent killer’, tax rules announced and more of the top stories this week
Corporate tax
UAE tax update; 2023 public holidays; NEOM jobs – 10 things you missed this week
UAE tax updates, 2023 public holidays, drugs bust, new night beaches, Neom jobs and more
cash remittance
India slaps 20% tax on residents’ credit card spends in foreign currency
The high tax rate on credit cards is expected to impact overseas holiday trips by residents Indians, besides their payments for a host of services and goods, including viewership fees for international OTTs
Corporate tax
Revealed: UAE set to see massive influx of specialized accounting firms with new corporate tax to kick in from June
The fast approaching January 2024 deadline for imposition of the OECD-proposed global minimum tax (GMT) for the corporate sector by GCC countries will add to the expected entry rush by overseas accounting and auditing firms and professionals to the region
Corporate tax
UAE Corporate Tax guide: Exemptions, rates, thresholds explained
UAE Ministry of Finance issues full guide for Corporate Tax payment
Ministry of Finance
UAE announces major tax clarifications for corporates
The decision specifies the conditions that allow a person to continue to be considered exempt from UAE corporate tax
Business Registration and Licensing
Industrial licenses and customs and tax exemptions in Oman up 602% in Q1
Government stats reveal 2,654 were issued, up from 378 in Q1 2018
Federal Tax Authority
New UAE tax rule announced to cover Shisha and e-cigarettes
Digital tax stamps to be placed on products to curb sale of fake goods and tax evasion
Crown Prince Mohammed bin Salman
Saudi delays tax excise on sweetened drinks to December
Sweetened drinks will be subject to a 50% levy, while e-cigarettes and their liquids will face a 100% tax
blacklist
UAE set to be removed from EU blacklist of tax havens
UAE had expressed surprise and disappointment over its inclusion in the list of 17
Federal Tax Authority
UAE finalises plans for start of new tax system
Federal Tax Authority says working to issue regulations for introduction of Excise Tax and VAT