UAE taxpayers who elect for the realisation basis can now deduct depreciation from their taxable income for investment properties maintained on a fair value basis
Taxation
Latest in Taxation
Ministry of Finance - Saudi Arabia
Saudi Arabia extends cancellation of fines and exemption of penalties by 6 months
Minister of Finance approves the extension to taxpayers under all Saudi tax laws, starting July 1 this year until 31 December
cigarettes
Egypt to raise cigarette prices annually by 12% over the next three years
The price rise is part of the government’s efforts to expand the tax base and raise public revenues amid ongoing financial pressures
Income Tax
Personal income tax comes into effect in Oman from January 1, 2028
Only 1% of population in the tax net as the first personal IT law imposes 5% tax on those with income above $109,230, after deductions
content creators
UAE tax authority launches new Moáther package to support influencer tax compliance
FTA aims to support business sectors by providing them with tools for self-compliance with UAE tax legislation
investment advisory services
Capital Haus expands UAE presence with strategic wealth management acquisition
The move strengthens Capital Haus’s position in the private wealth sector, bringing an additional $150 million in funds under management
amnesty fines
Dubai real estate supply; Exclusive Salt Bae interview; Sheikh Hamdan announces well-being resort; UAE deportations; Kuwait announces holiday – 10 things you missed this week
Dubai real estate analysis, new well-being resort announced, Brits flock to the UAE, Kuwait announces holiday and more top news stories this week
Federal Tax Authority
FTA urges registrants to take advantage of grace period and update records
Administrative penalties will be imposed once the grace period announced by the UAE cabinet ends on 31 March 2025
High Net Worth Individuals
Middle-class Britons join wealth exodus to UAE amid UK economic uncertainty
The migration wave comes as Britain grapples with multiple challenges, including the planned abolition of non-dom tax status and broader economic uncertainty
Abu Dhabi
Side hustles in Dubai; UAE petrol prices; Saudi job localisation; Habtoor cancels Lebanon investments – 10 things you missed this week
UAE petrol prices, Dubai real estate analysis, Saudi job updates, how to get a side hustle and more top stories this week
Corporate tax
UAE Corporate Tax: FTA sets March deadline for registration of natural persons
According to the FTA, a natural person is defined as a living individual of any age, residing in the UAE or elsewhere
High Net Worth Individuals
UK millionaires head for Dubai, Abu Dhabi despite attempts to slow exodus, experts say
Experts also called for a complete reversal of the planned amendments to the non-dom tax rules to make it easier for wealthy individuals to relocate to the UK, particularly in light of the Trump presidency
interest rates
UAE GDP to stay ‘strong in 2025-2027’, driven by non-hydrocarbon activity, tax reforms: S&P
Despite the potential vulnerability to sudden increases in regional geopolitical tensions and significant drops in oil prices, the economic risks will remain manageable, the report said
Corporate tax
Kuwait begins 2025 with a 15% tax on MNCs in economic diversification bid
The new tax is part of the country’s broader effort to promote economic development and ensure financial sustainability
Kuwait
Kuwait’s new 15% tax on MNEs to strengthen national economy, minister says
Kuwait’s economy is approaching a new phase of diversification and competitiveness, Fassam said
Corporate tax
UAE corporate tax: FTA urges businesses to register before December 31 deadline to avoid penalties
The FTA noted that Cabinet Decision No. 75 of 2023 imposes Administrative Penalties on Taxable Persons who fail to register within the specified timelines
taxable income
UAE Ministry of Finance makes major amendments to Ministerial Decisions
Announcements relate to Tax Groups and Participation and Foreign Permanent Establishment Exemptions and aim to enhance compliance