Welcome to the latest edition of Lexis Middle East Gulf Tax Magazine, your comprehensive guide to the evolving tax landscape in the Gulf Cooperation Council (GCC) region. As businesses navigate through dynamic tax regulations and new compliance requirements, staying informed is crucial. This edition brings you expert insights, practical advice, and updates on significant tax developments affecting various sectors across the GCC.

In this issue, we delve into the attractive tax incentives for companies establishing Regional Headquarters in Saudi Arabia, with insights from Sadia Nazir of KPMG. We also explore the recent changes in the taxation of foreign banks in Dubai, expertly explained by Charles Collett of PwC. As the UAE prepares for the implementation of E-Invoicing in 2026, we highlight the key takeaways businesses need to consider to ensure readiness and efficiency.

Gulf Tax Magazine remains committed to providing valuable knowledge and expert perspectives to help you navigate the complexities of the GCC tax environment. We hope you find this issue insightful and beneficial for your tax planning and compliance efforts.

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FEATURE: OVER AT HQ

In this feature, Sadia Nazir from KPMG Saudi Arabia explores the tax incentives available for companies establishing a Regional Headquarters (RHQ) in Saudi Arabia. Nazir delves into the specifics of these incentives, offering insights into how businesses can benefit from setting up their RHQs in this strategic location.

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FEATURE: TAXING: NEW ERA FOR BANKS

Charles Collett of PwC provides an in-depth analysis of the recent changes in the taxation of foreign banks in Dubai. Collett explains how these changes impact foreign financial institutions and what steps they need to take to comply with the new tax regulations.

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TAX NEWS ROUND-UP

This round-up covers recent key developments in tax treaties and regulatory changes across the region, providing readers with a comprehensive overview of the latest updates.

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WHAT’S CHANGED?

With the implementation of E-Invoicing set for July 2026, UAE businesses must evaluate their readiness in terms of people, processes, and systems. This section highlights the importance of automating invoicing processes to enhance efficiency and ensure a smooth transition to the new system.

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PRACTICAL FOCUS: ON REAL ESTATE

Brian Conn and Ashish Athavale of BDO discuss the application of VAT on real estate in GCC countries. As the real estate market continues to boom, this article examines how VAT impacts investors and the overall market dynamics.

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TAX PROFESSIONAL PROFILE:

Head of Tax Operations – MEA, Amedeo Aragona, discusses his proactive approach to tax audits. Aragona shares strategies for mitigating risk and avoiding costs through careful audit preparation and execution.

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ANY QUESTIONS?

Mohamed El Baghdady of Habib Al Mulla examines the recent changes to UAE guidance on the VAT treatment of board members’ services, providing clarity on whether VAT is applicable and under what conditions.

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Have you read the Lexis® Middle East Gulf Tax – Spring and Summer 2023 editions? Click the links below to access them.

Lexis Middle East Gulf Tax | Autumn 2023