News developments
Lexis Middle East Gulf Tax – Autumn 2024 Edition
Welcome to the latest edition of Lexis Middle East Gulf Tax Magazine, offering insightful perspectives on the dynamic tax environment in the GCC region. It highlights the continuous development of tax regimes across the GCC, with recent major changes and a greater emphasis on clarifying details through manuals and guidance documents. This issue covers the impact on the charity sector in the UAE, the increase in queries and complaints leading to new legislation, and the evolution of the Zakat regime in Saudi Arabia with significant changes in calculation, entities subject to Zakat, and treatment of cessation of activities.
Furthermore, the article covers the evolution of the Zakat regime in Saudi Arabia, where the Implementing Regulations on Zakat collection from 2019 have been repealed and replaced by new regulations.
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.
FEATURE: SO THAT IS ZAKAT
In this feature, Essam Rajab of Andersen explains key changes to the way Zakat is calculated and administered in Saudi Arabia following the issue of new regulations.
FEATURE: GRAPPLING WITH GRIEVANCES
Zain Satardien and Ellen Ray of Hourani & Partners explain the impact a new Ministerial Decision has brought in changes to the way tax grievances are handled in Oman and other recent alterations to the system will have on those disputing the Tax Authority position there.
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.
WHAT’S CHANGED?
The Federal Tax Authority (FTA) has released an updated list of charities in the UAE that are recognised as ‘Designated Charities,’ allowing them to receive VAT relief. To formalise these updates, the UAE government has issued several Cabinet Decisions.
PRACTICAL FOCUS: PUBLIC BENEFIT ENTITIES
Experts David van der Berg, Gargesh Vn, Tapan Gandhi, and Daryn Blake provided useful information regarding tax exemptions for organisations serving the public good in the United Arab Emirates.
TAX PROFESSIONAL PROFILE
Naveen Sharma, a Chartered Accountant who works as Director of Internal Audit at Oasis Investment Company LLC (Al Shirawi Group), explains his work
and the support he has been giving to the wider tax profession in the UAE.
ANY QUESTIONS?
Rami Alhadhrami of BDO Kuwait analyses
Qatar and Kuwait’s delay in implementing
VAT despite the GCC VAT Agreement.
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Have you read the Lexis® Middle East Gulf Tax – Past editions? Click the links below to access them.
Lexis Middle East Gulf Tax | Summer 2024
Lexis Middle East Gulf Tax | Winter 2023
