News developments
Lexis Middle East Gulf Tax – Spring 2025 Edition
The Lexis Middle East Gulf Tax Spring Edition offers an in-depth analysis of the swiftly evolving tax landscape within the Gulf Cooperation Council (GCC) region. This edition underscores the trend where the introduction of new tax laws is often rapidly succeeded by a cascade of related legislative changes. Among the key topics discussed is the Real Estate Transaction Tax (RETT) in Saudi Arabia, which was initially introduced in 2020 and has undergone several amendments. The magazine delves into the recent formalisation of law on this subject and the ensuing consultation on new Implementing Regulations, with insights from experts at Riad & Riad.
The edition concludes with an examination of the increasing adoption of tax automation software in the UAE, driven by rising requirements and support. Overall, the magazine highlights the imperative for taxpayers in the GCC to remain vigilant and adaptable to the rapid and significant changes in tax laws.
FEATURE: YOUR RIGHTS ON RETT
Dr. Fatma Salah, together with Mohamed Riad and Amera Gamal from Riad & Riad, discusses the introduction of the Real Estate Transaction Tax (RETT) in Saudi Arabia in 2020. The upcoming legislation and its Executive Regulations are anticipated to provide more detailed guidance on the tax’s application.
FEATURE: DOWN TO BRASS TACKS ON DMTT
Asrujit Mandal from BDO explores the dynamic shifts in regional legislation and guidance surrounding the Domestic Minimum Top Up Tax. With Bahrain at the forefront, its pioneering approach could potentially shape and inspire strategies in other GCC countries, all in alignment with Pillar Two initiatives.
TAX NEWS ROUND-UP
This round-up outlines the most recent major changes in tax agreements and regulatory updates across the region, providing readers with a comprehensive understanding of the current developments.
PRACTICAL FOCUS: VAT AND CRYPTO MINING
Shailesh Kumar (Associate Partner), Mradul Gupta (Associate Director), and Megha Lohia (Assistant Manager) from PKF UAE highlight the rising prominence and global acceptance of cryptocurrency and emphasise the increasing importance of understanding the tax implications associated with its use.
TAX PROFESSIONAL PROFILE
What’s Next with VAT? While Corporate Tax and Transfer Pricing modifications are making news, Harsh Bhatia, Director of VAT at Grant Thornton UAE, points out that there are also upcoming changes in the UAE’s VAT system.
ANY QUESTIONS?
Is tax automation required in the UAE? Dhana Pillai from DP Taxation Consultancy examines the requirements, assistance, and strategies that are boosting the adoption of tax automation software in the UAE.
Want to receive future editions? Subscribe here!
Want to learn more about Lexis® Middle East Visit, https://www.lexis.ae/lexis-middle-east-law/.
Have you read the Lexis® Middle East Gulf Tax – Past editions? Click the links below to access them.
Lexis Middle East Gulf Tax | Winter 2024
Lexis Middle East Gulf Tax | Autumn 2024
