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Kuwait Ratifies Protocol to Double Tax Agreement with South Africa On 18 September 2024, Kuwait ratified the long-pending protocol (Protocol) to the 2004 South Africa-Kuwait double tax agreement (DTA). The Protocol, originally signed on 1 April 2021 and approved by South Africa’s National Assembly on 31 August 2022, introduces significant…
Read moreUAE VAT Executive Regulations: Key Amendments and Business Implications On September 6, 2024, the UAE introduced major amendments to its VAT Executive Regulations (ER), which were later published in the Official Gazette No. 783 on September 16, 2024. These changes, effective from November 15, 2024, are designed to improve compliance,…
Read moreDubai Introduces New Taxation Law for Foreign Banks On March 8, 2024, Dubai enacted Law No. (1) of 2024 concerning the taxation of foreign banks operating within the emirate. This new legislation, which repeals Regulation No. (2) of 1996, aims to address concerns regarding potential tax increases following the introduction…
Read moreQatar, Saudi Arabia, and UAE Sign Historic Double Taxation Treaties A landmark development in the Gulf Cooperation Council (GCC) region unfolded as the State of Qatar and the Kingdom of Saudi Arabia (KSA) signed a historic double tax treaty (DTT). In a related move, Qatar also inked a similar agreement…
Read moreSaudi Arabia’s Proposed New Zakat and Tax Procedures Law In a significant stride towards economic diversification and in line with its Vision 2030 initiative, Saudi Arabia is poised to enact substantial reforms to its income tax and zakat regulations. The proposed Draft Laws aim to create a more welcoming business…
Read moreUAE Corporate Tax 2023 The introduction of the UAE Corporate Tax law is poised to bring about substantial transformations in the landscape of UAE Tax and Transfer Pricing. The primary objective of the law is to focus taxation on business or business-related activity income, safeguarding personal income especially derived from…
Read moreIncome Tax Amendment in Qatar The purpose behind the amendments is to adjust the Income Tax Law with worldwide standards and best practices. It is expected that amendments to the Executive Regulations (ER) will be published soon, which will incorporate further insights about the new amendments to the Income Tax…
Read moreEconomic and Fraud Provisions in the Middle East “There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open…
Read moreUK Tax Considerations for Short Term Business Visitors Short-term business visitors are people who do not live in the UK but who make business trips to the UK and who works for a UK firm and/or are directors of UK companies; the tax position of the individual in the UK…
Read moreIncome Tax Law in Israel Residents in Israel are taxed on their worldwide earnings. Non-residents are entitled to income tax on income earned in Israel and capital gains tax on capital gains on properties located in Israel (subject to special non-resident exemptions). Income tax, capital gains tax, value-added tax, and…
Read moreTransfer Pricing Regulations in the Middle East The Transfer Pricing is a common mechanism which the countries use to transfer the tax base. The transfer is often from countries with high taxation to countries with low taxation. Transfer Pricing deprives states of their fair share of taxes from global corporations. In…
Read moreAvoidance of Double Taxation (DTAA) – UAE & India Introduction Benjamin Franklin once said, there are two things you cannot avoid; death and taxes. In a country like the UAE, where tax is almost invisible, corporate tax is levied on oil companies and foreign banks as part of the corporate…
Read moreGoods and Services Tax in India The goods and services tax is an indirect tax that is applied on the consumption, sale or manufacture of goods and services. The GST is charged on the supply of goods and services in the territory of India. The Central Goods and Services Tax Act in India…
Read moreAmendment of Income Tax Act– Singapore What is the Tax System in Singapore? The tax revenue collection in Singapore includes corporate tax, personal tax, Goods & Services tax, and property tax. The tax system in Singapore is one which many countries thrive on echoing as it is known for being…
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