Our comprehensive tax and legal guides to doing business in the Middle East contain all you need to know about setting up or expanding in the region.
The guides are written and researched by experts from our Middle East TLS network, making this PwC’s flagship inward investment initiative, advising companies as they enter, launch and grow across international markets."
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We want to enable clients to focus on business development and growth and have one point of contact in their journey to achieving these goals. As part of PwC Middle East’s regional aims we are here to provide local market experts across multiple disciplines such as tax, legal, accounting, assurance, and consulting.
We want to be your trusted advisor for international development, assist you in navigating the unknown, share insights and create a long term partnership that enables your business to establish a strong presence here in the region.
Prior to entering a new Middle East market, PwC offers comprehensive assessment to identify clients needs and address relevant legal and regulatory implications which might be encountered during the business journey and help clients build the framework of their business.
On 23 December 2022, the Zakat, Tax and Customs Authority (‘ZATCA’) announced further details on the implementation of the integration phase of Electronic Invoicing (‘E-Invoicing’). As per the announcement, the second group will include taxpayers who had taxable revenues exceeding SAR 500 million during the calendar year 2021.
The Zakat, Tax and Customs Authority (‘ZATCA’) has announced the end of ‘Fatoora Pilot Testing’ project for selected participants from 23 December 2022 and a new pilot testing portal, “Fatoora Simulation Portal”, has been established. The portal will be available for taxpayers from 27 December 2022 and will act as a replica of the production environment.
Welcome to the tenth edition of our Middle East Financial Services Tax and Legal update, picking up on a range of current hot topics relevant to the financial services industry. We have a packed offering this month as the rapid rate of change in the tax and legal area for FS businesses continues. This is demonstrated in our updates below, which reflect national, regional and global changes. Many of you will also be aware that the UAE published its anticipated corporate tax legislation on 9 December, as we are going to press with this update. We have not covered that in this edition as separate news alerts will be made available, and we will look to cover FS specific aspects of the new law in subsequent editions.
On 9 December 2022, the UAE issued the Federal Decree-Law No. (47) of 2022 on the taxation of corporations and businesses (hereinafter referred to as the “CT law”). The unofficial translation can be found on the MoF website. FAQs were also published on the MoF website, and these provide a number of useful clarifications to the law. The CT law provides the legislative basis for the introduction and implementation of a Federal CT in the UAE and is effective for financial years starting on or after 1 June 2023. The CT law will be effective 15 days after publishing in the official gazette.
