Middle East Tax & Legal News 2023

93 results

19 Dec 2023

المملكة العربية السعودية: الدليل الإرشادي الخاص بالمعاملات مع أطراف ذوي علاقة لأغراض الزكاة للمكلفين الذين يمسكون حسابات نظامية

في 26 نوفمبر 2023، أصدرت هيئة الزكاة والضريبة والجمارك ("الهيئة") دليل إرشادي تفصيلي حول المعالجة الزكوية للمعاملات مع الأطراف ذوي العلاقة السارية على المكلفين الزكويين الذين يمسكون حسابات نظامية ("الدليل الإرشادي"). يزود الدليل الإرشادي المكلفين ببعض الإيضاحات الهامة والأمثلة العملية على ما يتم اعتباره "معاملات مع أطراف ذوي علاقة" و المعالجة الزكوية المنطبقة في ضوء تطبيق تعليمات تسعير المعاملات على مثل هذه المعاملات.

12 Dec 2023

Financial Services Tax & Legal Update - December 2023 - PwC Middle East

Welcome to the twelfth 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 financial services businesses continues. This is demonstrated in our updates below, which reflect national, regional and global changes.

12 Dec 2023

Saudi Arabia: New Transfer Pricing Guidelines for Zakat payers

On 26 November 2023, the Zakat, Tax and Customs Authority (“ZATCA”) issued detailed guidelines on the Zakat treatment of related party transactions applicable to Zakat payers maintaining statutory accounts (“the Guidelines”).

07 Dec 2023

UAE: Updates on the Social Security Scheme for Emirates employees

On 2 October 2023 (the “Effective Date”), UAE Federal Decree Law No. 57 of 2023 (the “2023 Pensions Law”) was published and came into effect. The 2023 Pensions Law is the most significant change to the pensions landscape since the UAE Federal Law No. 7 of 1999 as amended (the “1999 Pensions Law”) was first published.

05 Dec 2023

UAE Corporate Tax Guide on Accounting Standards released in November 2023

The Federal Tax Authority (FTA) has released a Corporate Tax (CT) Guide on Accounting Standards and their interaction with Corporate Tax. The document includes detailed guidance on accepted accounting standards, taxation under realisation basis of accounting, adjustments to accounting income and transitional rules.

27 Nov 2023

UAE Corporate Tax : Guide on Taxation of Foreign Source Income released in November 2023

The Federal Tax Authority (FTA) has released a Corporate Tax (CT) Guide on Taxation of Foreign Source Income (FSI). The document includes detailed guidance on who is taxable, which foreign income is taxable, how to calculate the taxable income, how to apply any available exemptions/reliefs, how to apply tax credit etc.

20 Nov 2023

Countdown to Pillar Two

Many jurisdictions will have local legislation enacted and effective for January 1, 2024. While local legislation is still being finalized in many countries (including the Middle East), Pillar Two generally applies to multinational groups with revenue of at least EUR 750m, and requires companies to evaluate their tax expense through a data intensive calculation process — a significant operational challenge that may result in tax expense increases for some companies. In addition, readiness for the increased tax compliance complexity is top of mind for many companies and proper preparation can ease the burden.

16 Nov 2023

Oman: Regulating the governance of Tax exemptions & Launch of a new service on the E-portal of the Oman Tax Authority

His Majesty Haitham bin Tariq has issued Royal Decree No. 80/2023 ("RD 80/2023") to regulate tax exemptions and clearly delineate the responsibilities for granting such exemptions. Additionally, the Oman Tax Authority (OTA) has released an announcement regarding the introduction of a new service on the e-portal.