August 2016 Issue 47
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Asian expats affirm ties with Dubai
 
DUBAI // Community leaders, businessmen and diplomats from five countries in the Association of South-East Asian Nations region met in Dubai on 21.08.2016. The meeting was part of plans for further cooperation before the group's 50-year celebrations next year.

The gathering of expatriates from the Philippines, Malaysia, Singapore, Indonesia and Thailand was the first in Dubai for consuls, industry leaders and citizens of Asean countries.

"This is our first public diplomacy programme and we need interaction as a prerequisite to build our community," said Yubazlan Yusof, the consul general of Malaysia.
 
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Belgium: Parliament approves Belgian transfer pricing documentation requirements
 
On June 29, 2016, the Belgian Parliament adopted the 'programme law' (introduced on June 2, 2016) that contains the introduction into Belgian tax law specific transfer pricing documentation requirements (published in the Belgian Official Gazette of July 4, 2016).

Belgian ultimate parent entities of a multinational group with a gross consolidated group revenue of at least EUR 750 million should file a CbCR. Under certain conditions, the Belgian entity that is not the ultimate parent entity of the multinational group may be required to file the CbCR directly with the Belgian tax authorities.
 
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THE IMPACT OF BREXIT ON VAT
 
Transactions between the United Kingdom (UK) and the countries of the European Union (EU) are currently considered to be intra-community transactions, with an obligation to pay VAT (through a reverse charge mechanism) on assets sent and received. This allows for the free movement of goods, and the situation is similar for the provision of services.

Another consequence of a completed Brexit would be the loss of the simplifications that are currently applied among the EU member states.
 
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The New Saudi Companies Law: What You Need to Know
 
The renamed Ministry of Commerce and Investment ("MoCI") and the Saudi Arabian General Investment Authority ("SAGIA") are having to get to grips with the significant changes under the new law affecting how entities in Saudi Arabia are formed and regulated, against a background where Saudi Arabia is seeking to encourage more foreign investment in line with the National Transformation Plan 2020 and the Saudi Vision 2030, which are Saudi Arabia's roadmap to diversify its economy and address the challenges brought by low global energy prices.

This article highlights some key issues relating to the implementation of the new law, signposts some new and impending regulations that Saudi, GCC and foreign investors need to be aware of and some of the steps that existing companies and managers now need to be considering
 
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Intuit Research Team

Intuit Management Consultancy
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