Oman Confirms Participation In Gulf Cooperation Council (GCC) Value Added Tax (VAT) From 2018
Oman is the latest Gulf Cooperation Council territory to confirm its participation in the bloc’s value-added tax project. VAT is to be introduced in GCC countries from 2018, to diversify their tax bases away from revenues from oil. Earlier this month, Kuwait also confirmed that it would introduce the levy from 2018. In a meeting […]
Strategic Cooperation Between Riyadh and Ankara Hits New Highs
RIYADH: Saudi Arabia and Turkey have been enjoying a deep and longstanding bond based on their common geopolitical interests and similarities in approaches on a host of regional and international issues. The recent visit of Crown Prince Mohammed bin Salman, minister of interior, to Turkey; preceded by the visit of Custodian of the Two Holy […]
THE UNITED ARAB EMIRATES GOVERNMENT STRENGTHENS ITS COMMITMENT TO IMPLEMENT THE AUTOMATIC EXCHANGE OF INFORMATION BY 2018
The Ministry of Finance (MoF) announced the approval by the UAE Cabinet of the agreement on mutual administrative assistance in tax matters (MAC) and the Multilateral Competent Authority Agreement (MCAA). Broadly speaking, the MCAA is based on Article 6 of the MAC and is one of the available legal basis to establish the exchange relationships […]
Amendment in Double Taxation Avoidance Agreement (DTAA) between India and Japan
The amended bilateral tax treaty between India and Japan, which provides for strengthened exchange of information to help reduce tax evasion, has come into force from October 29. The agreement to amend the 27-year old Double Taxation Avoidance Agreement (DTAA) was signed when Japanese Prime Minister Shinzo Abe visited India in December 2015. In a […]
Oman VAT by 1 January 2018
The Ministry of Finance of the Sultanate of Oman announced that it intends to implement VAT by the beginning of 2018. In an announcement made to the Oman News Agency, and Gulf News, HE Saud Nasser Al Shukaili, secretary-general of Taxation at the Ministry of Finance, confirmed that, in accordance with the joint efforts between […]
Dubai International Financial Centre (DIFC) Intermediary Special Purpose Vehicle Regime
On 19th September 2016 Intermediate Special Purpose Regime (“Intermediate SPV”) was approved by DIFC Board of Directors with immediate effect. The Intermediate SPV regime applies to entities that are already present in the DIFC provided that they meet certain criteria (see below). Discussions with a number of DIFC entities and professional advisory firms have led […]