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A Member Firm of Andersen Global

Kingdom of Saudi Arabia announces Increase in Value Added Tax

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Kingdom of Saudi Arabia announces Increase in Value Added Tax
  • Newsletter, Saudi Arabia

Kingdom of Saudi Arabia announces Increase in Value Added Tax

  • The Saudi Arabian Government recently announced that the VAT or Value Added Tax will be increased from 5% to 15% as of July 1st, 2020. The increase is one of several measures that have been taken in response

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Manufacturing Sector to Benefit From the Recent FDI Update – 100% Foreign Ownership
  • Newsletter, U.A.E.

Manufacturing Sector to Benefit From the Recent FDI Update – 100% Foreign Ownership

  • As per the recent FDI law update, 100% foreign ownership is allowed in mainland companies in certain sectors of the economy. The resolution allows 122 economic activities in which FDI is permitted.

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For Foreign and Non-Resident Indian Visitors relaxed Residency Rules in Wake of COVID-19 Pandemic
  • India, Newsletter

For Foreign and Non-Resident Indian Visitors relaxed Residency Rules in Wake of COVID-19 Pandemic

  • As per the Income Tax Act, 1961 Section 6 provides for the residential status of the individual based on the stay during the financial year that commences from April to March every year.

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Mitigating the Developmental and Economic Impact of COVID-19 with new VAT Incentives in Saudi Arabia
  • Newsletter, Saudi Arabia

Mitigating the Developmental and Economic Impact of COVID-19 with new VAT Incentives in Saudi Arabia

  • In order to mitigate the developmental and economic impact of the Coronavirus on the Saudi Arabian private sector, the General Authority of Zakat and Tax (GAZT) recently launched a number of incentives that will provide support for taxpayers

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Deadlines for reporting Economic Substance have been extended for Businesses in Bahrain
  • Bahrain, Newsletter

Deadlines for reporting Economic Substance have been extended for Businesses in Bahrain

  • It goes without saying that the economic impact of the Coronavirus pandemic has been felt on a global scale. Consequently, this has created a number of unprecedented challenges for hundreds, if not thousands of businesses in Bahrain and

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Corporate Tax Relief for Oman Businesses impacted by COVID-19
  • Newsletter, Oman

Corporate Tax Relief for Oman Businesses impacted by COVID-19

  • As of March 31st, 2020, tax authorities are now providing tax relief for corporations that are currently doing business in Oman and have been affected by COVID-19 as well as any Government imposed precautionary measures that were put

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Deadlines for Filing Tax Returns and paying Taxes extended in Saudi Arabia during COVID-19 Pandemic
  • Newsletter, Saudi Arabia

Deadlines for Filing Tax Returns and paying Taxes extended in Saudi Arabia during COVID-19 Pandemic

  • On March 20th, the Saudi Arabian Ministry of Finance published the details of its economic relief measures to benefit businesses that have suffered during the COVID-19 pandemic.

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Deadline Updates for United Arab Emirates Economic Substance Regulation Notifications
  • Newsletter, U.A.E.

Deadline Updates for United Arab Emirates Economic Substance Regulation Notifications

  • According to financial experts in United Arab Emirates, Government regulatory authorities have amended or confirmed the filing deadlines for their annual filing notifications in their respective free zones.

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DIFC Foundations now being accepted as Direct Shareholders by JAFZA
  • Newsletter, U.A.E.

DIFC Foundations now being accepted as Direct Shareholders by JAFZA

  • JAFZA (the Jebel Ali Free Zone) has become the most recent Dubai jurisdiction to allow Dubai International Financial Centre (DIFC) Foundations as direct shareholders and/or incorporators in registered entities. This is a big step forward when it comes

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VAT Refund for Foreign Businesses in the UAE
  • Newsletter, U.A.E.

VAT Refund for Foreign Businesses in the UAE

  • The Federal Tax Authority (FTA) has introduced a VAT refund scheme in the United Arab Emirates for foreign businesses. With this scheme, all eligible non-United Arab Emirates established businesses will be able to submit the VAT refund requests

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