UAE: The Favorite Destination for FDI
The United Arab Emirates (UAE) have been continuously recognized as world’s investment destination. As per the information published in World Investment Report 2017 released by the United Nation’s conference on Trade and Development (UNCTAD) UAE is ranked 12th in the list of countries ranked on basis of preferred jurisdiction for foreign direct investment (FDI) during […]
Amendments in Oman Tax Law
Introduction The Sultanate of Oman has recently issued a new Royal Decree which bought a wide-ranging impact on the existing income tax law in the country. This law was published in the official gazette on 26th February 2017. This article aims to share the major highlights and the impacts of the newly introduced amendments. The […]
VAT Law (Draft) Published in KSA
Introduction The GCC nations have announced the introduction of VAT from the next year and preparation for the same is in full swing. Kingdom of Saudi Arabia (KSA) already published the draft VAT law on the website of General Authority of Zakat and Tax (GAZT). It is considered to one of the major steps towards […]
Highlights of GCC Unified VAT Treaty
Introduction The treaty for Value Added Tax signed by GCC nations is finally out in the public domain. The much talked about treaty is being published in the official gazette of the Kingdom of Saudi Arabia (KSA). It is one of the crucial steps in implementation of VAT in the region. The KSA had already […]
Role of Free Zones in UAE Economy
United Arab Emirates is one of the most preferred jurisdiction among the businesses around the world. The GCC economy have witnessed some difficult days in past year due to steep fall in oil prices. But the UAE economy is still going strong because it has successfully managed to divest its source of revenues from non-oil […]
Finance Ministers of GCC Explore VAT and Economic Issues
The GCC countries have already signed the treaty for implementation of VAT by 2018 and the preparation for successful implementation is already going on a war footing basis. The UAE and KSA are expected to introduce VAT with effect from 1 January 2018 and the rest shall follow within a couple of months. The lawmakers […]
VAT Briefing Highlights
VAT Introduction Value Added Tax (VAT) is an indirect tax levied on supplies. GCC have entered a treaty to introduce and implement VAT and Excise across the GCC to create a wider scope of revenues for the Government. All the countries in the region shall prepare and implement their legislation for VAT based on the […]
All six GCC states to implement VAT together, says UAE council official
The six members of the Gulf Cooperation Council (GCC) will all simultaneously introduce a law to implement value-added tax (VAT) in 2018, even if it means a slight delay due to some countries lagging behind in their preparations, an official in the United Arab Emirates (UAE) said. Younis Al Khouri, under-secretary at the UAE’s finance […]
5 highlights of the new Pharmacy Law in Oman
Introduction The sultanate of Oman has enacted a new pharmacy law to regulate the pharmacy practices in Oman in March, 2015. The royal decree 35 of 2015 promulgates the “Pharmacy Law” repealing royal decree 41 of 1996 making significant amendments regarding foreign investments in Pharmacy sections. This article aims to highlight major provision of new […]
Six Laws on Consumer Privacy in GCC
Introduction Before understanding the importance of the consumer privacy in today’s scenario, one must know the meaning of this both two terms. There has been rapid changes & development in the technology and their implications. Consumer privacy refers to the protection of the personal data and protection of any kind of communication between people through […]