GCC Tax & Other Regulatory Communique March 2024

1.?UAE VAT Updates

Tax Refunds for Tourists Scheme

The FTA of UAE has issued a decision on the “Tax Refunds for Tourists Scheme”. Said decision outlines the commencement date of the tourist scheme, applicable purchase, and export procedures, fee structure, refund mechanism, and the categories of goods excluded from the tax refunds, etc. It is pertinent to note that said decision is effective from 01 March 2024.

Turnover Declaration Letter for Tax Groups

The FTA of UAE has issued a “Turnover declaration letter” for Tax Group which is required to be submitted as well along with other mandatory details while forming a Tax Group.

2.?VAT in Bahrain

VAT General Guide

The National Bureau for Revenue (‘NBR’) in Bahrain, has updated the “Vat General Guide”. As per the said guide, it is to be noted that the NBR has extended the period to retain records and accounting books for an additional five years. Further, the NBR may notify the Vatable person to retain these records for a longer period, without said additional period exceeding five years.

3.?KSA Other Regulatory Updates

Phase 2 of E-invoicing

The ZATCA of KSA has issued the criteria for taxpayers to be eligible for inclusion in the 10th wave of Phase 2 (“Integration Phase”) of E-invoicing. Based on the latest update, ZATCA shall start notifying all targeted taxpayers in the tenth wave to integrate their e-invoicing solutions with the (FATOORA) Platform from 01 October 2024.