GCC Tax & Other Regulatory Communique October 2024

1.?UAE VAT UPDATES

Amendment of Legal Entity Type on Emara Tax Portal

The FTA of the UAE has updated / enhanced the Emara Tax Portal for a better user experience. It is to be noted that the update has been made under “Taxable Person Amendment” section as Registered persons would be able to update/change the Legal Entity type going forward. It appears that said option is available only to Registrants who have filed registration under an incorrect entity type by mistake or for any other reason etc.

2.?UAE CORPORATE TAX UPDATES

The Federal Tax Authority (‘FTA’) recently issued FTA Decision No. 7 of 2024 extending the due date to furnish the first Corporate Tax Return and settle Corporate Tax Liability to 31 December 2024 for the following case:

?Taxable person incorporated, established or recognized under the applicable legislation of UAE, on or after 1 June 2023; and

?Tax period of the taxable person ended on or prior to 29 February 2024.

Other Updates

The Federal Tax Authority has activated the option of change of legal type from natural person to legal person and vice versa. Please note that this option will work only if there is no taxable person amendment pending or no draft Corporate Tax / VAT application pending . However, changing the entity sub type is still not available.

3.?BAHRAIN VAT UPDATES

Issuance of updated Real Estate Guide

The National Bureau for Revenue (‘NBR’) has recently updated ‘VAT Real Estate’ guide. It is to be noted that said update is in relation to VAT treatment for the rental of retail and promotional stands. Please note that from 01 January 2025, the provision of space for retail or promotional stands will not be regarded as an exempt supply for VAT purposes, irrespective of the rental period.

4.?OMAN VAT UPDATES

Issuance of various VAT related E-service manuals

The Oman Tax Authority (‘OTA’) has recently issued various E-service manuals in Arabic as mentioned below:

1. Guide on submitting a VAT objection

2. Guide on the list of Taxpayer Representatives.

3. Guide on the list of taxpayers.

4. VAT Details Guide.

5.?Other Regulatory Updates in KSA

Fees rules on Customs Services provided at Customs Ports

The ZATCA of KSA has announced the issuance of a decision by its Board of Directors regarding the Fee Rules on Customs Services, which includes specifying the fees on customs services provided by ZATCA and the conditions for fulfilling them. As per said decision, fees for all customs services for exports shall be waived and reduced for customs service for imports through a new mechanism for calculating Import service fees which involves a fee of 0.15% of the value of incoming goods for customs declaration processing services.