GCC Tax & Other Regulatory Communique September 2024
1.?UAE VAT UPDATES
The FTA has updated “Charities” Guide
The Federal Tax Authority (‘FTA’) of the UAE has issued updated Charities Guide which contains guidance about the characteristics of a charity which must be present in order for it to qualify as a Designated charity for VAT purposes. It is pertinent to note that the the FTA has updated the list of designated charities eligible to recover input VAT.
2.?BAHRAIN VAT UPDATES
Updates guides issued on Financial Services, General guide etc.
The National Bureau for Revenue (‘NBR’) has recently updated few guides as mentioned below:
1. Financial Service Guide.
2. General Guide
It is pertinent to note that updates have been made under “Interchange fees” in Financial services guide and “Punitive charges” in General guide respectively.
3.?KSA VAT UPDATES
Proposed changes to the VAT Implementing Regulations
The Zakat Tax and Customs Authority (‘ZATCA’) has published Public consultation on the existing VAT Implementing Regulations. The deadline for any submissions from taxpayers is 17 September 2024. Taxpayers are recommended to cooperate with ZATCA and provide feedback regarding the proposed amendments through the portal within the due dates to support ZATCA in its positive endeavors.