GCC Tax & Regulatory Communique April 2023
- MoF Issues Decision on Small Business Relief for Corporate Tax Purposes
Ministry of Finance has issued Ministerial Decision No, 73 of 2023 on “Small Business Relief” for the purpose of Federal Decree Law No. 47 of 2022 on Taxation of Corporations and Businesses. Read more...
2. Business Activities of a Government entity treated as a Single Taxable Person
MoF has issued Cabinet Decision No 68 of 2023 on Treatment of all Businesses and Business Activities Conducted by a Government Entity as a Single Taxable Person Only Federal & Local government entities are impacted by this Ministerial Decision. Read more...
3. Exemption from Registration for Corporate Tax
MoF has issued Cabinet Decision No 43 of 2023 clarifies list of persons who will not be required to apply for CT Registration subject to conditions. Read more...
4. Corporate Tax Exemption to Qualified Public Benefit Entities (QPBE)
MoF issued Cabinet Decision No 37 of 2023 specifying the schedule of Qualifying Public Benefit Entities (QPBE) that are exempt from Corporate Tax in the UAE. Read more...
5. Taxable Persons required to prepare and maintain Audited Financial Statements
MOF issued Cabinet Decision No 82 of 2023 specifying the categories of taxable persons who are required to prepare and maintain Audited/Certified Financial Statements.
6. Situations when the presence of natural persons in the UAE not considered PE
MoF has issued Ministerial Decision No, 83 of 2023 on Determination of the Conditions under which the Presence of a Natural Person in the UAE would not Create a Permanent Establishment for a Non-Resident Person Read more...
7. Conditions for Change in Tax Period & Timeline for Tax Deregistration in CT
Ministry of Finance has issued Ministerial Decision No, 5 of 2023 on Conditions for Change in Tax Period for the purposes of the Federal Decree Law No. 47 of 2022 on Taxation of Corporations and Businesses (“CT law”). Read more...
8. Tax Registration and Exemption under Corporate Tax Law
MoF has issued Ministerial Decision No, 7 of 2023 on Provisions of Exemption from Corporate Tax for the purposes of the Federal Decree Law No. 47 of 2022 on Taxation of Corporations and Businesses (“CT law”). Read more...
9. Premium is not considered as separate supply but is a part of Consideration of the goods and subjected to the same VAT Treatment
A taxable person is required to impose VAT 5% on all its taxable supplies unless the supplies qualify for zero rating under Article 45(8) of UAE VAT Law Accordingly. Read more...
10. Supply of Lab grown or man made Diamonds are subjected to VAT
In the private clarification issue d by FTA, it has been clarified that supply of Lab grown or man made Diamonds are subjected to 5 VAT and do no qualify for Reverse charge Mechanism (RCM). Read more...
11. Dubai Customs update the grace period for Submission of customs declarations and the supporting documents
Dubai Customs has recently issued Customs Notice No 4 of 2023 to update the grace period for submitting customs declarations and supporting documents after the import and export clearance. Read more...
12. The Kuwait Ministry of Finance Circular No. 8 of 2023
The Kuwait MoF recently issued Circular No 8 of 2023 which concerns the 5 tax retention withheld on companies enjoying tax incentives as per the Kuwait Direct Investment Promotion Authority (KDIPA)'s regulations ("K-Entities"). Read more...
13. ZATCA extends Transfer Pricing regulations to Zakat payers and introduces APA program
ZATCA announced the approval of the proposed amendments to the Transfer Pricing By laws in the Kingdom of Saudi Arabia (KSA). Read more...
14. KSA launches five Different Special Economic Zones
On 14 April 2023 the Economic Cities and Special Zones Authority (ECZA) announced the launch of four new Special Economic Zones (SEZ) in KSA to create a more competitive investment landscape in the country. Read more...
15. Proposed amendment to the provisions of Article 75 of VAT Implementing Regulation
Article 75 of VAT Implementing Regulation provides governing principles related to rulings submission to request from ZATCA its opinion on the interpretation of the provisions of VAT law and its Implementing Regulations. Read more...
16. Ireland Issues Draft Global Minimum Tax Law For Feedback
The Irish government issued a Feedback Statement on the Pillar Two Global Minimum Tax. It includes draft legislation and outlines possible draft legislative approaches to key elements of the Globe Rules. Read more...
