GCC Tax & Regulatory Communique June 2023
1. Determining Qualifying Income
Ministry of Finance (MoF) issued Cabinet Decision No. 55 along with Ministerial Decision No. 139 of 2023 on Determining Qualifying Income for the Qualifying Free Zone Persons. Read more...
2. Determination of Non-Resident Person Nexus
MoF issued Cabinet Decision No. 56 on Determination of Non Resident Person Nexus in the State which states. Read more...
3. UAE FTA published the Value Added Tax guide
On June 19 2023 the FTA release a guideline on Input Tax Apportionment (VATGIT1) and provide assistance in understanding and applying the VAT legislation Read more...
4. DTAA between Oman and Russia
On 8 June 2023 Oman and Russia signed a DTAA, which remarks a major step in boosting the commercial and trade ties
5. Sultanate of Oman published VAT Guide for Promotions
The Oman Tax Authority has published the VAT Guide for Promotions which provides clarifications/ guidance in terms of VAT implications on transactions related to promotion of commercial activities, including Read more...
6. Sultanate of Oman published Guide for Input Tax
The Oman Tax Authority has published the much anticipated VAT Guide for Input Tax. The guide provides clarifications on key matters relating to input tax credit. Read more...
7. KSA Proposed amendments to Zakat Tax regulations, Excise law, VAT Law and Real Estate Transfer Tax regulations
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In continuation of its efforts to develop a more transparent and efficient tax environment, ZATCA has published proposed amendments to Zakat and Tax regulations, Excise law, VAT law Read more...
8. Netherlands sends GloBE Minimum Tax Bill to Parliament
The Netherlands legislative proposal to transpose Pillar Two into the Dutch company tax system, titled Minimum Tax Act 2024 (Pillar Two), was submitted to the Dutch Parliament on May 31. Read more...
9. Norway Issues Consultation and Draft Law For Pillar 2 Rules
The Norwegian Ministry of Finance launched a consultation (including draft legislation on the implementation of the Pillar Two GloBE Rules in Norway Read more...
10. Switzerland to adopt OECD Pillar II
Swiss Parliament approved the implementation of Global Minimum Tax(OECD Pillar II) in a referendum on June 18, 2023. The change is expected to come into effect from January 1, 2024. Read more...
11. Uzbekistan joins the OECD/G20 Inclusive Framework on BEPS
Uzbekistan joins international efforts against tax evasion and avoidance by joining the OECD/G20 Inclusive Framework on BEPS. Read more...
12. New reporting obligations for Payment Service Providers
Payment Service Providers ("PSPs") in the EU will be required to keep electronic records of payment data for cross-border payments and to exchange these records with a newly established central EU-database. Read more...