Insights & Updates I July 2023

1. UAE

The Ministry of Finance in the UAE published new cabinet decisions in July 2023 on Cabinet Decision No. (74) of 2023 On the Executive Regulation of Federal Decree-Law No. (28) of 2022 on Tax Procedures. The MOF also published Free Zone Public Consultation on July 19, 2023, intending to gather opinions from interested parties on the proposed framework for the classification of Qualifying Activities and Excluded Activities for Free Zone companies.

2. KSA

The ZATCA announced on July 9th, 2023 that it would provide taxpayers with binding advice on tax rulings to ensure their assurance and protection in specific situations. By outlining the ZATCA's assessment of how a relevant tax law should be applied to the taxpayer in connection with specific circumstances, the binding advice effectively gives the taxpayer the same level of assurance and protection that a ruling would.

3. Egypt

The Ministry of Finance is expected to release executive regulations soon after the June 16, 2023 modifications take effect. Through the recently updated tax law, the Egyptian government proposed a package of tax reform revisions that affect both local and multinational companies on the domestic and international tax aspects. The goal of these amendments is to close tax gaps.

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4. Canada

The Canada Border Services Agency (CBSA) released its semi-annual update of trade compliance verification priorities on July 6, 2023. As determined by the CBSA's assessment of the risk of noncompliance with customs regulations pertaining to the importations of specific categories of imported goods or supply chains, verification priorities are defined on an ongoing basis.

To learn more about the Key Amendments, Click on the link below.

GCC & International Tax Updates I July 2023