INSIGHTS
Free zones have become the Spotlight for investors eyeing the GCC countries, inviting prospects within tax-free zones. Among these, the Oman Freezone company formation stands out, providing a conducive environment for business expansion. Let’s delve into the key aspects of company formation in Oman Freezones. Benefits of Oman Freezone Company
In the realm of financial integrity and security, record-keeping stands as a cornerstone of the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework. This fundamental practice extends far beyond mere paperwork; it is a proactive strategy that underpins a robust compliance infrastructure. Here’s why record-keeping of customer-related
Introduction With the enforcement of Federal Decree-Law No. 47 of 2022, corporate tax registration has become a critical compliance requirement for all taxable persons, including non-resident juridical entities. The FTA Decision No. 3 of 2024, effective from March 1, 2024, outlines the timelines for these registrations. This article focuses on
Introduction The UAE’s corporate tax regime, governed by Federal Decree-Law No. 47 of 2022, requires both juridical and natural persons to comply with tax registration requirements. FTA Decision No. 3 of 2024, effective from March 1, 2024, specifies the registration timelines for natural persons, whether resident or non-resident. This article
In today’s interconnected global economy, illicit financial activities such as money laundering, financing terrorism, and proliferation financing (ML/FT and PF) pose significant threats. These activities undermine the integrity of the economy and disrupt the operations of business entities. To combat these threats, businesses must adopt robust Anti-Money Laundering and Combating
The Oman Excise Tax Executive Regulations, published in the Official Gazette on 19 July 2020 and effective from 20 July 2020, provide crucial guidelines for implementing the Excise Tax Law, which became effective on 15 June 2019. These regulations cover various aspects of Excise Tax, including registration, returns, tax collection,
Introduction In the realm of VAT, distinguishing between manpower services and visa facilitation services is essential yet challenging for businesses. This article explores the guidelines and considerations businesses should be aware of when dealing with these services under VAT regulations. Manpower Services: Key Features and VAT Implications Manpower services involve
Navigating corporate tax administration is crucial for businesses operating in Oman. This article provides a comprehensive overview of key aspects such as taxable periods, tax returns, payment procedures, objections and appeals, statute of limitations, record maintenance, and areas of focus for tax authorities. 1. Taxable Period In Oman, the taxable
On February 2, 2023, Qatar enacted Law No. 11 of 2022, introducing significant amendments to its Tax Law. These changes, effective immediately, were further detailed with updates to the Executive Regulations (ERs) published on May 16, 2023. Among the various amendments, key changes pertain to the definition and scope of
Introduction In the framework of global strategic partnerships and to enhance competitiveness of the United Arab Emirates, the Ministry is working on expanding its Double Taxation Agreements (DTA) and Bilateral Investments Treaties (BIT) network , where it concluded 193 DTAs and BITs, with the purpose of exempting or reducing taxes
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