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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
What is a VAT Audit? A VAT audit is a thorough review conducted by the FTA to verify the accuracy of the VAT declared, paid, and reclaimed by a business. This process involves scrutinizing records, returns, and other documents to ensure that the business has complied with VAT requirements. The
In the rapidly evolving landscape of electronic devices, understanding the criteria for determining which pieces and parts are related to these devices is crucial. Whether you’re a manufacturer, consumer, or industry enthusiast, knowing what components are essential for the normal operation of electronic devices is paramount. Here, we delve into
The Zakat, Tax and Customs Authority (ZATCA) has recently introduced comprehensive rules to streamline customs procedures for the import and export of goods in the Kingdom of Saudi Arabia (KSA). These rules align with the provisions of the Common Customs Law of the GCC States and its Implementing Regulations, aiming
Investment funds and investment managers play pivotal roles in the financial landscape, channeling capital into diverse opportunities and generating returns for investors. In this article, we delve into the essence of investment funds, the intricate web of entities they comprise, and the vibrant investment funds landscape in the UAE. What
As multinational enterprises (MNEs) navigate the complex landscape of international taxation, compliance with Country-by-Country Reporting (CbCR) obligations has become paramount. This article delves into the key aspects of CbCR, including notification and reporting obligations, contents of the report, submission dates, use and confidentiality of report information, and the Competent Authority’s
Saudi Arabia has introduced new Transfer Pricing Guidelines specifically tailored for Zakat payers. These guidelines provide comprehensive details and illustrative examples regarding the Zakat treatment of various types of related party transactions. This article aims to offer an overview of these guidelines, explain the principles of transfer pricing for Zakat
FTA has issued Corporate Tax Guide CTGFZP1 for Free Zone Persons The Federal Tax Authority (FTA) on May 20, 2024, released the much-awaited corporate tax guide on the Free Zone Persons. Free Zones play an integra role in driving economic growth in the UAE and internationally by offering diversified benefits
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