GCC Tax and Financial Updates SEPTEMBER 2024

Introduction

As Last Quarter of 2024 unfolds, we bring you the latest tax and regulatory developments from across the GCC in the month of September. This newsletter covers significant changes that could affect businesses operating in the region. From the UAE’s extension of corporate tax filing deadlines for certain companies to Bahrain’s introduction of a new Domestic Minimum Top-up Tax, businesses need to stay informed and prepared. At ACME Group, we are committed to keeping you updated and guiding you through these transitions smoothly.

In the UAE, the Federal Tax Authority has announced a much needed extension for corporate tax filing and settlement deadlines for certain companies incorporated after June 1, 2023. This extension, until December 31, 2024, allows businesses more time to complete their obligations and ensure compliance. Additionally, awareness events and workshops were held by the FTA continue to emphasize corporate tax requirements, particularly for Free Zone businesses. 

Across the broader GCC Region, significant updates are also taking place. Bahrain plans to introduce a 15% Domestic Minimum Top-up Tax for large multinational enterprises starting in 2025, aligning with global tax reforms led by the OECD. Saudi Arabia’s ZATCA is encouraging taxpayers to benefit from their fine cancellation initiative, providing relief from penalties related to late registrations or filings. 

Meanwhile, Qatar continues to foster regional collaboration with its 13th GCC Tax Directors’ Meeting, underscoring the importance of unified tax policies across the region. As these developments unfold, ACME Group stands ready to help your business understand these changes effectively.

Thank you for choosing ACME Group as your trusted partner in tax and financial matters.

Disclaimer: The Content offer general guidance and should not be considered legal, financial, or tax advice. Consult qualified professionals for personalized guidance. While efforts have been made to ensure accuracy, no guarantee is provided for completeness or applicability to individual situations. Users are responsible for their interpretation and actions based on this information, at their own risk.

For understanding more about VAT Updates, Tax Law and Registration reach out to us at: contact@acme-group.me | +971 52 740 1169.