Other Briefings
Bahrain to Implement 15% Domestic Minimum Top-Up-Tax on MNEs from January 1, 2025
Bahrain has introduced a 15% Domestic Minimum Top-Up Tax (DMTT) on profits of Bahraini subsidiaries of large multinational enterprises, effective from January 1, 2025. This marks Bahrain’s first general profit tax beyond the oil and gas sector.
Managing ESR Compliance in the UAE After 2024 Legal Amendments
The 2024 legal amendments exempt UAE businesses from compliance under the Economic Substance Regulations (ESR) for financial periods starting after January 1, 2023. However, compliance for the 2019–2022 ESR Period is required, with records retained for six years for potential Federal Tax Authority review.
UAE Amendments to Economic Substance Regulations: Impact on Businesses
The UAE Ministry of Finance announced amendments to the Economic Substance Regulations (ESR) through Cabinet Resolution No. (98) of 2024, published on September 16, 2024. A key change limits the ESR’s application to accounting periods from January 1, 2019, to December 31, 2022.
Saudi Arabia Expands E-Invoicing Regime to Cover More Businesses in 2025: Key Details
More businesses will be subject to e-invoicing compliance in Saudi Arabia by 2025 as the 15th and 16th waves of integration get implemented by March 1 and April 1, respectively. We discuss the criteria of applicability and how businesses can prepare.
UAE Amends VAT Executive Regulations, Effective November 15
The UAE has made substantial changes to its Value Added Tax (VAT) Executive Regulations, effective from November 15, 2024, carrying implications for businesses across various sectors, especially trade and financial services.
UAE VAT Exemptions: Impact on Crypto and Investment Firms
From November 15, 2024, businesses in the UAE, including cryptocurrency firms and investment funds, will benefit from new VAT exemptions.
A Guide to AML/CFT Compliance and Reporting in the UAE
This guide provides an overview of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance requirements for Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) in the UAE, reporting best practices, and area-wise supervisory authorities.
Egypt Introduces Business-Friendly Tax Relief Measures to Boost Economic Growth
A key reform is the introduction of a simplified tax regime for businesses with an annual turnover of up to EGP 15 million. For international companies, the government has raised the threshold for the preparation and submission of transfer pricing studies to EGP 30 million.
VAT in the UAE: Registration, Rates, and Compliance
The UAE implemented VAT in 2018 with a standard rate of 5 percent, applied at each stage of the supply chain. Businesses must adhere to compliance regulations, and failure to do so can result in significant penalties.
Bahrain Introduces New Top-Up Tax for Multinational Firms
Bahrain announced a domestic minimum top-up tax for large multinational enterprises, effective January 1, 2025, aligning with OECD guidelines to promote fairness in international taxation.
