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Oman Unveils New Corporate and VAT Tax Rates Aligned with Vision 2040 https://lnkd.in/dxitbiWv #Oman #Tax #CorporateTax #VAT #Vision2040 #Business #Muscat #GCC Tax Authority of Oman

Understanding developing tax regulations is crucial to ensure your business stays compliant and prospers. In our latest blog post, we explore the Nigerian Withholding Tax Regulations 2024, including how to ensure compliance, updated rates, and key differences from VAT. Stay informed and ensure your business in Nigeria stays compliant with relevant tax laws. Check out the full post here: https://lnkd.in/dpJhfjiG

Effective Input Tax Strategies Under Egypt’s Law No. 67 of 2016 Input tax is the tax borne by the taxpayer when purchasing or importing goods (including machinery and equipment) and services, whether directly or indirectly related to the sale of goods or provision of taxable services. The taxpayer is allowed to deduct this tax up to the amount of tax due and carry forward any excess to subsequent tax periods until fully deducted. Read more.. English: https://lnkd.in/duSrbukP Arabic: https://lnkd.in/dzEidSas #andersenEgypt #andersen #lawfirm #taxfirm #financialadvisory #lawyers #egypt

The key differences in withholding tax reporting between Saudi Arabia & other jurisdictions lie in their respective tax laws, regulations, & compliance requirements. While withholding tax is a common practice globally, each jurisdiction has unique provisions & procedures governing its implementation & reporting. Here's what we cover in this article: -Withholding tax laws & regulations in Saudi -Types of income subject to withholding tax in Saudi -Rates of withholding tax in Saudi Arabia -Compliance requirements for withholding tax in KSA Let our team of tax experts guide you through the withholding tax reporting process & ensure compliance. Contact us on 📧 tax@creationbc.com or 📞 KSA +966 54 995 2676 | UAE +971 4 878 6240. #CreationBC #CreationTaxTuesday #WithholdingTax #TaxCompliance #SaudiArabiaTax #TaxRegulations #TaxLaw #BusinessConsulting #CorporateStrategy #ComplianceExperts #TaxReporting

Whether you're a seasoned professional or new to the KSA market, my latest article about WHT in Saudi Arabia can be a valuable resource for understanding your WHT obligations. Do you have any questions about WHT in KSA? Please let me know and let's discuss!

The key differences in withholding tax reporting between Saudi Arabia & other jurisdictions lie in their respective tax laws, regulations, & compliance requirements. While withholding tax is a common practice globally, each jurisdiction has unique provisions & procedures governing its implementation & reporting. Here's what we cover in this article: -Withholding tax laws & regulations in Saudi -Types of income subject to withholding tax in Saudi -Rates of withholding tax in Saudi Arabia -Compliance requirements for withholding tax in KSA Let our team of tax experts guide you through the withholding tax reporting process & ensure compliance. Contact us on 📧 tax@creationbc.com or 📞 KSA +966 54 995 2676 | UAE +971 4 878 6240. #CreationBC #CreationTaxTuesday #WithholdingTax #TaxCompliance #SaudiArabiaTax #TaxRegulations #TaxLaw #BusinessConsulting #CorporateStrategy #ComplianceExperts #TaxReporting

#CreationTaxTuesday Understanding withholding tax reporting disparities between Saudi Arabia and other jurisdictions is crucial. Each locale has distinct tax laws, regulations, and compliance criteria. Our latest article includes: - Saudi withholding tax laws & regulations - Types of income subject to withholding tax in Saudi - Saudi Arabia's withholding tax rates - Compliance requirements in KSA Let our tax experts navigate you through the complexities of withholding tax reporting and ensure compliance. For a free tax consultation contact 📧 tax@creationbc.com or 📞 KSA +966 54 995 2676 | UAE +971 4 878 6240. #CreationBC #CreationTaxTuesday #WithholdingTax #TaxCompliance #SaudiArabiaTax #TaxRegulations #TaxLaw #BusinessConsulting #CorporateStrategy #ComplianceExperts #TaxReporting"

BDO’s quarterly GCC Tax updates provide a comprehensive summary of the important tax developments across the region and detail the actions that businesses should be taking. In this Q3 2024 edition, there’s plenty to report from all six GCC countries, including a first for the region, the introduction of a new domestic minimum top-up tax in Bahrain. The UAE remains one of the busiest places for tax change, where the effects of the new corporate tax continue to be felt. Kuwait has signed and updated several tax treaties. To access the report, please click here: https://lnkd.in/dF-A3qmv Please contact BDO’s tax experts in the GCC for assistance with any tax-related matters. Rami Alhadhrami Ketan Puri Jino George #tax #BDO #GCCtaxUpdate2024 #Kuwait

First GCC country to implement income tax. Oman is close to finalizing a personal income tax (PIT) targeting high-income earners, with Omani nationals taxed on income above USD 1 million and foreign nationals on income above USD 100,000. Tax rates are expected to be between 5% and 9% for foreign nationals and a flat 5% for Omanis. Other GCC countries, like Saudi Arabia and the UAE, have confirmed they have no plans to implement PIT. Despite occasional discussions on tax reforms in the region, they typically do not materialize, so other GCC residents are unlikely to face similar taxes soon. #tax #GCC #income_tax #103.8 #Dubai

Early morning chat with the great Brandy Scott on The Business Breakfast on Dubai Eye 103.8 discussing the impending introduction of Personal Income Tax in the Sultanate of Oman. The legislative process in Oman for the implementation of personal income tax (“PIT”) has been (almost) finalized. The law is now under review by the Council of State. It is therefore fair to say that the likelihood of the legislation being enacted is high. It is reported that the proposed PIT targets high-income earners, with Omani nationals taxed on net global income above USD 1 million and foreign nationals on income above USD 100,000. Expected reported tax rates range between 5% and 9% for foreign nationals, with a flat rate of 5% for Omanis above the specified thresholds. However, the exact rates and further implementation details are still being finalized. It is very unlikely that other GCC countries will follow to implement personal income tax. Back in January 2024, the KSA Minister of Finance confirmed Saudi Arabia has no plans to introduce personal income tax. Around the same time, the UAE Undersecretary of Finance stated the same. There are occasionally rumblings on tax reform in other GCC countries due to proposals of Members of Parliament, which usually do not end up materializing, and occasionally remittance taxes are put on the table. This was also the case in Oman in 2013, but it was not implemented finally. Saudi caused a bit of a stir last year when it introduced a draft corporate income tax law, which still hasn’t been adopted. Some people then had interpreted the law as also applying to natural persons, which wasn’t the case, it only applied, as now, to natural persons conducting a business. Bottom line is, no worries, except if you're a tax resident of Oman. There is no wave or tendency for the region to start adopting Personal Income Tax. You're safe for now!