In recent years, there have been significant developments in the tax landscape of the Gulf Cooperation Council (GCC), such as:
- Implementation of indirect taxes (VAT and Excise Tax);
- Expansion of tax treaty networks, including the signing of the first intra-GCC double tax treaty between Saudi Arabia and the UAE;
- Increased focus on Transfer Pricing and tax transparency;
- Emergence of tax technology and e-invoicing initiatives; and
- The UAE's introduction of Corporate Income Tax (with effect from 1 June 2023).
Looking further ahead, it will be interesting to observe how Bahrain and the UAE will navigate the implementation of the OECD initiated Global Minimum Tax rules, which aim to introduce a minimum tax rate of 15% on large multinational companies with revenue above EUR750 million, wherever they do business.
The multitude of recent and upcoming tax changes have made it essential for legal, finance and tax professionals in the GCC to stay up to date with the latest tax developments and to ensure that businesses are compliant with the applicable laws and regulations. DLA Piper has been at the forefront of these changes, advising clients on the implications and opportunities presented by these developments. That is why we have decided to launch our monthly newsletter ‘Gulf Tax Insights’, which provides a summary of the latest tax developments, as well as insights from our team of experts to help businesses navigate the ever-changing GCC tax landscape.
We hope you find our newsletter informative and valuable, and we welcome any questions or suggestions you may have.
