Saudi Arabia to review VAT hike once economic crisis ends
Saudi Arabia will review its controversial decision to triple the value-added tax once the current economic crisis is over, its…
Tax
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ACCA and Al Tamimi & Co. sign a formal partnership agreement
ACCA (the Association of Chartered Certified Accountants) and Al Tamimi & Co have signed a formal partnership agreement which signals…
KPMG: Saudi Arabia ‘the next frontier’ for F&B operators
An upcoming “generational shift” means that Saudi Arabia “is still the next frontier in the region for F&B operators”, according…
Tougher penalties for UAE businesses who disclose VAT errors
Businesses in the United Arab Emirates (UAE) face tougher penalties than previously expected when they make a VAT Voluntary Disclosure…
UAE’s VAT revenue tops $3bln during Jan-August
The UAE’s Ministry of Finance said that from the beginning of January until the end of August 2020,the total value-added…
UAE says has no plan for now to increase VAT
The United Arab Emirates has no plan to increase value-added tax (VAT) to more than the current 5%, the ministry…
Will the UAE introduce income tax for ‘high earners’?
The Middle East was taken by surprise when it was reported last week that Oman is considering an income tax…
United Arab Emirates: Economic substance notification and report templates issued
On 22 October 2020, the United Arab Emirates (UAE) Ministry of Finance (MOF) released the much-anticipated economic substance (ES) report…
United Arab Emirates: Court allows late payment penalties on voluntary disclosures
In October 2020, the United Arab Emirates (UAE) Federal Supreme Court released a long-awaited decision on whether late payment of…
Kuwait has no choice but to borrow to tackle deficit – audit body
Kuwait's State Audit Bureau said the government has no choice but to borrow to plug a growing deficit, but that…
Lebanon gets more time to meet audit demand by creditors
Lebanon has three more months to provide data for a forensic audit of the central bank after failing to meet…
KPMG adds five new partners to its Dubai team
Global accounting and consulting firm KPMG have admitted five new partners into the partnership of its Dubai office. Fahad…