5 Major Developments in the GCC Region

5 Major developments in the GCC Region

• OTA’s new VAT Guide on E-Commerce
• VAT of a car exported from Saudi Arabia cannot be refunded
• Five key questions about e-Invoicing in Saudi Arabia in phase 2
• Update on Cash refund of VAT for Tourists
• Related Party Transactions For VAT In Bahrain

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Bahrain

Registration

• Guidance on VAT registration certificates, simplified tax invoices

• Related Party Transactions For VAT In Bahrain

• VAT Registration in Bahrain

Violations

• Inspectors register 38 VAT violations in Bahrain

• VAT violations identified during field inspections

Oman

E-Commerce

• E-Commerce Oman VAT Guide

• Oman Tax Authority guide on E-Commerce (English translation by MMJS

• OTA’s new VAT Guide on E-Commerce

Digital Stamps

• Digital tagging of excisable goods picks up steam in Oman

Fines & Penalties

• VAT Fines and Penalties

Zero-Rate

• List of VAT zero-rated medical equipment

Saudi Arabia

Refund

• VAT of a car exported from Saudi Arabia cannot be refunded

E-Invoicing

• Webinar Pagero: How to Prepare for e-Invoicing Mandate in Saudi Arabia (Sept 20, 2022)

• Five key questions about e-Invoicing in Saudi Arabia in phase 2
• E-Invoicing: Latest releases and announcements from ZATCA

Rate

• IMF recommends Saudi NOT to reduce the VAT rate

• VAT applicable to gold if its purity level is below 99%
• Saudi’s ZATCA: VAT applicable to gold if its purity level is below 99%

Reporting/Compliance

• Saudi’s Zakat, Tax and Customs Authority calls on taxpayers subject to VAT to submit their declarations for July

• Updated Reporting Requirements in the Kingdom of Saudi Arabia

Real Estate

• Saudi Arabia Announces VAT Refunds Applicable to Real Estate Exempt Supplies

• ZATCA has defined taxpayers required to comply with Phase 2 requirements as of 1 January 2023

Fine & Penalties

• VAT Fines and Penalties

• Cancellation of Fines and Exemption of Penalties

• Tax amnesty announcement in the Kingdom of Saudi Arabia

United Arab Emirates

Corporate Tax Law

• Issuance of the Corporate Tax law within a month

Rate

• UAE slashes retail fuel prices by 62 fils per litre for September

Excise Tax

• VAT Return and Excise Tax Return Filing Deadlines

• Federal Tax Authority’s Tax Clinic will help you solve any VAT or Excise Tax related inquiries
• Public clarification EXTP008 on the Calculation of Financial Guarantees for Excise Tax Designated Zones
• Excise Stock Movement Guide For Warehouse Keepers who are not Registered for Excise Tax

Input Tax Credit

• VAT: Incurring a financial loss by forgoing input credits?

Fines & Penalties

• Karak, Zafran Tea and mocktails: Brewing tax penalties?

• Tobacco establishment shutdown for violating tax regulations worth Dhs91 million in Dubai

Customs/Import/Export

• Dubai Customs Voluntary Disclosure Program “Self-Audit Finding Service”

• Dubai Customs introduced a new service, Submit Self-Audit Findings, to companies and individuals
• Dubai Customs launches Self-Audit Findings service
• VAT Treatment on Export Goods
• Import Declaration User Guide – Registered and Non-Registered

Refund

• Maximum Amount of Cash Refund Under the Refunds of VAT for Tourists Scheme
• Update on Cash refund of VAT for Tourists
• Awareness session for refunding VAT to UAE Nationals on building new residences

NFTs

• Tax on buying and selling NFTs

Digital Tax

• Digital Taxes in the UAE

• Must Follow These 6 Considerations When Selecting a VAT Consultant Firm in Dubai