FTA Announces reduction in VAT Administrative Penalties
UAE
FTA Announces reduction in VAT Administrative Penalties
SAJITH NAIR on 07 May 2021
In a much welcome move, the Federal Tax Authority has announced revisions/reductions in Administrative Penalties applied for VAT non-compliance via Cabinet Deci..
The global progress of Automatic Exchange of Tax Information on financial accounts
UAE
The global progress of Automatic Exchange of Tax Information on financial accounts
Pablo Porporatto on 05 May 2021
The global progress of Automatic Exchange of Tax Information on financial accounts. The United Arab Emirates (UAE)[1] situation. 1. Introduction Transpare..
BEPS Action 5: Countering Harmful Tax Practices More Effectively, Taking into Account Transparency and Substance
BEPS Action 5: Countering Harmful Tax Practices More Effectively, Taking into Account Transparency and Substance
Nilesh Patel on 04 May 2021
Preferential Tax Regimes, providing for no or low taxation, implemented by certain Countries can induce MNCs to artificially shift profits to those Countrie..
Observations and lessons learnt from the first UAE Economic Substance compliance season
UAE
Observations and lessons learnt from the first UAE Economic Substance compliance season
Jan Roderick Van Abbe on 25 April 2021
The United Arab Emirates (UAE) introduced Economic Substance (ES) Regulations (ESR) with effect from 1 January 2019. The ESR is a milestone for the UAEs tax pol..
Federal Court finally defines and provides a test for the Tax Benefit Penalty
UAE
Federal Court finally defines and provides a test for the Tax Benefit Penalty
Mahmoud Abuwasel on 25 April 2021
Recently, in a dispute that Wasel Wasel was counsel on, the Federal Primary Court ruled providing a definition and test for the tax benefit penalty for the fir..
Scope of Zero Rated food items expanded
Oman
Scope of Zero Rated food items expanded
Lubna Yassa on 22 April 2021
Oman Tax Authority has expanded thescope of zero-rated food items from 93 to 488 commodities.The list can be accessed by clicking here ..
UAE VAT Regulations amended
UAE
UAE VAT Regulations amended
Banan on 22 April 2021
Article 66 (3) ofUnited Arab Emirates VAT Regulationshave been amended for the second time since the implementation of VAT in 2018. The current amendment rel..
VAT Registration Applications
Oman
VAT Registration Applications
Lubna Yassa on 22 April 2021
Oman Tax Authority has clarified that itcontinues to accept registration applications for persons (natural and legal) with supplies exceeding OMR1,000,000even t..
OTA published guidance on VAT registration procedures for Oman non-resident applicants
Oman
OTA published guidance on VAT registration procedures for Oman non-resident applicants
Mahnaz Dana on 22 April 2021
Oman Tax Authority (OTA) has publishedguidance onVAT registration procedures for Oman non-resident applicants ..
Approval to issue simplified Tax Invoices
Oman
Approval to issue simplified Tax Invoices
Banan on 22 April 2021
The Oman Tax Authority has allowed VAT registrants to issue simplified VAT invoices from 16 April 2021, on condition that: 1. The VAT registrant adheres to t..

Gcc

Submit News
GCC FinTax
GCC App for Android & iOS

GCC FinTax is a community for Tax and Finance professionals from GCC to share knowledge, learn and network.

Download Android app   Download IOS app