Tax Bahrain’s expat tax move ‘likely to be replicated GCC-wide’ Bahrain is proposing to levy a tax on expatriate remittances, a move an industry expert believes is likely to be replicated in other neighbouring Gulf countries. Members of parliament in the kingdom this week supported a revised proposal which would mean expat remittances face a two percent tax. “It would not surprise me if other […] January 30, 2025
Tax Oman makes key changes to draft income tax law Oman has issued a new draft personal income tax law with key amendments, raising the exemption threshold and lowering proposed tax rates. The timeline for the law’s implementation remains uncertain. The latest draft, which was delayed last year, has been approved by the State Council and Majlis Al Shura and will now move to Sultan […] January 30, 2025
Analysis Tax GCC weighs impact of Trump’s global corporate tax moves Tax professionals in the Gulf are assessing how President Donald Trump’s pull-back of US support for an international corporate tax framework might affect GCC states’ implementation of it. In a day-one executive order last week, the returning US president repudiated “any commitment” made by the previous Biden administration toward the Organisation for Economic Co-operation and […] January 30, 2025
Opinion Trade Trade policy will be central to Trump’s second term Many of the US president’s fresh executive orders will have substantial ramifications, including in the Gulf January 28, 2025
Tax Income tax ‘not on the table’ says UAE minister The UAE has no plans to introduce income tax, economy minister Abdulla bin Touq Al Marri has said, dismissing speculation the country was in discussions to end its traditional tax-free status. Speaking at the World Economic Forum in Davos, the minister also criticised the EU for keeping the Gulf nation on its blacklist of countries […] January 22, 2025
Tax Kuwait expects tax income to soar by 79% Kuwait expects its tax income to soar by nearly 79 percent annually when all taxes take effect within an International Monetary Fund-proposed tax reform programme. In a report published on Wednesday, the Arabic language daily Alqabas said taxes are projected to fetch Kuwait around 613 million dinars ($2 billion) in its 2024-2025 budget, which started […] January 22, 2025
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] January 16, 2025
Tax Kuwait’s multinationals tax to raise $825m a year, says minister Kuwait expects its tax on multinational businesses to generate nearly $825 million a year, the country’s finance minister has said. Noora Al Fassam told state television on Tuesday that the 15 percent tax would affect nearly 300 companies – 45 from Kuwait and the other GCC states and about 250 from other countries. Fassam described […] January 7, 2025
Tax Dubai distributors to swallow 30% tax on alcohol brands Dubai’s two main alcohol distributors have promised to absorb most, and in some cases all, of the 30 percent tax that was reinstated on alcoholic drinks from January 1. The Dubai Municipality tax on alcoholic beverages was suspended from the start of 2023, continuing into 2024. It was widely seen as an attempt to make […] January 3, 2025
Media & Advertising Abu Dhabi raises TV and film rebate to lure studios Abu Dhabi is hoping to attract the best of Hollywood, Bollywood and the Arab world to the emirate via an increased TV and film rebate that could save studios as much as $10 million on each production. Abu Dhabi Film Commission increased its refund for productions from 30 percent to 35 percent in October as […] December 30, 2024
Tax UAE indirect taxes generate up to $3bn per year Indirect taxes in the UAE generate between AED10 and AED11 billion ($2.72 billion-2.99 billion) annually, contributing substantially to the Gulf state’s AED65 billion federal budget, a senior government official has said. These tax revenues bolster economic growth and fortify the federal government’s financial position, the UAE state-run Wam news agency reported, quoting Younis Haji Al Khoori, […] December 23, 2024
Tax More taxes could shield GCC from protectionism, says IMF GCC countries should consider new taxation options to shore up their public finances and shield their economies from rising global protectionism, according to the International Monetary Fund. That means regional governments need to continue diversifying away from fossil fuels and boost the role of the private sector, all the while identifying new tax revenues and […] December 20, 2024
Analysis Tax UAE’s corporate tax rules pose a complex challenge Corporate tax changes in January 15% of profit for multinationals Many businesses underprepared Companies operating in multiple countries with differing tax regulations face a complex challenge to comply with the UAE’s higher corporate ... Register now: It’s easy and free This content is available for registered members only. Register for your free account today for […] December 17, 2024
Analysis Tax Oman delays introduction of personal income tax Oman’s plan to introduce personal income tax for high earners has been put on hold following a meeting on Wednesday of the sultanate’s State Council. Under the initial draft bill, first introduced in 2022, foreign nationals in Oman who earn over $100,000 would be taxed between 5 to 9 percent from 2026. Omani citizens would […] December 13, 2024
Analysis Tax Doubt surrounds e&’s earnings as UAE tax rise looms There is uncertainty over whether e&, the UAE’s former telecom monopoly, will pay more of its profit in taxes after the federal government announced it would raise corporate tax for multinational companies operating in the country from 2025. Emirates Telecommunications Group, which rebranded as e& but is better known under its previous name Etisalat, is […] December 12, 2024
Tax UAE to introduce 15% tax on large multinationals The UAE is to increase corporate tax on large multinational enterprises (MNEs) to 15 percent from January 1 2025, the Ministry of Finance has announced. MNEs currently pay 9 percent of their profits in the Emirates. The domestic minimum top-up tax (DMTT) will apply to multinational enterprises with consolidated global revenues of €750 million ($793 […] December 9, 2024
Food & Drink Dubai to reintroduce 30% alcohol tax Dubai will reintroduce the 30 percent sales tax on alcohol in January, according to an email sent by a local alcohol distributor to venues in the city. The correspondence sent by MMI, which also operates off licences in the city, said: “Please note, Dubai Government have informed us the 30 percent municipality tax on alcoholic […] December 5, 2024
Analysis Tax Buoyant property market puts billions in Dubai’s coffers Dubai authorities have recorded a five-fold surge in the sums they earn from fees related to real estate transactions over the past five years to almost $4 billion, as the emirate’s property market grows stronger and prices rise sharply, AGBI has calculated. The transfer fee, payable to the Dubai Land Department (DLD) upon a sale, […] November 8, 2024
Opinion Tax Labour’s painful budget could fuel wealth exodus to Gulf The UAE could attract more UHNWIs seeking to shield their wealth from UK taxes November 7, 2024
Analysis Tax Turkey targets butchers, bakers and tax law breakers Ankara has opened a new front in its war on tax avoidance, as the Turkish finance minister flags a crackdown on small and medium-scale businesses to help balance the budget and increase transparency. Just weeks after announcing a major offensive against tax avoiders in the corporate world, with hundreds of state auditors to be deployed […] October 30, 2024
Construction Aldar Properties reports ‘strong pickup’ for London projects Aldar Properties remains bullish about London’s property market despite high interest rates and fears that tax rises will be announced in the UK budget on Wednesday. The government-owned Abu Dhabi company bought British developer London Square in a deal worth AED1.07 billion ($291 million) last year – its first acquisition outside the Middle East and […] October 29, 2024
Video length: 02:32 Analysis Tax UK faces tech talent drain to UAE as budget tax rises loom A talent drain of thousands of tech entrepreneurs from the UK to the UAE could be on the way due to tax rises the new Labour government is expected to introduce on Wednesday in its first budget. More than four in five company founders and investors say they will consider relocating, according to a survey […] October 29, 2024