BDO GCC TAX UPDATE – Quarter 2 2024

We’re pleased to announce the publication of the second of BDO’s Quarterly GCC Tax Updates for 2024.
BDO’s Tax Update includes all the important tax developments across the region during this quarter of 2024. Please click on the download link on the right to access it. Highlights of the publication are as follows:
The UAE has been particularly active in Q2: one of the most significant developments has been the publication of the Federal Tax Authority’s guide on the special regime for free zone companies. This is a very important guide and one that the UAE’s free zone community has been eagerly awaiting. It gives detailed information on how the FTA will apply the corporate tax relief for free zone companies and addresses many of the potential uncertainties and concerns.    
In Saudi Arabia, there have been announcements about a new regime for advance pricing agreements.  This important development will provide support for multi-national businesses and the growing cross-border trade in the region. There is also news on the Real Estate Transfer tax (RETT) and updates on the Saudi e-invoicing regime.   
E-invoicing continues to be a hot topic right across the region and the Oman Tax Authority recently held a seminar on the subject. E-invoicing is likely to be introduced in Oman in 2025.
In Kuwait there is some important news on the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), where the Ministry of Finance has announced the suspension of certain reporting deadlines. Financial institutions that are affected should make sure they are fully updated on the details and should be on the lookout for updates. 
Qatar continues to strengthen its network of tax treaties and has entered into new agreements with the UAE and Saudi Arabia.
In Bahrain, the National Bureau for Revenue continues to be proactive, with the issue of updates to both the general guide and real estate guide, a programme of market inspections and taxpayers’ workshops. There is also a new hotel accommodation fee, imposed by the Ministry of Tourism.
We hope you find this summary of the tax news for the region useful. Contact details for the BDO firms in each country are provided on the back cover; your local firm’s tax representative’s details are included on this page. Our tax experts will be pleased to assist if you need further information on any tax-related matter or have other queries.