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Taxflash 5 December 2019

This week’s TaxFlash includes the first in an occasional series of flyers on Saudi tax issues – this week looking at capital gains tax. We also cover CbC reporting requirements in Saudi Arabia and the UAE.

Tax alert – Capital gains tax in Saudi Arabia

As the region’s leading economy and a member of the G20 – a forum of 19 countries and the EU that together represent most of the global economy – Saudi Arabia is a key marketplace for all GCC companies. Saudi Arabia has a relatively complicated tax landscape – but Keypoint’s tax experts will be highlighting some of the key areas in an occasional series of tax guides. Our first guide looks at capital gains tax. The second in the series will be on withholding taxes.

To keep updated with updates on taxation in the GCC, please subscribe to TaxFlash.


Tax alert | Economic substance rules for Bahrain

Bahrain’s Ministry of Industry, Commerce and Tourism (MOICT) has set out how businesses registered in Bahrain must ‘validate their economic substance’ in Bahrain. The CBB has issued a similar directive (OG/499/2018) to all of its licensees. As a lower-tax jurisdiction, Bahrain has successfully attracted many regional and international businesses, helping to further diversify the economy. Economic substance rules (ESRs) across the GCC are a response to increasing scrutiny of attempts by businesses to unfairly benefit from beneficial tax regimes.

Our tax alert explains who the new ESRs apply to, how entities can prove that they comply with the rules, penalties and sanctions, and what key decision-makers should be doing now.

For more details on Bahrain’s ESRs, please contact Mubeen Khadir, Mohammed Ashraf or Raman Ohri.

Saudi tax guide

Tax and zakat in Saudi Arabia are increasingly complex business issues. You need the right advisors giving you the right advice. Our approach – based on our deep VAT, Saudi tax, zakat and international tax experience – make us the right choice. We understand the business environment in the Kingdom of Saudi Arabia We add value to our clients by offering insight, solving problems and supporting success. We have a deep understanding of the challenges and complications of doing business in Saudi Arabia; extensive experience of dealing with GAZT – the General Authority for Zakat and Tax – and other regulatory bodies; deep tax knowledge; and an unrivalled determination to be the Saudi tax and zakat advisor of choice to businesses across the Kingdom of Saudi Arabia.

Our recently developed Saudi tax guide gives you an up-to-date, accurate overview of the tax universe in the GCC’s leading economy.