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KSA Tax Authority’s Amnesty

Introduction and latest tax developments in KSA The Kingdom of Saudi Arabia introduced the latest tax developments in the country on Tax Authority’s Amnesty Scheme. Re-launch of tax penalty amnesty scheme Zakat, Tax and Customs Authority (ZATCA) announced the re-launch of its fines and relief amnesty for all taxpayers subject to

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Saudi: Draft Investment Law Published

Investors can express their views and feedback on the latest draft investment law till 05 May, 2022. The Ministry of Investments Saudi Arabia (MISA) has climbed another historic milestone by publishing an investor friendly draft of the latest investment law. The Law aims to attract Direct Investments, enhance the investment

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10 Conditions issued for Commercial Establishments in Saudi Arabia

The National Anti-Benami Project in Saudi Arabia has issued ten conditions to be satisfied by commercial establishments in Saudi Arabia. The deadline for correction of benami status of commercial establishments in the Kingdom expired on February 16th, 2022. The authorities have issued these conditions as part of completion of the

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DAFZA launches ‘Talent Pass’ licence for freelancers.

Talent Pass license for freelance or self-employed work with the aim of attracting global talent and professionals. Under the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Airport Freezone Authority (DAFZA) launched the Talent Pass license for freelance or self-employed work with the aim of attracting global

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No Minimum Capital for Trading Sector!

Ministry of Investments clarified that there is no minimum capital requirement even for trading sector under “Tasattur” correction program. Riyadh: Saudi Arabia is entering its last quarter of the amnesty period announced for commercial correction of businesses in the Kingdom. This scheme allows any foreigner or a foreign entity to

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E-Invoicing Penalties Announced

ZATCA has announced violations and penalties in relation to e-invoicing. The Zakat, Tax and Customs Authority (ZATCA) has given out more information regarding the penal provisions for non-compliance regarding the e-Invoicing regulations and requirements, that will be effective from 4 December, 2021 in the Kingdom of Saudi Arabia (KSA). Please find the

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Saudi Arabia grants citizenship to eminent talents

RIYADH – The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has announced granting the Saudi Citizenship to distinguished talents, with unique expertise and specialisations. ‏The announcement was made in line with the issued Royal decree to grant Saudi citizenships to experts and exceptional global talents with

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Saudization will not be forced on investors: Al Falih

RIYADH, SAUDI ARABIA — Minister of Investment Eng. Khalid Al-Falih said that Saudization will never be coerced upon foreign investors. It should happen organically. He was addressing a panel session at the fifth edition of the Future Investment Initiative (FII) in Riyadh on Tuesday (26/10/2021). The Future Investment Initiative took off

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Abu Dhabi’s Virtual License to Boost Foreign Investment.

The Abu Dhabi Department of Economic Development (ADDED) has recently announced the launch of a virtual license to enable non-resident foreigners to invest in the emirate prior residence procedures allowing them to conduct business from anywhere outside UAE. This launch is followed by Dubai’s launch of the region’s first virtual

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VAT Amendment for Government Contractors.

w.e.f 1 November,2021 Saudi Arabia: The Zakat, Tax and Customs Authority has announced a legislative amendment to the provisions of Article No. 20 of the Value-Added Tax (VAT) Executive Regulations on setting the date of supply and tax entitlement in certain cases.  This amendment includes changing the date of supply

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10 Principles for the next 50 Years of UAE.

President’s decree for the UAE’s future! Sheikh Khalifa bin Zayed Al Nahyan, the UAE president has recently issued a decree on the adoption of the country’s 10 principles for the next 50 years for strengthening the union and building a sustainable economy. The decree requires all ministries, federal and local

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Share Application Money – Collection and Refunds

The arrival of joint-stock companies was indeed a revolutionary step in the industrial scenarios of the Indian economy. The Companies Act that came in 1956 to govern joint-stock companies in India was recently replaced by an improved and enhanced Act passed in 2013. Even 6 years later, there are a

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Employer who allows expat to work for personal benefit will be punished.

The General Directorate of Passports (Jawazat) informed that any employer, who allows his expatriate worker to take up jobs for their own personal advantage or for a monetary consideration, shall be punished with a maximum imprisonment of three months and penalty upto SR 50,000. The employer, who commits the violation

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SAUDI CABINET APPROVES DOUBLE TAXATION TREATY WITH UAE

UAE yet to publish in official gazette. Beneficial to foreign nationals residing in KSA and UAE too On 1 March 2019, Saudi Arabia published the Double Tax Treaty (DTT) with the United Arab Emirates in its Official Gazette (Ummul Quraa). The DTT  is not yet to publish in the UAE

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UAE: 100% Foreign Ownership from June 1st

The UAE government on 19th May, has announced an overhaul of foreign ownership rules applicable to commercial companies which enables 100% stake of onshore companies from June 1st, 2021. It might be an enormous relief for the foreign investors in UAE, now you can invest and own your own business it’s

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Minimum Alternate Tax & Alternative Minimum Tax

Minimum Alternate Tax and Alternative Minimum Tax are taxation concepts applicable to every taxpayer. Initially, this tax concept was introduced for companies in section 115JB of Income Tax Act, 1961 and later AMT was introduced under section 115JC which is relevant for all taxpayers other than companies. Why MAT and

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FDI Strategy: Bahrain ranked in top five globally.

Abu Dhabi (6th) and Dubai (8th) are also ranked in the top 10. The fDi intelligence magazine of Financial Times, in their ‘2021 Global Cities of the Future’ index, has awarded Bahrain’s capital city Manama with the fifth position globally among cities of all sizes and first position among small

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Selling off property Men from time to time have had a habit of collecting valuable things for use as well as for possession. Many find the idea of purchasing assets as a method of saving for future. Land, buildings, Gold, Vehicles and many other properties make a way to most […]

Sri. Arun Jaitley, the Finance Minister of India spoke in the budget speech 2018 regarding the importance of taking care of the weaker sections of the society. He said; “A life with dignity is a right of every individual, in general, more so far the senior citizens. To care for those […]

We have seen how Demonetization process was initiated, and the supply of cash in the economy was regulated through exercising Disallowance on expenses incurred in cash, or by imposing higher tax rates on several transactions. This part of the article intends to discuss the other restrictions initiated post-demonetisation phase C- […]

Charity is an inevitable part of the rich traditions and religious beliefs in India. No matter how much people run behind money and chase worldly treasures, some void always remains in their emotional space. It’s often said, the more the savings, the more the worries. sharing and caring for the […]

Its almost 2 years …!! November 8, 2016, was a remarkable day in the history of the evolution of Indian Economy. It was on that night that the prime minister of India announced of demonetization of all 500 and 1000 rupee notes. It was an utmost secret operation, and people […]

What happens on January 1, 2019? The first year with GCC VAT is coming to close by this December and Saudi Arabia had been first to implement the VAT successfully and comprehensively and even more professionally than UAE. Saudi had a more planned approach and they had given the very […]

PART – II We have been talking about demonetisation of currency by the PMO India, and several fiscal steps introduced by the government post that phase in order to tackle cash scarcity and to exercise measures to stop forgery as well as the circulation or laundering of unaccounted money. After […]

Bahrain has decided to enter into the VAT regime following the path of its GCC co members Saudi Arabia and UAE. Its parliament has approved for a 5 percent value-added tax (VAT) in the kingdom from January 1 2019. The VAT law in Bahrain is considered to be more consumer […]

Kerala , the southern state of India , known as God’s Own Country is facing worst flood in 100 years of living memory. Kerala , a densely populated state with more than 30 Million people is larger than Belgium. Thirteen out of fourteen districts in Kerala were badly affected by […]

Qatar now allows foreign investors to own 100% in all sectors. In a noteworthy move, HH The Amir Sheikh Tamim bin Hamad Al Thani has issued Law No. 1 of 2019, regulating the investment of the non-Qatari capital in economic activity. The law will be live once it is published […]

The GST council’s 32nd meeting was conducted in New Delhi on 10th January, and the meeting has proposed some key amendments. GST exemption threshold Sale of goods: The turnover limit of 20 Lakhs for availing GST registration exemption has been raised to 40 Lakhs w.e.f  1 April 2019. The limit […]

The interim union budget 2019-20 has a lot in offering to both the buyers and developers of homes in the form of tax reliefs and benefits. Home buyers are given many reliefs from notional rent to investing in two house property to claim exemption from tax. On the other side, […]

The budget 2019 has some vital proposals that can keep some cash in the pocket of middle class tax payers. Following the proposals, a salaried individual with a gross total income even upto Rs 10 Lakh per annum can now end up paying zero taxes. Thanks to the various tax […]

The arrival of joint-stock companies was indeed a revolutionary step in the industrial scenarios of the Indian economy. The Companies Act that came in 1956 to govern joint-stock companies in India was recently replaced by an improved and enhanced Act passed in 2013. Even 6 years later, there are a […]

India as a developing country carrying a population of more than a billion people have always given priority to tax revenues and its periodic structural reforms. Income tax constitutes to 14% of total revenue of the country while all non-tax revenues together contribute 13% to the GDP (2016-17 data). The […]

Income from the sale of property attracts a huge tax liability and is hence observed as a terror by the public at large. Most people sell off their assets to improve liquidity; either to cater to immediate financial needs or to meet asset replacement costs. In any case, spending a […]

Transactions not regarded as a transfer We’ve already discussed the sale of capital assets, and the tax implications of such sales. Capital gains tax is an ocean and there are a lot of clauses governing its applicability, exceptions, and exemptions. There are some transfers which are not regarded as transfers […]

Interest-free banking aka Islamic banking aka Alternative banking has always been a heated topic of discussion amongst world economists. The capitalist economists usually term interest as a fair and equitable ideal but the rest of the world has always indexed to the damages it causes to the plight of the […]

The pathways in the development of alternative financial institutions or interest-free banks were discussed in the previous part. let’s see the theoretical aspects of an interest-free bank.  How does an interest-free bank work? There are mainly two methods of operation following Interest-free banks. Musharakah and Mudarabah Mudarabah Mudarabah is a […]

Indian banking laws do not explicitly prohibit Interest-free banking but there are provisions that make it an almost unviable option. Banks in India are governed under the Banking Regulations Act 1949, Reserve Bank of India Act 1934, Negotiable Instruments Act 1881, and the state and central Co-operative Acts. One of […]

UAE yet to publish in official gazette. Beneficial to foreign nationals residing in KSA and UAE too On 1 March 2019, Saudi Arabia published the Double Tax Treaty (DTT) with the United Arab Emirates in its Official Gazette (Ummul Quraa). The DTT  is not yet to publish in the UAE […]

With budget presentation done, it is high time for us to understand the importance of filing income tax return. Every person earning an income above the basic exemption limit is liable to pay Income Tax, no matter what the nature of income is! The income tax act applies to every […]

In a more creative step towards economic and social reformation of our country, the maiden budget of FM Smt Nirmala Sitharaman has proposed creation of a Social Stock Exchange to list charity, voluntary and welfare organizations in the country and help them raise funds in the form of equity or […]

Central Budget 2019 targets Indian economy to touch $3 trillion mark in the year 2019-20 and being the third-largest economy. It covers all the major sectors of the economy. Taxpayers are benefitted through various tax deduction schemes and easier compliance policies. TAXATION The proposals made by the finance minister Simplifies […]

Workplace conflict may occur in two ways: between 2 workers, among entire groups or between supervisors and also the team members they manage. Conflict, in human psychology, is the arising of 2 or additional sturdy motives that can’t be solved along. Psychologically, a conflict exists once the reduction of 1 motivating stimulant involves a rise in another, that an adjustment is demanded. Conflicts need not be equally severe. Embrace the Conflict. When conflict arises, don’t avoid it or fake nothing is going on. As […]

There is a sudden craziness and demand behind cryptocurrencies all over the year since the past few years. Its ease of transaction, transparency, frequent price fluctuations, unregulated nature, the impossibility of double-spend and many more factors have contributed to the popularity of cryptocurrencies over the past few years. Cryptocurrency A […]

As it is discussed and published in various articles, the new economic world order will be impacted by the effect of Novel Corona Virus or COVID 19. Due to the lockdown including in Kerala, most of the industries and businesses are seriously affected. It is sure that, in Kerala, many local and small […]

T&H is committed to support and help SME clients across the globe to overcome the impact of COVID 19 on their business. We focus on identifying the real issue in their finance, books and policies and advise on a turnaround strategy. Worried about your business? Feeling lost among rising debt? […]

IMPACT OF KSA VAT HIKE Saudi Arabia to increase VAT to 15% W.E.F 1 July, 2020 In response to the unprecedented impact on economy due to COVID-19 pandemic, the Ministry of Finance, Saudi Arabia has decided to increase the standard rate of VAT from 5% to 15% with effect from 1 […]

Minimum Alternate Tax and Alternative Minimum Tax are taxation concepts applicable to every taxpayer. Initially, this tax concept was introduced for companies in section 115JB of Income Tax Act, 1961 and later AMT was introduced under section 115JC which is relevant for all taxpayers other than companies. Why MAT and […]

Now live and work in Abu Dhabi as ADDED launches freelancer license Are you planning to move out of your current job and start your own consultancy? Abu Dhabi’s Department

Now you can hold 100% ownership in certain sectors in Mainland UAE. Have you ever thought of starting a business in the UAE? If you have, there is good news

Relative to its economic output, Bahrain deployed the Gulf region’s biggest stimulus package Like the rest of the world, pandemic had been the toughest for the Kingdom of Bahrain along

It is an interesting time for Saudi Arabia. Changes in so many different domains  remain to keep business experts across the globe eager and excited. KSA has been witnessing a

Invest in Saudi Arabia Saudi Arabia is the fastest growing and diversifying market in GCC. As per the latest world bank ranking on Ease of Doing Business, Saudi Arabia is

Saudi Arabia set to curb commercial concealments. As part of their ongoing fight against commercial coverup businesses, the Ministry of Commerce and the National Anti-Commercial Concealment Program of Saudi Arabia

Oman aims to put its economy back into track post the pandemic-hit period. Sultanate of Oman has approved a new Economic Stimulus Package on Tuesday, with a mission to set

The landmark initiative ends the 70 year old Kafala (Sponsorship) System in the Kingdom. Saudi Arabia’s Ministry of Human Resources and Social Development formally declared that the new labor reform

Citizenship by Investment (CBI) is the means to obtain a second citizenship and passport in a country other than one’s home country by investing in their economy. Though the pandemic

Abu Dhabi (6th) and Dubai (8th) are also ranked in the top 10. The fDi intelligence magazine of Financial Times, in their ‘2021 Global Cities of the Future’ index, has

The UAE government on 19th May, has announced an overhaul of foreign ownership rules applicable to commercial companies which enables 100% stake of onshore companies from June 1st, 2021. It might

What you need to know. What is AML law in UAE? Anti-money laundering (AML) refers to the laws, regulations, and procedures that are put into place to prevent disguising illegally

The Ministry of Finance under the umbrella of Saudi Vision 2030, has issued the Pre-Budget Statement. Economic recovery and revived growth constitute key pillars underpinning fiscal and economic targets for

The General Directorate of Passports (Jawazat) informed that any employer, who allows his expatriate worker to take up jobs for their own personal advantage or for a monetary consideration, shall

RIYADH, SAUDI ARABIA The Ministry of Commerce, Saudi Arabia advised business owners and commercial establishments to make use of the extended six month period to correct the violations of the

President’s decree for the UAE’s future! Sheikh Khalifa bin Zayed Al Nahyan, the UAE president has recently issued a decree on the adoption of the country’s 10 principles for the

w.e.f 1 November,2021 Saudi Arabia: The Zakat, Tax and Customs Authority has announced a legislative amendment to the provisions of Article No. 20 of the Value-Added Tax (VAT) Executive Regulations

The Abu Dhabi Department of Economic Development (ADDED) has recently announced the launch of a virtual license to enable non-resident foreigners to invest in the emirate prior residence procedures allowing

RIYADH, SAUDI ARABIA — Minister of Investment Eng. Khalid Al-Falih said that Saudization will never be coerced upon foreign investors. It should happen organically. He was addressing a panel session at

RIYADH – The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has announced granting the Saudi Citizenship to distinguished talents, with unique expertise and specialisations. ‏The announcement

ZATCA has announced violations and penalties in relation to e-invoicing. The Zakat, Tax and Customs Authority (ZATCA) has given out more information regarding the penal provisions for non-compliance regarding the

Talent Pass license for freelance or self-employed work with the aim of attracting global talent and professionals. Under the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai

The National Anti-Benami Project in Saudi Arabia has issued ten conditions to be satisfied by commercial establishments in Saudi Arabia. The deadline for correction of benami status of commercial establishments

Investors can express their views and feedback on the latest draft investment law till 05 May, 2022. The Ministry of Investments Saudi Arabia (MISA) has climbed another historic milestone by

Introduction and latest tax developments in KSA The Kingdom of Saudi Arabia introduced the latest tax developments in the country on Tax Authority’s Amnesty Scheme. Re-launch of tax penalty amnesty scheme

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