The Ministry of Finance has issued a new decision that will impact how businesses in the UAE manage their financial reporting. According to Ministerial Decision No. 84 of 2025, certain companies will now be required to prepare and maintain audited financial statements, starting from tax periods that begin on or Read more…
Saudi Arabia has officially rolled out a 5% Real Estate Transaction Tax (RETT), taking effect from April 10, 2025. This major step is part of Saudi Arabia’s broader efforts to strengthen its economy and reduce reliance on oil, and a bold move to create a more transparent and investor-friendly property Read more…
The UAE has revised its VAT law, introducing key exemptions for investment fund management, virtual assets services, and in-kind donations between charities and government entities. These changes aim to boost investment, foster economic growth, and support charitable efforts, while also enhancing tax compliance and aligning regulations with international standards. The Read more…
Saudi Income Tax Law Withholding tax [Article 68, new insertion 1] – Salary payments to non-resident employees The Saudi Arabian Government has unveiled a new draft outlining potential changes to the Income Tax Law, inviting public feedback. These proposed changes follow recent enhancements made to the tax regulations. These suggested Read more…
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 Read more…
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 Read more…
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 Read more…
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 Read more…
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 Read more…
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 Read more…
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