Tax Diary

Updated ATL list / tax filers list issued by FBR on 01-03-2024

March 1, 2024

Updated ATL list /tax filers list issued by #FBR on 01-03-2024 revealed that the number of income tax return filers shrinking around 35% to just under 4 million compared to last year. People of 🇵🇰 seems hv no trust of the system and don’t want to part of it🤔. Trust deficit hv to addressed with utmost priority. Federal Board of Revenue (FBR)

National Bureau of Revenue in Bahrain (NBR) has extended the record retention period by 5 years

February 29, 2024

National Bureau of Revenue in Bahrain (NBR) has extended the record retention period by 5 years. It is important to note that the communication has come just before expiry of the first tax period post VAT implementation in Bahrain.

It would need to be seen whether the statute of limitation for VAT audits is extended accordingly.

Saudi Arabia unveils new tax rules for the Regional Headquarters program

February 28, 2024

• Saudi Arabia has published new tax rules for multinational companies' regional headquarters' activities in Saudi Arabia.

• Under the new tax rules, only specific activities qualify for the tax incentives.

• The new tax rules entered into force on 16 February 2024.

Executive summary

On 16 February 2024, Saudi Arabia published the Tax Rules for Regional Headquarters (RHQ Tax Rules) in the Official Gazette. The new RHQ Tax Rules aim to clarify the scope and conditions of the tax reliefs fo...

Federal Tax Authority of UAE announced timeframe for Corporate Tax registration

February 28, 2024

Timeframe for the tax registration has been announced by Federal Tax Authority via Decision No. 3 of 2024. Also, the penalty for non-filing of registration application has been updated to the Cabinet Decision No. 75 of 2023 (via Cabinet Decision No. 10 of 2024).

A tax registration application which is not submitted within the timeframe specified by the Authority can lead to an administrative penalty amount of AED 10,000.

Tax Diary

Updated ATL list / tax filers list issued by FBR on 01-03-2024

National Bureau of Revenue in Bahrain (NBR) has extended the record retention period by 5 years

Saudi Arabia unveils new tax rules for the Regional Headquarters program

Federal Tax Authority of UAE announced timeframe for Corporate Tax registration

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