This article delves into the various tax implications and tax compliance challenges faced by large global corporations in undertaking their restructuring activities within the GCC region, specifically with a focus on more active economies including the United Arab Emirates, the Kingdom of Saudi Arabia and Bahrain.
On 3 May 2024, a new amendment to the Saudi Real Estate Transaction Tax (RETT) Regulations was published in Umm Al Qura pursuant to Ministerial Resolution No. (1-88-1445) dated 02/09/1455 AH.
On 28 February 2024, the NBR notified taxpayers via email and an announcement on its webpage that the record retention requirement for Value-Added Tax has been extended from five to ten years. The initial five-year record retention period for the 1 January 2018 – 31 March 2018 tax period (Q1 2018) would have lapsed as of 31 March 2024, but now has been extended to 31 March 2029.