GCC tax landscape ‘no longer simple, sees significant shift’: KPMG

The tax ecosystem of the GCC countries was once considered quite simplistic. It had minimal requirements for corporates and individuals alike. However, in the last few years, the GCC countries have seen a significant shift in their tax landscape, according to KPMG, a global organisation of independent professional services firms providing audit, tax and advisory services

 

Part of this radical change came in January 2018, when Saudi Arabia and the UAE opted to introduce VAT. In April this year, Oman became the latest entrant into the list; following in the footsteps of the other three members - Saudi Arabia, the UAE, and Bahrain.

A good example of this would be the G7 tax deal whereby in principle, the G7 group has agreed to work closely to stop the world's biggest companies avoiding tax by moving operations between countries.

 

Kuwait has acknowledged the changes happening in global and regional markets with regard to taxation and has introduced more streamlined regulatory policies.

 

For instance, becoming stringent about matters related to common reporting standards (CRS) and Foreign Account Tax Compliance Act (FATCA) reporting, streamlining the process of obtaining