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

SourceZawya
SectorEconomy
CountryGulf

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.

Further, the Covid-19 crisis has hastened changes globally within tax frameworks and brought more alignment among tax authorities.

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...read more...