On 13 November 2023, a draft bill implementing Pillar Two was submitted to Parliament in line with the EU directive of 14 December ensuring a global minimum tax (the Directive). The draft bill foresees that the rules enter into force on 31 December 2023 and apply to fiscal years starting on or after 31 December...
On 13 November, amendments to the bill of law implementing Pillar Two’s “GloBE Rules” were published. These amendments notably aim at implementing some items of the Administrative Guidance released by the OECD in February and July 2023, which were not yet taken into account in the initial bill of law published on 4 August 2023....
The Philippines joins international efforts against tax avoidance by joining the OECD/G20 Inclusive Framework on BEPS, an international collaboration with over 140 member countries and jurisdictions. Collaborating on an equal footing with all other members of the Inclusive Framework, the Philippines will participate in the implementation of the BEPS package of 15 measures to tackle...
The Oman Tax Authority (OTA) has amended the Oman VAT Executive Regulations to allow refunds of VAT in certain additional instances. These amendments are outlined below:-
The ZATCA of Saudi Arabia has recently released a comprehensive Transfer Pricing Guide (“TP Guide”) for Zakat payers. The Guide is set to provide guidelines and basic information regarding the Zakat treatment of transactions with related parties for the purposes of calculating the Zakat base and Zakat in accordance with the Executive Regulations for Zakat...
On 6 November 2023, the UAE released the new Executive Regulation (“Cabinet Decision No. 108 of 2023”) of the Excise Tax Law. The key highlights are below:-
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