The tax landscape in the Middle East began changing in June 2017 when Saudi Arabia introduced a tax on selective goods – excise duty, followed by the United Arab Emirates in October 2017.However, for many businesses, the real change occurred on 1st January 2018, when Value Added Tax has come into force in the UAE and KSA. In 2021, the UAE signed a document prepared by OECD called Inclusive Framework on BEPS aimed at rebuilding the principles of international taxation to address new challenges related to the digital economy. One of the consequences of signing the above document is a pledge from the signatories to introduce corporate income tax for large companies and multinational corporations under the so-called Pillar II.
As the new tax regime in 2023 brought yet another major shift among businesses in the mainland and free zones, it is apparently critical for businesses to seek expert guidance to evaluate their compliance readiness and resilience to stimulate business growth amidst the rapidly changing tax landscape.
Multinational corporations depend on AMERELLER’s tax experts in guiding them through the laborious and daunting task of preparing and completing tax filings. Following international standards in tax practices, our team of tax experts and lawyers advises clients on how to navigate the complexities of emerging risks most businesses face to avoid the financial strain on their businesses in the coming years.
