Aided by elevated oil revenue and the resumption of economic activity after the Covid-19 pandemic, Kuwait was able to narrow its budget deficit for FY 2021/22 year and record GDP growth in excess of 8% in 2022. With a newly elected Parliament in place and a new Cabinet appointed, there is renewed hope that the country will undertake the reforms needed for long-term economic growth and diversificat
Saudi Arabia’s income tax rules are governed by the Income Tax Law (Tax Law), which came into force in 2004. The Tax Law is supplemented by implementing regulations (by-laws). Zakat (a payment under Islamic law that is used for charitable or religious purposes) is governed by the implementing regulations for zakat collection (zakat regulations). The Ministry of Finance issues ministerial resolutions…
Viewpoint:Tareq al Sunaid Saudi Arabia is the largest economy in the region and the only Middle Eastern member of the G20. Therefore, the continued development and success of the Saudi economy are key to regional economic growth. The Kingdom continues to advance its social and economic transformation programmes within Vision 2030, despite the disruption of the Covid-19 pandemic. In some ways,…
With increasing oil and gas prices and an expanding non-oil sector, Saudi Arabia has been logging record trade surpluses in recent years, while securing government revenue for future investment. The Kingdom is expected to be among the fastest-growing economies in the G20 in 2022 – and was on track to fulfil that forecast by the middle of the year. Indeed, in the first three months of 2022 G
Saudi Arabia’s income tax rules are governed by the Income Tax Law, which came into force in 2004. The Tax Law is supplemented by implementing regulations. Zakat (a payment under Islamic law that is used for charitable or religious purposes) is governed by the implementing regulations for zakat collection. The Ministry of Finance issues ministerial resolutions concerning aspects of tax and zakat,…
In Côte d’Ivoire, the preparation of finance laws traditionally includes a consultation between the private sector and the tax administration. This is an opportunity for companies to initiate tax reforms that could affect activities related to their industry. New Measures The Directorate General of Taxation (Direction Générale des Impôts, DGI) announced the tax annex to the Finance Law 2022…
Viewpoint:Éric N’guessan In recent years Côte d’Ivoire has been engaged in a structural reform of the tax and legal system, along with the dematerialisation of tax and Customs procedures. This digitisation of public services has gone far in reducing delays in the creation of new companies and promoting transparency in administrative procedures. Finance Law 2022 increased the tax credit…
A dynamic, diverse and rapidly growing country, Côte d’Ivoire is one of the largest economies in West Africa, with a promising growth outlook and favourable demographic prospects. Economic growth is expected to continue following robust recovery from the Covid-19 pandemic, with a projected growth rate of 6% for 2022. However, the global inflationary environment, the geopolitical uncertainty cau
In Côte d’Ivoire, the preparation of finance laws traditionally includes a consultation between the private sector and the tax administration. In this sense, there have been recent developments in the Finance Law 2022, which formalised the state budget for 2022. A tax annex was developed to support the economy and employment, provide a more balanced distribution of the tax burden, and strengthen…
Bahrain has long enjoyed its status as a tax-free jurisdiction until the introduction of excise tax in late 2017, followed by introduction of value-added tax (VAT) in 2019. The country is now home to a rapidly evolving tax landscape, with several notable tax and reporting regulations introduced since 2017. Bahrain is well established as a financial centre in the region, and in recent years the authorities…