On recent tax developments, technological advancements, and environmental, social and governance integration How have recent regional developments in tax regulations influenced the management landscape in the GCC? RASHEED AL-QENAE: The tax regime in the region has evolved considerably over the last few years. This evolution includes the implementation of value-added tax in early 2018 in…
While known primarily for its vast gas reserves prior to 2010, Qatar’s global profile received a major boost that year when it was chosen to host the 2022 FIFA World Cup, leading to a significant increase in infrastructure development throughout the country. Qatar is now leveraging its natural resources to become a knowledge-based, diversified economy, and it is looking to attract greater foreig
Sharjah has emerged as a diverse economic powerhouse, with nearly 96% of its economic output driven by non-oil sectors. As host to six free zones and featuring a population of 1.8m, the emirate is prioritising economic diversification and cultural richness. Robust growth is seen across sectors like manufacturing, construction and real estate, supported by initiatives like Sharjah Sustainable City.
High global oil prices have enabled Kuwait to maintain a trade surplus despite the domestic political changes observed in recent years, measuring a GDP growth of 8.9% in 2022. Although 2023 saw the country’s GDP contract by 0.6% amid global headwinds, diversification efforts guided by New Kuwait 2035, new infrastructure developments in and beyond the hydrocarbons sector, and a push for privatisa
Abu Dhabi stands at the forefront of the MENA region’s economic growth, boasting a 9.3% growth rate in 2022. Looking ahead, the emirate’s ambitious roadmap, the Abu Dhabi Economic Vision 2030, charts a course for economic transformation. A key goal of the roadmap is to substantially reduce reliance on hydrocarbons, with a target of achieving 64% of GDP from non-hydrocarbons sectors by 2030. Th
Viewpoint:Emilio Pera As the capital of the UAE, Abu Dhabi is an economic centre that attracts people and businesses from around the world. The emirate’s strategic location, stable political environment and forward-think-ing policies make it a popular destination for both established and emerging businesses. The introduction of a federal corporate tax pre-sents challenges and opportunities…
Abu Dhabi and the UAE are desirable locations to establish a business and attract foreign investment, in large part due to their globally competitive tax regulations. The country remains committed to operating a business-friendly economy in line with international best practices. The pace of changes in tax legislation globally has increased exponentially in the last decade. The UAE continues to react…
Abu Dhabi and the broader UAE have established themselves as attractive destinations for business and foreign investment, due in large part to their globally competitive tax regulations. The UAE remains committed to maintaining a business-friendly economy aligned with international best practices and has proactively adapted to rapid changes in global tax legislation over the past decade. The implementation…
The Kingdom of Saudi Arabia is experiencing a period of sustained economic growth, outperforming other G20 nations in 2022. This expansion is attributed to higher global energy prices, resulting in a fiscal surplus and supporting diversification efforts and the non-oil sector.
Viewpoint:Mubeen Khadir Since Bahrain implemented VAT on January 1, 2019, the National Bureau for Revenue (NBR) has seen a rise in tax disputes and reassessments. In some cases, these have resulted in litigation between the taxpayer and the NBR. With the VAT rate doubling as of January 1, 2022 – with a one-year transitional period – we are likely to see more such disputes in the years ahead. Certain…
