Saudi Arabia is entering a new phase of Vision 2030, the Kingdom’s long-term development roadmap, with greater emphasis on consolidating and maximising the impact of economic reforms introduced over the past decade. Since the launch of Vision 2030 in 2016, the Kingdom has pursued an ambitious agenda aimed at diversifying and moving away from hydrocarbons and expanding private sector activity. Sa
In recent years, Qatar has emerged as a significant player in the global economy, driven by its economic transformation and regulatory reforms. The country has made notable progress in diversifying its economy beyond hydrocarbons, with focused efforts on logistics, manufacturing, financial services, tourism and technology sectors. This economic diversification aligns with Qatar National Vision 2030,…
Qatar’s tax landscape is rapidly evolving with the introduction of transfer pricing filing requirements in 2020 and a domestic minimum top-up tax (DMTT) for large multinational enterprises, effective from January 1, 2025. These developments reinforce Qatar’s commitment to global tax alignment while maintaining its appeal as an investment destination. Looking ahead, the next major changes include…
Qatar is updating its tax system to align with global standards and attract investment. Key reforms include a 15% global minimum tax for large multinationals starting in 2025, and VAT introduction in 2026. While corporate tax applies mainly to foreign-owned entities, individuals remain exempt from personal income tax. Free zones and the Qatar Financial Centre offer significant tax incentives. New measures…
Qatar is channeling its hydrocarbons wealth into long-term economic transformation, with diversification accelerating after the FIFA 2022 World Cup. In 2024 non-oil sectors accounted for over 60% of GDP, led by tourism, logistics and financial services. Strong fiscal buffers, a US dollar peg and prudent management of the $475bn Qatar Investment Authority support macroeconomic stability. Reforms in
Oman is actively diversifying its economy as part of its Oman Vision 2040 strategy, reducing its reliance on hydrocarbons by expanding sectors like agriculture, fisheries, manufacturing, and banking. The government’s focus on sustainable development is driving growth, particularly through strategic reforms, infrastructure projects and investment in renewable energy...
Ajman has emerged as a strategic centre for non-oil economic growth, leveraging its free zones, infrastructure investments and cultural heritage. The emirate’s GDP reached Dh36bn ($9.8bn) in 2023, with key contributions from manufacturing, construction and trade. Ajman Vision 2030 outlines a roadmap for sustainable, inclusive development, prioritising smart governance, environmental protection,
Bahrain remained a tax-free jurisdiction until 2017, when the kingdom introduced excise tax – followed by the implementation of value-added tax (VAT) two years later. The country’s tax landscape continues to evolve, with a number of other notable tax and reporting regulations launched in recent years. Among these, a domestic minimum top-up tax (DMTT) law will take effect for Bahrain entities that…
Bahrain’s tax landscape has evolved in recent years, with the introduction of excise tax in 2017 and value-added tax in 2019. Since then, new regulations have been aimed at improving financial oversight. Notably, a domestic minimum top-up tax law is set to be implemented in 2025, impacting Bahraini entities that are part of large multinational enterprise groups. As a financial leader in the Middle…
On September 1, 2024 Bahrain became the first GCC country to implement a domestic minimum top-up tax (DMTT) aligned with pillar two of the OECD base erosion profit shifting inclusive framework. The DMTT law applies the global minimum tax of 15% on Bahraini constituent entities of multinational enterprises (MNEs) and contains key operative provisions of pillar two of the OECD global anti-base erosion…
