The Saudi Arabian General Authority for Competition (GAC) has most recently released its annual report for 2022 (the Annual Report), shedding light on the enforcement actions taken against violators of the Competition Law (Royal Decree No. M75/1440 and its Implementing Regulations (issued by the Board of Directors of the GAC on 24/09/2019, as amended from…
Hourani & Partners’ Tax and International Trade team, in collaboration with STI Taxand, a tax firm that is exclusively practicing in the field of international tax, hosted a breakfast seminar entitled ‘International Perspective of UAE Taxation: Transfer Pricing and Tax Treaties’. Led by Hourani’s Head of Tax & International Trade, Zain Satardien, the session offered…
Central to Saudi Arabia’s Vision 2030 reforms, the Kingdom has introduced its Regional Headquarters (RHQ) program, an initiative poising Saudi Arabia as a powerhouse in the Arab region. Framework In terms of Saudi Arabia’s Foreign Investment Law, companies wishing to be part of the RHQ program must fulfil specific criteria set by Saudi Arabia’s Ministry…
The United Arab Emirates (UAE) Federal Tax Authority (FTA) has released several detailed guides in 2023 and recently one in 2024, regarding various legal aspects and concepts of the UAE Corporate Income Tax Law, offering detailed explanations and practical examples to aid taxpayers in understanding and complying with the new UAE Corporate Income Tax Law….
In a landmark policy shift, the UAE Ministry of Finance has introduced the Corporate Income Tax Regime (CIT), effective June 2023. The move marks a departure from the UAE’s longstanding no-taxation policy, positioning it in a new phase of economic development. The UAE’s Corporate Tax Law aims to promote foreign investment and transparency, maintaining a…
On 6 December 2023, the Zakat, Tax, and Customs Authority (ZATCA) ratified a new set of guidelines known as The Rules of Customs Procedures Guide, under Resolution 28624. These rules, initially open for public consultation, have now been officially published in the Saudi Official Gazette Umm Al-Qura (in Arabic). The effective date is officially…
Companies operating in the GCC region during 2024 will face a unique set of challenges presented by tax and customs authorities, as the GCC continues to experience constant and significant legal changes in tax and trade regulations. These changes have been driven by various factors, including the need to diversify revenue sources, enhance economic stability,…
The Zakat, Tax, and Customs Authority (ZATCA) has recently updated its guidelines regarding tax ruling requests, which is primarily designed to assist taxpayers in understanding the process to obtain clarity on KSA’s tax laws in relation to the taxpayer’s specific circumstances. According to ZATCA, the specific Tax Ruling will serve as ZATCA’s clarification as…
Saudi Arabia’s Zakat, Tax, and Customs Authority (ZATCA) is in the process of comprehensively reforming its income tax and zakat framework, which mainly entails the introduction of a revised Income Tax Law, aiming to replace the existing law, and a unified Zakat and Tax Procedures Law. The aim is to foster a more business-friendly environment…
Ali Sikander has joined Hourani & Partners as a Senior Associate in the Corporate team. Ali is a dual-qualified (New York and England & Wales) corporate attorney whose practice spans a wide range of cross-border corporate transactional matters, with a focus on M&A, private investments, and capital markets in the Middle East, Europe, and…
The UAE has entered multiple bilateral Free Trade Agreements (FTA) with a range of sovereign states to enhance international trade ties and revenues between the various countries. The CEPAs aims to confer duty-free benefits on imported goods originating and traded between the UAE and individual CEPA countries, with certain key products benefiting under the treaty….
The Zakat, Tax and Customs Authority (ZATCA) of Saudi Arabia has issued comprehensive guidelines for the Special Integrated Logistics Zone (SILZ) at King Khalid International Airport. The guidelines align with the Gulf Cooperation Council’s Unified Customs System and details the operational and tax-related provisions for businesses within the SILZ. Permitted activities Allowed activities include…