GCC forecast: International tax and trade

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, and align with international standards.

We will see uncertainty in interpretations and conflicting official signals and governmental competition, with authorities becoming increasingly robust in pursuing revenues, leaving many businesses with adverse findings, unclear rationale, large assessments and even suspended operations.

In this context, companies doing business in the GCC must prepare to navigate a complex landscape of tax and trade regulations to ensure compliance and avoid costly pitfalls. This would be essential to operate successfully and sustainably in this dynamic and rapidly evolving business environment.

The table below outlines the primary concerns and issues that will be faced by companies operating in the GCC and the associated risks that companies face if they do not adhere to these regulations. Understanding these concerns and risks will be essential to mitigating the potential legal and financial repercussions in this dynamic and diverse business landscape.