AN OVERVIEW OF TAX STRUCTURE

VAT/CORPORATE INCOME TAX, UBO, ESR & AML RETURNS FILING AND CONDUCTING FINANCIAL AUDITS

S.NO	COUNTRY	Corporate Tax ( CT)	Withholding Tax ( WHT)	Value Added Tax ( VAT)	Customs Duty
1	BAHRAIN	Nil	Nil	10%	5%
2	SAUDI ARABIA	20%	5% to 20%	15%	*5.5% to 25%	Depending upon the type of item
3	KUWAIT	15%	10%	N/A	5%
4	OMAN	15%	10%	5%	*Up to 10%	*Depending upon the type of item
5	QATAR	15%	10%	N/A	5%
6	UNITED ARAB EMIRATES	9%	Nil	5%	*5%,50% & 100%	*Depending upon the type of item

Others:

Kingdom of Saudi Arabia:

Zakat

Zakat is assessed@ 2.50% on the higher of the Zakat base ( based on Balance Sheet issued) and the Net Adjusted Profit of a KSA or GCC Shareholder- if Hijri year is followed. Those following Georgian calendar the rate the per cent age of Zakat is 2.6%

Expats Annual Levy: For each dependent of an Expat living in KSA is subjected to an annual levy at local currency terms; Saudi Riyals of 4800/- per dependent.

Kuwait- A Zakat equivalent to 1.00% of the Net Profit earned by shareholding companies are subjected to this tariff.

Oman:

Social Security Contribution: For Oman Nationals, 10.50% of their monthly salaries are subjected to SSC and the same is 7.50% for expats ( Age between 5-59 years)

ULTIMATE BENEFICIARY OWNER ( UBO)

ZAKAT

ANTI MONEY LAUNDERING ( AML)

BEPS- Base Erosion stands for the practice of reducing the taxable base in high tax countries Profit Sharing refers to shifting profits from high tax countries ( jurisdictions)to low tax countries( Jurisdictions)

The implementation Date: 01st June, 2023.

Change of current financial year Not required