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