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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


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