File Name: pay off wheeling and dealing in the arab world .zip
As countries in the region look to reform their tax systems to attract foreign investment and become more globally competitive, keeping up with trends and developments is more important than ever. Inside, you'll find briefings on key news, events and thought leadership contributed by tax professionals in KPMG member firms across the region. KPMG in Bangladesh shares insights on the budget proposals concerning personal and corporate tax rate.
Loss of association of person AoP will only be set-off against income of AoP. Members of AoP cannot carry forward and set-off losses of AoP against their income. Computation mechanism of capital gain has been introduced for transfer of business and undertaking. Deduction at source is required from professional service, technical service fee or technical assistance fee and wheeling charge for electricity transmission to be considered as minimum tax. Minimum tax at 0. Person participating in shared economic activities by providing motor vehicle, space accommodation or any other assets, owing any licensed arms, persons required to have Twelve-digit Tax-payers Identification Number under section A are required to be submit their tax returns.
Public universities, English medium school. Local authority and Artificial juridical person are required to be filed return of half-yearly withholding tax. Inclusion of tax at source on payment of service under any sharing economy platform including ride sharing service, coworking space providing service and accommodation providing service. National Board of Revenue NBR can condone tax or extend the time period due to epidemic, pandemic or any other acts of Almighty.
NBR can also provide retrospective relief. All taxpayers who will file their return first time through online will enjoy tax rebate of BDT 2, Submission of returns for tax payers with a 31 March year end, being 60 days from the statutory due date of 15 July ; and.
Submission of returns for tax payers with a 30 April year end, being 60 days from the statutory due date of 15 August These are blanket extensions and would also cover tax payers filing their tax returns on a deemed profit basis. Corporate income tax, Zakat and National Labour Support Tax due as stated on the respective returns should be settled on or before the extended deadlines set out above. Where companies are settling the taxes in instalments, all instalments due up to the date of settlement should be paid in lump sum.
No special instalment provisions have been approved for Zakat and NLST and amounts remain to be settled as lump sum. Due date for settlement of taxes stated on any assessment letters issued prior to the closure of the MOF are extended by the same numbers of days as the period of closure of the MOF from 12 March and when the MOF resumes operations.
Deadlines for contesting an assessment through an objection or appeal are extended by the same numbers of days as the period of closure of the MOF from 12 March and when the MOF resumes operations.
Through CR No. In addition, whilst the KTA has not issued an official clarification, in practice tax inspectors have commenced remote working and have started to conduct tax inspection through online platforms, based on internal prioritisation. KPMG in Oman provides an overview of the tax card provisions effective from 1 July , excise tax developments and other tax updates. The tax card, as a concept, was introduced in February The purpose is to mention the tax card number on all correspondence, invoices and contracts entered into by the taxpayer.
Failure to comply with the relevant provisions carries a maximum fine of OMR 5, Subsequently, in February , rules related to tax cards were introduced, such as relevant form to apply tax card, its validity, renewal process, etc.
The tax card provisions have now been made effective from 1 July A nominal fee of OMR 10 has been prescribed for issuing the tax card. Oman had introduced excise tax on alcohol and alcohol products, energy drinks, carbonated drinks, pork and pork products, and tobacco and tobacco products with effect from 15 June The Ministerial Decision was, however, not amended to reflect the temporary reduction.
This will take effect from 1 July This means that within 15 days of the effective date of increase in the excise tax rate, i. In order to ensure accurate submissions and evidence in the event of a future audit by the Oman Tax Authority, it would also be advisable for affected businesses to undertake a stock count of alcohol and alcohol products in possession as on 1 July The Oman Tax Authority TA announced the introduction of excise tax on sweetened beverages from 1 October on social media a couple of weeks ago.
The TA has now issued Decision No. Decision No. This comes in the wake of Supreme Committee decision pertaining to the Covid pandemic, which authorized the TA to implement these measures.
The above effectively implies that the due date for filing the tax returns for the year ended 31 December has been extended to 30 September The measures detailed above come as a welcome move by the TA to provide relief to taxpayers who have not already filed their returns, and who are adversely impacted by the current Covid pandemic.
We recommend our clients engage in discussion with the TA through their tax advisors to seek clarity on these announcements, as necessary. The treaty was signed on 25 March , with the objective of avoiding double taxation and preventing income tax evasion. The tax treaty shall be entered into force in accordance with Article 29 of the DTT.
Royal Decree no. The RD empowers transfer of ownership of all government companies and investments to OIA with the exception of Petroleum Development Oman, government contributions to international establishments and other companies to be specified in a Royal Order. OIA will enjoy financial and administrative autonomy and will work under the purview of the Council of Ministers, as per the RD.
This has been done to provide more time to banks and relevant financial institutions specified institutions due to the exceptional circumstances caused by Covid As a brief background, the specified institutions in Oman were mandated by the Central Bank of Oman vide circular, dated 15 May , to ensure the collection of CRS-related information for new account holders effective from 1 July This requirement was further endorsed through a circular from the CMA dated 28 May Oman is expected to soon release local legislation allowing specified institutions to undertake the CRS compliance.
Such exchange relationships between jurisdictions are typically based on the multilateral Convention on Mutual Administrative Assistance in Tax Matters the Convention. Oman signed the Convention on 26 November , becoming th jurisdiction to join. As a consequence, local legislation allowing specified institutions to undertake the CRS compliances with the designated authority is expected soon. The RD will be published in the Official Gazette and come into force from date of its issue.
According to recent news reports, the Council of Ministers in Oman has referred two laws to the Shura Council. The Laws have been referred to the Shura Council as a matter of urgency. The Shura Council is required to decide on both the Laws, by approval or amendment, within one month from the date of the referral. The State Council is required to decide on them, by approval or amendment, within 15 days from the date of the referral.
Since the beginning of , the Ministry of Finance has issued many circulars and directives to government units to reduce spending. In the recent past, Oman has made a conscious effort at economic diversification.
The Sultanate has been preparing for the introduction of VAT for quite some time. VAT has a significant impact on every facet of business and therefore requires timely and careful planning. Further, it has changed its address to P. O Box , P. C In fact, after announcing the new tax structure in October , Oman has signed the Automatic Exchange of Information. Given the pace of tax reforms, Oman may soon come out of the current EU blacklist, which is dampening foreign investments.
The National Assembly approved the Finance Bill with certain amendments proposed therein and after the assent of the President of Pakistan, Finance Act, has been enacted on 30 June We as KPMG were able to test the registration process, are familiar with the system functionality and did trial registration under several types of scenarios. In this respect, KPMG in Qatar can help you regarding the registration process in the Dhareeba portal and make the said process smooth for your firm.
In response to the request and considering difficulties faced by the Taxpayers due to Covid, the GTA has provided an additional extension of 2 months for filing of the Tax returns for FY Therefore, the new Tax return submission deadline for Taxpayers with financial year ended 31 December has been extended to 30 August Further, any income tax liability for these Taxpayers shall also be due on or before 30 August The Circular has been issued in light of the exceptional circumstances that the Taxpayers and businesses are facing during this period.
While the extension provides relief to deal with the current situations, we highly recommend to our clients to work towards having the Tax returns submitted well within the deadline, to avoid any inconveniences given these uncertain times. The Saudi Arabia Council of Ministers has announced an increase in customs duties effective from 20 June The rate increases range from 0. A full list of new duty rates can be found on the Saudi Customs website.
The increase in duty rates affects a wide variety of products such as: dairy, food products, chemicals, plastic, rubber, leather, paper, clothes, shoes, fabrics, marble, ceramics, porcelain, glass, various metals, furniture and machinery.
We recommend that all importers consider a detailed assessment of their supply chain and customs practices in an effort to explore strategies to mitigate the likely negative effect of the duties increase on the business. For example, ensuring that the correct tariff codes are applied, making use of customs duty exemptions and reductions available including the applicability of Free Trade Agreements, General System of Preferences, etc , use of bonded warehouses and tolling arrangements.
KPMG in Saudi Arabia can advise businesses on the impact of the duty increases by identifying options to reduce the effect on the business, and by providing support with the execution of recommended action as well as with ongoing compliance with the customs legislation in Saudi Arabia. This increase is a response to the unprecedented economic fallout from the impact of the COVID pandemic. Inevitably, the government is seeking to address the fiscal imbalance caused by the dramatic decrease in consumer and commercial spending, the major loss of oil and tax revenues and the cost of the many healthcare initiatives put in place to fight the pandemic.
This increase will impact directly the spending habits of consumers both before and after the rate change — notably, the likely spike in spending to beat the higher rate of VAT and the subsequent drop in spending after the rate increase. We can expect sales in sectors such as: automotive; retail; electrical; and real estate to increase sharply prior to 1 July, much like the trend experienced towards the end of Although VAT is a consumption tax, proportionately, it affects consumers in the middle and lower- income brackets to a greater extent.
It is hoped that when additional details are shared, measures will be introduced to soften the impact on all consumers such as lower rates for essential goods and services, for example, basic foods, education and medical services.
Businesses that supply directly to the final consumer will be concerned about remaining competitive and may have to absorb part or all the VAT increase so that the retail prices of goods and services are affected as little as possible. Unfortunately, there may be little choice but to increase prices to cover the additional costs expected to be incurred. Businesses in the financial and real estate sectors where significant proportions of their goods and services are exempt from VAT face a significant increase in costs as they are not able to claim input VAT incurred that relates to exempt activities.
This increase will impact profitability and, eventually, will have a cascading effect on customers. Government bodies, public schools, hospitals are prohibited from claiming any VAT on their expenses because of their activities and so, will be at a major disadvantage from the VAT increase. Along with the rate change comes the increased risk if taxpayers make mistakes in their VAT accounting. It is now more critical than ever to assess the readiness of the business to manage VAT reporting in an accurate and timely manner.
The VAT penalty regime is now extremely concerning in terms of the adverse financial impact that results from accounting errors.
As countries in the region look to reform their tax systems to attract foreign investment and become more globally competitive, keeping up with trends and developments is more important than ever. Inside, you'll find briefings on key news, events and thought leadership contributed by tax professionals in KPMG member firms across the region. KPMG in Bangladesh shares insights on the budget proposals concerning personal and corporate tax rate. Loss of association of person AoP will only be set-off against income of AoP. Members of AoP cannot carry forward and set-off losses of AoP against their income.
The role of a business school and form of management education in any country must depend on the specific role of management in the economy. This, in turn, depends on the milieu or business ambience in which management must operate. A set of types of milieu can be distinguished for ASEAN countries which form a sequence approximately correlated with the process of modernisation. The different tasks and required traits for management in the various milieus are discussed and some implications for management schools and education noted. This is a preview of subscription content, access via your institution.
Aburish attended school in Jerusalem and Beirut. He returned to al-Eizariya in , passing away there in Aburish garnered both praise and criticism for his style, with critics accusing him of "hyperbole.
Подумал, не рассказать ли ей. Но решил этого не делать. - Позвони коммандеру.
- Здесь мы в безопасности. Нам нужно поговорить. Если Грег Хейл ворвется… - Он не закончил фразу.
Однако Стратмор ничего не объяснил, а Беккер не решился спросить. АНБ, - подумал. - НБ - это, конечно, не болтай. Вот такое агентство. На другой стороне авениды Изабеллы он сразу же увидел клинику с изображенным на крыше обычным красным крестом на белом поле. С того момента как полицейский доставил сюда канадца, прошло уже несколько часов.
Прости. Я срочно уезжаю. Вернусь завтра. И уже утром мы сможем поехать. В нашем распоряжении будет целых два дня. - Но я уже забронировала номер, обиженно сказала Сьюзан. - Нашу старую комнату в Стоун-Мэнор.
Бринкерхофф поднял руки в знак капитуляции. - Извини. Беру свои слова обратно. - Ему не стоило напоминать о поразительной способности Мидж Милкен предчувствовать беду. - Мидж, - взмолился он, - я знаю, что ты терпеть не можешь Стратмора, но… - Это не имеет никакого значения! - вспылила .
Proposed Ultimate Regional Market Design for Arab Countries Identifying barriers to efficient energy trading among the concerned countries and necessary to ensure delivery and payment for power in accordance with the takes on this role, administering a transmission grid code, a distribution planning manual, a.Reply
International Bank for Reconstruction and Development / The World Bank committee and of the study team of the Pan-Arab Electricity Market who share of benefits, see Table B), there is no wheeling fee to recover the capital costs. be paid by the SPV, but it could also involve direct payments from the trading.