The OECD’s Pillar Two framework aims to ensure multi-national enterprises (MNEs) with global revenues above €750 million pay a minimum tax rate on income within each jurisdiction in which they operate. Commonly referred to as BEPS 2.0, the framework imposes a Top-Up Tax on profits arising in...
A sustainability report is a means to communicate a larger strategy and report on its progress, helping an organization foster both transparency and accountability. Developing a report offers teams across an organization the opportunity to work together to create a more sustainable organization...
Tax continues to march forward in the GCC. In this edition of our quarterly tax newsletter for the GCC we bring you an update on the major tax news from around the region. The biggest news in the region comes from the UAE, where the implementation of corporate tax is in full swing.
Our survey results reveal a trend that makes a difference in business outcomes: Tax leaders who play a larger role in setting overall business strategy are driving positive business performance. We refer to this trend as the rise of the Tax Strategist, moving beyond the role of Tax Tactician to...
The following are questions for boards and management teams to consider in executing a risk mitigation strategy to address the organizational impact related to global tax reform under the Organization for Economic Co-operation and Development’s Pillar Two rules enacting a global minimum taxation.
In Kuwait, there are important new regulations – effective from 1 April 2023 - that require entities registered in the State of Kuwait to identify ultimate beneficial owners. In this edition, we also report on the initiative to reduce the cashflow impact of the Kuwait tax retention requirements.
The Kuwait Ministry of Finance (“ issued Ministerial Resolution No 24 of 2023 (“the Resolution”) dated 27 March 2023 to introduce rules for carrying out tax inspections (tax audits) on a sample basis Currently, every tax declaration filed by a taxpayer is subject to a detailed tax inspection by...
The Ministry of Commerce and Industry (“MOCI” or “the Ministry”) in Kuwait issued Ministerial Resolution No.4 of 2023 (“the Resolution”) in January 2023 setting out an obligation for the identification of ultimate beneficial owners (“UBO” or “BO”). The Resolution applies to all entities...
The Kuwait Tax Retention Rules is a set of tax obligations introduced to aid in the collection of taxes in Kuwait and is applicable on foreign as well as local companies. Although introduced many years ago, many corporate bodies in Kuwait are either unaware of the applicability of the Kuwait...