GCC Tax Round-up Q4 2023
31 January 2024
We are pleased to publish our latest edition of BDO GCC Tax Round-up. This edition includes a look back at some of the important events and changes of 2023, together with a summary of the new changes during quarter four. The year 2023 was a momentous year for tax in the GCC as there were some fundamental changes to the tax systems in some areas and the announcement of future changes in others.
Most significant, of course has been the introduction of Corporate Tax in the UAE. In fact, it’s not just the UAE that is introducing new taxes as Kuwait announced that it is preparing for the introduction of a Business Profit Tax and Bahrain announced that it will be introducing corporate income tax. Furthermore, all the GCC countries are now part of the OECD’s inclusive framework and their respective tax systems will gradually be adapted and developed to accommodate the Pillar 2 principles and the minimum tax rate. The proposed new taxes in Kuwait and Bahrain are examples of this trend.
We hope you find it useful and informative.