GCC Indirect Tax Weekly Digest
November 30, 2020
Draft RETT law published with public consultation until 25 December
The Kingdom of Saudi Arabia (KSA) General Authority of Zakat and Tax (GAZT) has published the draft Real Estate Transaction Tax (RETT) law in Arabic.
In addition, a public consultation period has been announced whereby comments can be submitted until 25 December 2020.
The RETT was introduced in October 2020 and introduced a tax of 5% on a range of real estate transactions. GAZT has previously published a guide in Arabic on the RETT.
Oman virtual VAT academy
With the progressive implementation of Value Added Tax (VAT) in Oman from April 2021, companies active in the Energy, Resources and Industrials (ER&I) industry are expected to be faced with a series of tax implications.
Deloitte’s indirect Tax practice will therefore dedicate the fourth session of the Oman virtual VAT academy to the ER&I industry. The session will be held on Tuesday, 8 December, 2020 and will discuss how VAT interacts with ER&I companies and what the likely industry issues businesses will face in preparation for entry into the VAT system. For full details and to register your interest, please click here.
Additionally, Deloitte has a dedicated team of VAT experts who can help your business navigate this tax reform by ensuring you understand the impact of all requirements, and provide practical, effective implementation support. Get in touch now – once again if you need input please contact Shaishav Udani, A. S. Saicharan or Sunita Taijwani.
Happy National Day
Deloitte wishes you and your family a happy 49th UAE National Day.
This digest is for information purposes only and should not be construed as advice. It does not necessarily cover every aspect of the topics with which it deals. You should not act upon the contents of this alert without receiving formal advice on your particular circumstances.