GCC Indirect Tax Weekly Digest

KSA GAZT publications

Transfer of a Business guide (English)

The Kingdom of Saudi Arabia (KSA) General Authority of Zakat and Tax (GAZT) has published the English version of its Value Added Tax (VAT) guide on the Transfer of a Business. The guide was previously published in Arabic.

The guide provides further clarity regarding what qualifies as an out-of-scope transfer of an economic activity that meets the conditions listed in Article 17 of the KSA VAT Implementing Regulations (a ‘qualifying transfer’).

The guide details the distinction between a transfer of business via shares as opposed the transfer of business via assets and their respective treatments for VAT purposes.

Additionally, the guide provides information to taxpayers regarding the effects of a transfer of business in terms of input tax deduction and compliance obligations, as well as addressing special cases – namely, the transfer of a business within a VAT group and the transfer of real estate.

Bahrain developments

Q1 2019 VAT return due 30 April

The Bahrain Q1 2019 VAT return is due to be submitted by VAT-registered businesses to the National Bureau for Revenue (NBR) this week by 30 April 2019.

In 2019, businesses with annual supplies of greater than BHD 5 million will have a quarterly filing period.

Such businesses should immediately and proactively take steps to ensure that their VAT return data and records are complete and in compliance with the VAT legislation, so as to be in a position to file an accurate VAT return by the deadline.

Oman developments

SGT conducting industry-specific VAT briefings

The Oman Secretariat General for Taxation (SGT) has conducted industry-specific VAT briefings, most recently for the oil & gas and telecommunications sectors. Further briefings are planned, including for the financial services sector.

VAT preparation continues in Oman – businesses should continue to get ready. For those who are still waiting to start their VAT implementation project (or have put on hold ongoing VAT projects), it is time to refocus. Join us at our tax seminar in Muscat as detailed below to find out more.

Deloitte to hold Oman tax seminar on 1 May 2019

Deloitte will be holding a comprehensive tax seminar in Muscat, Oman on Wednesday, 1 May 2019. The aim of the event is to discuss the unprecedented changes that are taking place in the regional and local tax arena with a main focus on the recent tax reforms in Oman.

The seminar will address recent VAT developments and their potential impact on businesses, and the introduction of Excise Tax in Oman. Further, developments related to direct, corporate, withholding, and international tax in Oman will be discussed. The event will include a Q&A session.

Event details

Date
Wednesday, 1 May 2019.

Time
08:30am until 12:30pm, followed by lunch.

Venue
To be shared in the confirmation email.

Fee
60 OMR per participant.

Registration
To register as an attendee, please follow this link.
If you wish to send us your list of questions before the event, please get in touch. 

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.