Insights
Why the UAE is an excellent country to set up a personal holding company
I. Introduction The United Arab Emirates (“UAE”) has traditionally ranked among the top countries where high net worth and ultra-high net worth individuals relocate. However, since the 2020 pandemic and the rise of remote work, there has also been an influx of entrepreneurs, freelancers and other business minded people. It
Five key points when being subject to a cross-border tax procedure
I. Introduction The world is becoming more globalised than ever. There has never been such level of international trade and investment. With international transactions in full upswing, cross-border tax procedures and cooperation between tax authorities are on the rise. In this article we list five key points that companies should
Only 40 days left of tax amnesty in Saudi Arabia
Introduction The tax amnesty in Saudi Arabia is set to expire on 30 June 2024. The tax amnesty is a remarkable initiative from the Saudi Government, under which taxpayers can regularise their taxes with the Zakat, Tax and Customs Authority (“ZATCA”) and benefit from the cancellation of the associated tax
Spanish tax on large fortunes and impatriates under the Beckham Law
Introduction NAX Law secured and important tax ruling from the Spanish General Directorate of Taxation (“GDT”), regarding the interaction between the Spanish tax on large fortunes (“TLF”) and the impatriates regime, also known as Beckham Law. In this article we uncover the details. The impatriates regime Spain introduced the impatriates
Capital gains tax arising from cross border intragroup share transfers – a European and GCC perspective
Introduction If you are working for a multinational enterprise, it is likely that you have been involved in an intragroup restructuring that includes countries. A common question that arises in these international intragroup restructurings is whether any transfer – of shares or assets – made between entities of the same
A closer look into Saudi Arabia’s proposal for a new Income Tax Law
Summary In late 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (“ZATCA”) opened a public consultation to replace the existing Income Tax Law (“ITL”) by a new one. The proposal, which is currently under study, aims to update the ITL, to align it with the most relevant international tax practices
Registration deadlines for UAE corporate tax announced – are you ready?
Introduction On 27 February 2024, the UAE’s Federal Tax Authority (“FTA”) published its Decision No. 3 of 2024, dated 22 February, regarding the timeline specified for registration of taxable persons for corporate tax for the purposes of Federal Decree-Law No. 47 of 2022 on the taxation of corporations and businesses
The RHQ Tax Rules in Saudi Arabia
1.Introduction On 16 February 2024, Saudi Arabia’s gazette published the Zakat, Tax and Customs Authority’s (“ZATCA”) much awaited tax rules for regional headquarters (“RHQ Tax Rules”). The RHQ Tax Rules are a great step and should, in conjunction with the other non-tax incentives already existing, incentivise multinational groups to set
The Spanish Constitutional Court annuls certain corporate income tax measures introduced in 2016
Summary On 18 January 2024, the Spanish Constitutional Court (“CC”) issued its judgment 11/2024 and declared certain corporate income tax (“CIT”) restrictive measures introduced in 2016 to be unconstitutional and therefore void. These measures affected large companies and companies which in the past held shares in other companies and had
