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  05.09.2023

  Oman

  The New Oman Social Protection Fund Law - Key Changes

  The Sultanate of Oman as a welfare state has for long operated under the old Public Authority for Social Insurance (PASI) Law (Royal Decree 72/9). Recently however, Oman has enacted the novel Social Protection Fund Law (SPFL) (Royal Decree 52/2023) in an attempt to enhance its social welfare framework by creating a single and unified social protection fund that improves financing and provides a wide range of benefits to workers and their families. This article provides an overview of some of the key aspects of the new law and compares it with its repealed predecessor, by highlighting the key impacts...

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  13.06.2023

  Middle East

  UAE Corporate Tax Law: When does a non-resident juridical person have a UAE Nexus?

  BackgroundThe UAE enacted its Corporate Tax Law (the “CTL”) in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The CTL came into force on 1 June 2023. The main corporate tax rate of 9% applies on income exceeding AED 375,000 (roughly USD 102,000). The CLT provides that the rate of corporate tax which applies to “Qualifying Free Zone Persons” is 0% with respect to qualifying income and 9% on non-qualifying revenue.Under Article 11 of the CTL, a taxable person includes a non-resident person which has a UAE nexus.Cabinet Decision...

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  05.06.2023

  Middle East

  UAE Corporate Tax Law: What Constitutes Qualifying Income for Free Zone Persons?

  BackgroundThe UAE enacted its Corporate Tax Law (the “CTL”) in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The CTL came into force on 1 June 2023. The main corporate tax rate of 9% applies on income exceeding AED 375,000 (roughly USD 102,000). The CLT provides that the rate of corporate tax which applies to “Qualifying Free Zone Persons” (“QFZP”) is 0% with respect to qualifying income (“Qualifying Income”) and 9% on non-qualifying revenue (“Non-Qualifying Revenue”).After much anticipation,...

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  25.04.2023

  Middle East

  Corporate Tax Thought Leadership Series: Anti-Abuse Rules for Small Business Relief

  BackgroundThe UAE enacted its Corporate Tax Law in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The Corporate Tax Law applies with effect from 1 June 2023. A 9% tax rate will apply on income exceeding AED 375,000 (approx. US$102k). Despite its name, the Corporate Tax Law treats a natural person conducting business in the UAE as a “Resident Person”. Such a person’s business income would be subject to corporate tax in the UAE. Should the legislation not have extended the scope of the Corporate Tax Law to natural persons...

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  12.04.2023

  Middle East

  UAE Corporate Tax: Small Business Relief Criteria

  BackgroundThe UAE issued its landmark Corporate Tax Law in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The Corporate Tax Law applies with effect from 1 June 2023.The Corporate Tax Law provides a framework whereby small businesses who qualify as Resident Persons may elect to be treated as not having any taxable income for a tax period and therefore would pay zero corporation tax for that period (the “Small Business Relief”). However the Corporate Tax Law did not specify the criteria that Resident Persons would need to meet in order...

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  15.03.2023

  United Kingdom

  Spring Budget 2023 – key tax policy an­nounce­ments

  Today’s Spring Budget speech focused on moving the UK economy into growth mode. With the increase in the main rate of corporation tax to 25% on the horizon and fast-approaching, the Chancellor turned to reliefs rather than rate cuts to demonstrate his commitment to incentivising investment in the UK. For most businesses, the “headline” announcement in this area will have been the introduction of a generous full-expensing regime for capital allowances, but other important measures include the permanent increase to the Annual Investment Allowance, reforms to Research & Development...

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