International Tax Updates

Transfer pricing landscape in 2020 in the Middle east

We are delighted to announce a collaboration between LCN Legal and Global Tax Services by offering a series of webinars on Transfer Pricing in the Middle East. The webinars are comprised of 4 parts as follows:

Part 1: Examining global trends in transfer pricing and the ways in which these are reflected in the Middle East, focusing upon particular areas of risk for multinationals

Part 2: Considering matters relating to transfer pricing in Egypt, including examination of the current regulatory status, reporting requirements and the consequences of non-compliance

Part 3: A focus on the evolution of transfer pricing in Saudi Arabia, Qatar and the UAE, discussing the current picture in each jurisdiction and practical issues surrounding a TP Audit.

Part 4: Reviewing key issues around the impact of COVID-19 on transfer pricing matters in the Middle East, offering practical guidance on how best to navigate the same.

Please join Leiza Bladd-Symms (director at LCN Legal), Rubeena Dina and Anand Vemuganti of Global Tax Services for this journey into transfer pricing in the Middle East:

VAT Updates

Are you charging VAT on your Director’s fees?

Individuals who act as Directors and receive remuneration for their services should consider their VAT position carefully as they may be required to register and charge VAT on their fees. Failure to account for VAT correctly could lead to the Federal Tax Authority (“FTA”) not only claiming the foregone VAT but also imposing penalties. The penalties could be wide ranging from late registration (AED20,000) to failure to issue tax invoices (AED5,000 per invoice).

Continue reading “Are you charging VAT on your Director’s fees?”