Thomson Reuters Tax & Accounting ANZ’s Post

📢 𝐐𝐚𝐭𝐚𝐫 𝐚𝐧𝐝 𝐁𝐚𝐡𝐫𝐚𝐢𝐧 𝐚𝐫𝐞 𝐬𝐭𝐞𝐩𝐩𝐢𝐧𝐠 𝐮𝐩 𝐭𝐡𝐞𝐢𝐫 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐭𝐚𝐱 𝐟𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤𝐬 𝐢𝐧 𝐥𝐢𝐧𝐞 𝐰𝐢𝐭𝐡 𝐎𝐄𝐂𝐃'𝐬 𝐏𝐢𝐥𝐥𝐚𝐫 𝟐 𝐫𝐞𝐟𝐨𝐫𝐦𝐬.    1️⃣ 𝐐𝐚𝐭𝐚𝐫: The Council of Ministers reported approved draft amendments to the Income Tax Law on 4 December 2024 to introduce measures for the Pillar 2 global minimum tax. The draft amendments have been submitted to the Consultative Council (parliament) for consideration.   2️⃣ 𝐁𝐚𝐡𝐫𝐚𝐢𝐧: Bahrain's National Bureau for Revenue has published additional guidance on the new domestic minimum top-up tax (DMTT), which applies from 1 January 2025. This includes a general overview of what the DMTT is, as well as a DMTT charter setting out the rights and duties of taxpayers.   🔗 These changes reinforce the global commitment to a fair tax system, ensuring MNEs pay at least a 15% tax on profits in every jurisdiction where they operate.   📄 For more details, dive into the documents attached below. Let’s discuss how these updates might impact your organisation! https://lnkd.in/gDmp9Eqt   #GlobalMinimumTax #Pillar2 #OECD #TaxCompliance #MNEs #Qatar #Bahrain #ONESOURCE Bianca Kuijper, Jeroen van Asch MBA 🚀, Sam Johnstone, Gratian Joseph, Sakshi R.

📢 𝐐𝐚𝐭𝐚𝐫 𝐚𝐧𝐝 𝐁𝐚𝐡𝐫𝐚𝐢𝐧 𝐚𝐫𝐞 𝐬𝐭𝐞𝐩𝐩𝐢𝐧𝐠 𝐮𝐩 𝐭𝐡𝐞𝐢𝐫 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐭𝐚𝐱 𝐟𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤𝐬 𝐢𝐧 𝐥𝐢𝐧𝐞 𝐰𝐢𝐭𝐡 𝐎𝐄𝐂𝐃'𝐬 𝐏𝐢𝐥𝐥𝐚𝐫 𝟐 𝐫𝐞𝐟𝐨𝐫𝐦𝐬. 1️⃣ 𝐐𝐚𝐭𝐚𝐫: The Council of Ministers reported approved draft amendments to the Income Tax Law on 4 December 2024 to introduce measures for the Pillar 2 global minimum tax. The draft amendments have been submitted to the Consultative Council (parliament) for consideration. 2️⃣ 𝐁𝐚𝐡𝐫𝐚𝐢𝐧: Bahrain's National Bureau for Revenue has published additional guidance on the new domestic minimum top-up tax (DMTT), which applies from 1 January 2025. This includes a general overview of what the DMTT is, as well as a DMTT charter setting out the rights and duties of taxpayers. 🔗 These changes reinforce the global commitment to a fair tax system, ensuring MNEs pay at least a 15% tax on profits in every jurisdiction where they operate. 📄 For more details, dive into the documents attached below. Let’s discuss how these updates might impact your organisation! https://lnkd.in/dQ7kszty #GlobalMinimumTax #Pillar2 #OECD #TaxCompliance #MNEs #Qatar #Bahrain #ONESOURCE Bianca Kuijper, Jeroen van Asch MBA 🚀, Sam Johnstone, Gratian Joseph, Sakshi Rehani

Bahrain's National Bureau for Revenue (NBR) has introduced Decree Law No. 11 of 2024, which imposes a 15% tax on multinational enterprises (MNEs) with annual global revenues exceeding €750 million. This tax, effective from January 1, 2025, applies to profits earned in Bahrain by MNEs that meet the revenue threshold in two of the last four years. This legislation is part of the OECD’s two-pillar initiative, aimed at ensuring large corporations pay fair taxes wherever they operate. It also includes safe harbour provisions, such as the de minimis exclusion and a simplified computation method, designed to ease the compliance burden on MNEs. These measures align with the OECD’s goal of reducing the administrative complexities associated with the global minimum tax. Bahrain's implementation of this law underscores its commitment to the OECD Inclusive Framework, which it joined in 2018, aligning with over 140 countries, including members of the Gulf Cooperation Council (GCC), in supporting the two-pillar tax reform. #Bahrain #Tax

𝐒𝐭𝐚𝐲 𝐮𝐩𝐝𝐚𝐭𝐞𝐝 𝐨𝐧 𝐭𝐚𝐱𝐞𝐬 𝐞𝐯𝐞𝐫𝐲 𝐒𝐮𝐧𝐝𝐚𝐲 𝐰𝐢𝐭𝐡 𝐨𝐮𝐫 𝐥𝐚𝐭𝐞𝐬𝐭 #𝐒𝐔𝐍𝐃𝐀𝐘𝐓𝐀𝐗𝐔𝐏𝐃𝐀𝐓𝐄 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐑𝐞𝐟𝐮𝐧𝐝 - 𝐑𝐮𝐥𝐞𝐬 𝐚𝐧𝐝 𝐆𝐮𝐢𝐝𝐞 Oman Income Tax Law grants taxpayers the right to a refund if their tax paid exceeds the final assessed amount. Before claiming, any outstanding taxes from other years must be deducted. 𝗞𝗲𝘆 𝗣𝗼𝗶𝗻𝘁𝘀:   Right to Refund: Eligible if tax paid is higher than the final assessment.   Application: Must be submitted to the Tax Authority within 5 years.   Lapse of Right: Miss the 5-year window, and the refund right is lost. 𝘿𝙤𝙣'𝙩 𝙛𝙤𝙧𝙜𝙚𝙩: 𝙎𝙚𝙩𝙩𝙡𝙞𝙣𝙜 𝙤𝙩𝙝𝙚𝙧 𝙩𝙖𝙭 𝙡𝙞𝙖𝙗𝙞𝙡𝙞𝙩𝙞𝙚𝙨 𝙞𝙨 𝙚𝙨𝙨𝙚𝙣𝙩𝙞𝙖𝙡 𝙗𝙚𝙛𝙤𝙧𝙚 𝙖 𝙧𝙚𝙛𝙪𝙣𝙙 𝙞𝙨 𝙥𝙧𝙤𝙘𝙚𝙨𝙨𝙚𝙙. #oman #tax #crowe #croweoman #crowe #muscat #GCC #middleeast #alert #update #salalah #incometax

Exciting times ahead in the GCC tax landscape! Bahrain introduces a 15% corporate tax for MNEs, aligning with OECD's BEPS Pillar Two to prevent profit shifting to low-tax jurisdictions while offering safe harbor provisions to ease compliance.

Bahrain takes a significant step towards tax reform with the enactment of Decree Law (11) of 2024. The introduction of the Domestic Minimum Top-up Tax (DMTT) for large Multinational Enterprise Groups aligns with Bahrain's commitment to the Global Anti-Base Erosion (GloBE) rules as an OECD/G20 Inclusive Framework on BEPS member. Effective from January 1, 2025, the National Bureau for Revenue will impose a Corporate Income Tax (CIT) of 15% on multinational enterprises with annual global consolidated revenue exceeding EUR 750 million. #TaxReform #GlobalTaxation #BahrainEconomy #VAT #Corporatetax #UAE #Dubai #OECD

BEPS Pillar Two introduces a global minimum tax rate of 15% for MNEs, preventing profit shifting to low-tax jurisdictions. This will increase tax compliance requirements, as companies must ensure they meet the minimum tax rate. Safe harbor provisions, like de minimis exclusions and simplified computations, aim to reduce compliance burdens, especially for smaller MNEs.

5% tax retention in the State of Kuwait. Being a foreign or Kuwaiti entity, 5% of the total contract value or every payment made by the ministries, authorities, public bodies, companies, societies or individual firms will be retained as per the Kuwait tax retention regulations. The tax retention amount will be released from the client upon submission of the Retention Release Certificate. To know more: https://lnkd.in/deeqfVW #5percentage #tax #RRC #taxlaws #PKF #Kuwait #Kuwaittax #PKFKuwait #taxcompliance #taxadvice #ministryoffinance #taxdepartments #retentionrelease #release #certificate #taxhelp #taxkuwait #taxinkuwait #taxdeclaration #Assessmentorder #NoObjectionCertificate #noc #retention

Bahrain has announced a new tax rule for large multinational companies, which will start on January 1, 2025. This new regulation, known as the Domestic Minimum Top-up Tax (DMTT), ensures that multinational enterprises (MNEs) with global revenues of over 750 million euros will pay a minimum tax rate of 15% on their profits in Bahrain. The decision, outlined in Decree Law (11) of 2024, aligns with guidelines set by the Organisation for Economic Cooperation and Development (OECD). Bahrain's commitment to this tax reform demonstrates its support for global economic fairness and transparency. The country has been working with the OECD since 2018, when it joined the Inclusive Framework, a global initiative involving over 140 countries aimed at ensuring fair taxation for large companies worldwide. #Bahrain #globaleconomy #taxation #DMTT #MNEsTax

Bahrain announces Corporate Income Tax effective 1 January 2025, National Bureau for Revenue will apply a CIT on multinational enterprises with annual global consolidated revenue exceeding EUR750m (approx.. BD312m at current exchange rates) at 15%. This is in-line with the BEPS pillar 2 (global minimum tax) requirements, and eligible entities must register with the National Bureau for Revenue before the deadline prescribed. #Bahrain #Corporatetax