There’s more to it than you thinkJune 30, 2015 9:42
The business of… Tax in the GCC
From corporate income tax in Saudi Arabia to social security tax in Kuwait, Kipp takes a look at how the citizens of the Gulf are taxed.
September 9, 2010 2:17 by kippreport
CORPORATE INCOME TAX
- A new tax law on companies and foreign branches was adopted in January, making taxes uniform for all types of business entities.
- Special provisions are applicable to the taxation of income derived from the sale of petroleum. The tax rate specified for such companies is 55 percent.
- The tax rate is 12 percent on taxable profits exceeding 30,000 rials ($77,920) and applies to all companies and branches of GCC companies.
- Tax rates range from 0 to 30 percent for non-GCC companies depending upon the amount of taxable profits.
- A 3 percent rate is imposed on property rents, 5 percent on hotel occupancy, and 10 percent on leisure establishments.
- There is no VAT or sales tax.
How do UAE petrol prices compare with the rest of the world?
Video: What would you do if the plane you’re on loses control?
Why do online shoppers keep returning clothes?
To travel or not to travel this summer?
How has the consumer evolved through time?