Charbel Sarkis/Finance Expert/Board and Exco MBA-MCIPS-MFC (AAFM)

Extension of Financial Compensation Exemption for Small Establishments In a significant move to support small businesses, the Saudi Council of Ministers has approved the extension of the exemption from financial compensation for small establishments with nine or fewer employees (including the owner) for an additional three years. The Ministry of Human Resources and Social Development outlined the following key details for the implementation of this decision: 1- Exemption for 2 expatriates: Applicable if the establishment owner works full-time and is registered with Social Insurance. 2- Exemption for 4 expatriates: If the owner works full-time and is registered with Social Insurance, and at least one employee (other than the owner) is a full-time Saudi national and registered with Social Insurance. The maximum number of expatriates that can be exempted is 4. This extension is part of the government's ongoing efforts to encourage the growth and sustainability of small enterprises, helping them thrive and remain competitive in the labor market.

22

1 Comment

Bahrain Tax Authority (National Bureau for Revenue (NBR)) has introduced the charter outlining the rights and duties of Domestic Minimum Top-up Tax (DMTT) payers. See the link for more details: https://lnkd.in/d6wnwqKC #Bahrain #PillarTwo #DMTT #Tax

57

How to balance between creativity and control? Throwback to the time our CEO Sherif Elbehery, CFA speaks of taking creativity to the financial services and balancing between innovation and confidence. #MDI #onebank #firstdigitalbank #innovation #fintechrevolution #balance #creativity #management #smartbanking

13

Mr. Saleh Rewaished’s “KPMG - Senior Tax Partner” insights about tax exemptions as an investment incentive, and why it’s not always the best choice.. Taxation of the digital economy… The development of the tax administration and more….

3

How are digital technologies empowering Transformation Management Offices? Explore how to tackle transformation challenges to enhance efficiency and drive sustainable growth for your organisation in our latest report: https://pwc.to/4aSUPJS #Digitaltransformation PwC Middle East

8

The UAE continues to lead as a global economic hub by aligning with international tax standards. Starting January 1, 2025, the UAE will implement a 15% Domestic Minimum Top-up Tax (DMTT) on multinational enterprises with global revenues exceeding €750 million. This move supports the OECD’s Global Minimum Tax (GMT) framework, which ensures fair taxation across borders and curbs tax base erosion. By adopting GMT, the UAE reinforces its position as a transparent, globally integrated economy while safeguarding its appeal as a destination for international businesses. This follows the successful introduction of a 9% corporate tax in 2023, reflecting the nation’s focus on strengthening non-oil revenues and enhancing its fiscal sustainability. As the global economy evolves, the UAE’s proactive approach ensures it remains a competitive and compliant leader in fostering responsible business practices. https://lnkd.in/ddtmU8Zs

50

📺 My recent interview with one of the chancellors of MBC Group on Al Arabiya. 💼 Accounting, Finance, and Tax will never become outdated topics. #Tax_Talk #Tareq_Alwattar #LBA_Advisory #Tax #UAE

16

Heartfelt congratulations to HE Majed Al Saadi on embarking on this remarkable new chapter as His Excellency Minister Advisor – Strategic Outreach at the Ministry of Investment. Having witnessed firsthand your unwavering dedication and the visionary strategies you’ve implemented to attract substantial investments and forge meaningful partnerships, I can confidently say you are a transformative leader in Saudi Arabia’s economic evolution. Your relentless efforts to position Saudi Arabia as a global hub for innovation and investment have not only inspired many but also paved the way for groundbreaking projects. It is an honor to contribute to this vision through our latest endeavor—the membrane technology waste-to-energy solvent recycling plant, yes, we have a long way to go. But I am confident under your patronage and guidance, this initiative will play a key role in advancing sustainable solutions and driving economic diversification. Looking forward to witnessing your continued success and impactful leadership. Here’s to more milestones and achievements that will attract more investors to Saudi Arabia and the kingdom’s position on the global stage. #StrategicLeadership #Vision2030 #Sustainability #Innovation #InvestmentOpportunities

105

18 Comments

As global venture capital faces a challenging fundraising environment, Middle Eastern capital has become a critical source of funding. However, a shift is occurring. Saudi Arabia’s Public Investment Fund (PIF)—a key player in the region's investment spree—has begun prioritizing domestic projects. This strategic shift may send ripples through the global VC ecosystem, as PIF, and other sovereign wealth funds like those in the UAE, have been instrumental in sustaining VC investments amid falling oil production and prices. With Western and Chinese investors increasingly looking to the Middle East for capital, the region’s role in the global VC landscape is undeniable. However, as sovereign funds tighten their focus locally, VCs may need to adapt to new regional dynamics to maintain access to this crucial funding. Foreign investors may soon need to deepen their regional involvement to access Middle Eastern capital, particularly as countries like Qatar incentivize local support to boost their startup ecosystems. Is your VC strategy ready for these shifts? #VentureCapital #MiddleEast #Investment #PIF #Startups #SaudiArabia #UAE #Qatar #GlobalInvesting #TechStartups 4o

1

Kuwait law on MNE under pillar 2 regulations introduced includes minimum tax and IIR. UTPR not included . Executive regulation will give more clarity on the compliance requirements.

5

Our Weekly Economic Commentary covering international #MENA #GCC #SaudiArabia #UAE economic & financial developments is now live Nasser SAIDI https://lnkd.in/dBDJ5AvE

1

Tax Update from Egypt: Incentives for Small Businesses & Professionals and Freelancers. Today, Egyptian Parliament has finalized discussions on a new draft law introducing tax incentives and facilities. This law is designed for projects with an annual turnover not exceeding EGP 15 million. Key Highlights of the Law: 1️⃣ Simplified tax rates for businesses based on their annual turnover, starting as low as EGP 1,000 annually for businesses earning less than EGP 250,000. The highest rate is capped at 1.5% for businesses earning between EGP 10 million and EGP 15 million annually. 2️⃣ Exemptions from stamp duties, capital gains taxes, and other charges tied to the establishment and operations of qualifying businesses. 3️⃣ Applicability to both registered and unregistered projects, including freelancers and professionals, under a streamlined and optional system. 4️⃣ Electronic Integration: Projects must comply with Egypt’s e-invoicing and e-receipt systems for tax compliance. 5️⃣ Specific exclusions for high-earning consultants and entities attempting to misuse the system. When Will It Take Effect? The law will come into force one month after its publication in the Official Gazette. The Ministry of Finance will issue detailed implementation guidelines soon. #egypt Dhruva Consultants

7

Are you leading with empathy? Watch our video to learn how empathy can elevate your leadership and drive success. And get actionable tips to connect with your team on a deeper level and inspire greatness. . . . . #demtus #consulting #leadership #lebanon #mena #menaregion #riyadh #Leadership #Learning #ksa #Empathy #EffectiveLeadership #Inspiration

12

Very interesting post! Tagging to maximize reach.

3

3 Comments

We are pleased to invite you to our upcoming webinar on Navigating Pillar Two Tax Compliance: Strategic Insights for Kuwaiti Businesses. Date: November 27, 2024 Time: 4:00 PM - 5:00 PM (Kuwait Time) Platform: Online (MSTEAMS) Gain insights into the new tax regulations and their impact on Kuwaiti multinational enterprises. Our experts will share valuable compliance and strategy advice. Key Topics: OECD Global Minimum Tax Impact on Kuwaiti MNEs Compliance & Strategy Tips Seats are limited, and your participation would be greatly valued. Registration Link: https://lu.ma/amg9xog1 #RSMKuwait #OECD #TaxFramework #Webinar #GlobalTax #BusinessStrategy

14

1 Comment