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Significant transfer pricing and tax transparency developments expected in the Middle East in 2018

The OECD recently released the first peer reviews of the Country-by-Country (CbC) reporting initiative (“Phase One”). The peer reviews indicates significant transfer pricing and tax transparency developments are expected in 2018 for Egypt, Qatar and Saudi Arabia. The next annual peer reviews (“Phase Two”) will be conducted later in 2018 and aim to review all the jurisdictions of the Inclusive Framework. It is expected that Bahrain, Oman and the UAE will be covered in Phase Two.

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UAE: Cabinet Decision on mechanism of applying VAT on gold and diamonds between Tax Registered Persons

The Ministry of Finance (MOF) has published a Cabinet Decision No. (25) of 2018 (‘the decision’) on the mechanism of applying VAT when gold, diamonds or any products made out of gold or diamonds as a principal component (‘goods’) are traded between taxable persons in the UAE. The decision does not apply to transactions in investment gold and is implemented from 1​ st​ June 2018.

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Dean Kern
Tax and Legal Services Leader, PwC Middle East
Tel: +971 4 304 3575
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