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A new year often comes with well-intended resolutions, some of which include getting better organized and saving more money. Similar resolutions will apply to businesses in the UAE, as for those who use the calendar year as their financial year have become taxpayers for the new Corporate Income Tax (CIT) as from the 1st of January 2024. In this period of implementation of the CIT regime, we continue seeing various publications from the UAE authorities on specific aspects of the new tax, including on exempt persons, extractive and non-extractive businesses, natural persons and tax grouping.

In the meantime, there was a welcome tax development in the Netherlands where it was decided to remove the UAE from the Dutch Tax Blacklist. In this month's update we explain what this means for UAE businesses in the context of cross-border structures and transactions involving the Netherlands.

As part of Saudi Arabia's continuing efforts to stimulate taxpayer compliance, the existing tax amnesty scheme was extended until 30 June 2024. This means that businesses are able to improve their tax compliance and regularize historic gaps without the risk of incurring penalties. Various conditions apply however, and in our article, we explain how businesses should approach and use Saudi Arabia's tax amnesty scheme.

Finally, from an international tax perspective, the GCC member states continue to expand their Double Tax Treaty (DTT) networks with various other jurisdictions.

We hope you enjoy this month's newsletter, and as always, your comments and feedback are highly appreciated.