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Find out moreThis comprehensive guide is designed to help you navigate the intricate landscape of family business and private wealth in the Middle East, where family businesses constitute approximately 60% of GDP and employ 80% of the workforce in the GCC, offering unparalleled opportunities for wealth creation and preservation.
Packed with insights, strategies, and expert advice from our talented lawyers, Legacy provides tailored solutions to the unique challenges of asset protection, succession planning, and dispute resolution in this dynamic region.Read the publication and equip yourself with the knowledge and tools necessary to thrive, whether you’re a seasoned investor, a family business owner, part of the next generation, or a newcomer exploring opportunities in the region.
Read NowA new regulation concerning the amortization of fines and interest incurred by income taxpayers has been implemented with effect from 1 February 2024. This regulation provides relief to individual and corporate taxpayers by allowing them to amortize fines and interest if they meet specific conditions outlined by the General Commission for Taxes. Non-compliance with this provision will result in legal penalties for entities failing to pay fines and interest incurred.
This regulation applies to all income taxpayers, including both individuals and companies, except oil and gas companies and their subcontractors, cell phone communication service providers, and internet service provider companies.
Amortization is possible if the original tax liability is paid within a maximum period of four months from the date of incurring fines and interest.
As the leading law firm in the Middle East & North Africa Region and with strong tax experience across all industry sectors in the region, Al Tamimi & Company is well-placed to assist you and any company affected by the new regulation.
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