Page 18 - ICAI UAE TAX UPDATE_APRIL 2024

i. National Bureau for Revenue (NBR) has recently
published the updated version of the VAT Transportation
Guide to exclude the ‘whitelist’ related procedure
previously included in relation to qualifying means of
transport.

ii. Ministry of Industry and Commerce (MoIC) has issued
a letter to all registered entities regarding Country-by-
Country (CbC) filing for the fiscal year 2023. According
to Ministerial Order No. 28 of 2021, entities subject to its
provisions must adhere to specific filing requirements.

• Constituent Entities within a multinational group
must submit a notification via email to [email protected].
bh, disclosing the identity and tax residence of their
Ultimate Parent Entity (UPE).

• Reporting Entities, which are UPEs resident in Bahrain,
must file a CbC report on behalf of the group through
the CbC report form on the International Tax Information
Exchange System (ITIES) by the deadline of December
31, 2024.

18 www.icaidubai.org

UA E TAX UP DATE NEWSLET TER ISSUE 01 - April 2024