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through multiple accords. Key agreements include a Oman
memorandum on cybersecurity cooperation and an
executive cultural cooperation program covering 2024 The government of the Philippines announced on
to 2027. 20 September 2024 that negotiations are actively
progressing for a Double Tax Treaty (DTT) between the
Kuwait has also ratified several significant tax treaties Philippines and Oman.
and amendments to enhance international economic
cooperation. These include the ratification of the income
and capital tax treaty with Iraq, originally signed on
May 12, 2019, as well as the amending protocols to the
Kuwait–South Africa income tax treaty (2004) and the
Kuwait–Switzerland income and capital tax treaty. Both
amendments were ratified on September 18, 2024.

Bahrain

VAT: Bahrain’s National Bureau for Revenue (NBR)
introduced an important update to its zero-rated VAT list,
adding 118 essential food items to alleviate the financial
burden on consumers. This move aims to make everyday
Qatar goods more affordable by exempting them from the
10% VAT. The expanded list covers essential products
The governments of Estonia and Qatar have signed an like meat, fish, fruits, vegetables, cereals, grains, dairy
agreement to eliminate double taxation on income taxes products, and beverages such as coffee and tea. Other
and prevent tax evasion, alongside an accompanying notable additions include children’s food preparations,
protocol. Approved on 12 September 2024 and ratified olive oil, eggs, bread, water, and salt.
on 20 September 2024, this agreement aims to enhance
economic cooperation, promote transparency, and Bilateral Co-operation: Bahrain and Hungary have
facilitate cross-border investments between the two solidified their economic partnership through a
countries. new investment agreement aimed at expanding
bilateral cooperation across several sectors, including
manufacturing, renewable energy, technology, and
innovation.

Bahrain has implemented the IMF’s Enhanced General
Data Dissemination System (e-GDDS) by launching
a National Summary Data Page (NSDP). The NSDP,
hosted on Bahrain’s Ministry of Finance and National
Economy’s website, offers key economic and financial
data, including national accounts, fiscal operations, and
external sector indicators. The initiative was jointly led
by the Ministry of Finance, Central Bank of Bahrain,
and Information & eGovernment Authority. IMF’s Chief
Statistician, Bert Kroese, highlighted this move as vital
for transparency, data accuracy, and enhancing the
country’s sovereign financing conditions.

OECD/G20’s Inclusive Framework on BEPS 2.0: Bahrain
has introduced a new Law, marking a significant
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UAE TAX UPDATE NEWSLETTER ISSUE 06 - September 2024 ISSUE 06 - September 2024 UAE TAX UPDATE NEWSLETTER