The Ministry of Economy has issued a new decree (No. 586) of 2024, which introduces the following requirements for trademark renewals: Financial Statement Requirement: Applicants are now required to submit…
The Kingdom of Saudi Arabia and United Arab Emirates will implement the Value Added Tax (VAT) effective from the 1st of January, 2018.
According to the unified agreement for Value Added Tax (VAT) across the GCC (Gulf Cooperation Council), KSA and UAE will start applying VAT at a standard rate of 5%.
According to the GCC VAT Framework Agreement, all imports into and supplies of goods and services in the KSA and UAE will be subject to VAT.
Article 73 of the GCC VAT Agreement states that “if an invoice is issued or payment is made for goods or services prior to the effective date of this law or prior to the registration date, and the supply take place after this date, then tax shall be due on the date of supply”.
Accordingly, we advise all our clients and colleagues to submit all new IP applications or enquire about any legal service before 31st of December, 2017, to avoid the additional payment of the new VAT rate.
If you have any questions, please do not hesitate to contact us at [email protected].
