The General Tax Authority organised a specialised workshop for taxpayers on valuation for the calculation of Capital Gains Tax, as part of its efforts to enhance tax awareness, raise compliance levels, and clarify the requirements and procedures related to the implementation of Capital Gains Tax.
The workshop aimed to enable taxpayers to better understand the regulatory frameworks and approved valuation methodologies.
The Authority said in a statement on Tuesday that the workshop covered a number of technical and legislative topics, beginning with an overview of the Capital Gains Tax law.
It also addressed the methodology for calculating Capital Gains Tax and the applicable tax rates, in addition to explaining the International Financial Reporting Standard (IFRS 13), including its definition, purpose in the context of Capital Gains Tax, and scope of application.
The workshop also featured a detailed presentation on approved valuation methodologies and the requirements for preparing valuation reports, while highlighting the most commonly used valuation approaches. This contributed to strengthening taxpayers’ understanding of the technical mechanisms adopted in calculating the tax.
This workshop is a part of a series of awareness and specialised programs organized by the General Tax Authority to support tax compliance, promote transparency, and provide taxpayers with the knowledge needed to understand and apply tax legislation and procedures in line with best practices.
