The first day of the fiscal year, the government will allow corporations to file services tax returns in the UAE.
It’s the first time that companies have been able to file for services tax in the country since the United Arab Emirates (UAE) and Bahrain broke ties with Qatar last year.
In June, a UAE court upheld the decision, which allows companies to pay taxes in the territory.
In June, the UAE government announced a crackdown on corporations that have foreign affiliates in the Gulf states, including Bahrain.
The government imposed a 30 percent tax on corporate income that it said was siphoned off from Emirati businesses and services.
Since then, many companies have closed operations in the GCC, and a number of companies have decided to sever ties with Emirati government offices.
This week, the Government Accountability Office (GAO) released a report titled “Citizenship, Investment, and Economic Growth in the United Kingdom: An Assessment of the UAE.”
The report said that UAE has been one of the fastest growing economies in the world for decades, with the UAE’s GDP rising to $6.3 trillion in 2016.
The report says the UAE has a “comprehensive” tax code and is well-positioned to attract more foreign investment.
It also noted that the UAE is a leader in tech and is in the top 10 tech hubs in the Middle East and North Africa.
On the same day, the UK’s House of Commons voted to approve the Transatlantic Trade and Investment Partnership (TTIP) agreement.
The agreement is currently being negotiated between the EU and US.
Read more about the TTIP in this Business Insider article