Saudi Arabia Taxation Sector Research Highlights

Viewpoint

Mago JB Singh, Founder and Group Managing Partner, Just & Fair Consulting Group: a member of Baker Tilly International: Viewpoint
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Businesses across Saudi Arabia face an evolving and increasingly complex tax environment as the Kingdom continues to diversify its economy under Vision 2030. With the introduction of value-added tax (VAT) in 2018, the implementation of excise taxes and the forthcoming zakat (a payment under Islamic law used for charitable or religious purposes) and income tax reforms, the regulatory landscape is rapidly…

Overview

How tax reform is supporting businesses in Saudi Arabia
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In recent years Saudi Arabia has established itself as one of the strongest and most dynamic economies in the Middle East. Central to this has been the reformation of the tax and zakat (a payment under Islamic law that is used for charitable or religious purposes) systems, both of which are vital for the financing of public services and the realisation of Vision 2030. Updates are focused on economic…

Chapter

The Report: Saudi Arabia 2024: Tax
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Saudi Arabia’s economic growth has been driven by reforms in taxation and zakat (a payment under Islamic law that is used for charitable or religious purposes) systems, central to Vision 2030. Financial reporting requires annual audited statements filed with authorities, ensuring transparency and compliance. The financial services sector is regulated by agencies like the Saudi Central Bank and the…

Country Report

The Report: Saudi Arabia 2024
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Saudi Arabia, the region’s largest economy, is progressing towards diversification under Vision 2030. The digital economy is a standout performer, contributing 14% of GDP, while government-led giga-projects open long-term opportunities across various sectors. Despite a dip in oil activities that reduced the current account surplus to 3.2% in 2023, tourism income surged by 38%, boosting the servi

Country Report

The Report: Saudi Arabia 2023
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The Kingdom of Saudi Arabia is experiencing a period of sustained economic growth, outperforming other G20 nations in 2022. This expansion is attributed to higher global energy prices, resulting in a fiscal surplus and supporting diversification efforts and the non-oil sector.

Viewpoint

Tareq al Sunaid, Head of Tax, KPMG Saudi Arabia: Viewpoint
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Viewpoint:Tareq al Sunaid Saudi Arabia is the largest economy in the region and the only Middle Eastern member of the G20. Therefore, the continued development and success of the Saudi economy are key to regional economic growth. The Kingdom continues to advance its social and economic transformation programmes within Vision 2030, despite the disruption of the Covid-19 pandemic. In some ways,…

Overview

Saudi Arabia amends tax regulations
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Saudi Arabia’s income tax rules are governed by the Income Tax Law (Tax Law), which came into force in 2004. The Tax Law is supplemented by implementing regulations (by-laws). Zakat (a payment under Islamic law that is used for charitable or religious purposes) is governed by the implementing regulations for zakat collection (zakat regulations). The Ministry of Finance issues ministerial resolutions…

Chapter

The Report: Saudi Arabia 2022: Tax
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Saudi Arabia’s income tax rules are governed by the Income Tax Law, which came into force in 2004. The Tax Law is supplemented by implementing regulations. Zakat (a payment under Islamic law that is used for charitable or religious purposes) is governed by the implementing regulations for zakat collection. The Ministry of Finance issues ministerial resolutions concerning aspects of tax and zakat,…

Country Report

The Report: Saudi Arabia 2022
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With increasing oil and gas prices and an expanding non-oil sector, Saudi Arabia has been logging record trade surpluses in recent years, while securing government revenue for future investment. The Kingdom is expected to be among the fastest-growing economies in the G20 in 2022 â€“ and was on track to fulfil that forecast by the middle of the year. Indeed, in the first three months of 2022 G

Country Report

The Report: Saudi Arabia 2020
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Reforms and initiatives under Vision 2030 have led to an increasing number of international investors tapping into Saudi Arabia’s more open and streamlined business environment, with significant growth opportunities identified across a range of non-oil sectors. Indeed, this was reflected in Saudi Arabia being the most-improved country on the World Bank’s 2020 ease of doing business index. The

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Saudi Arabia Taxation Sector Research Highlights

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