There were 40 results found for Saudi Arabia and Taxation

There were 40 results found.

Viewpoint

Wadih AbouNasr, Head of Tax, KPMG KSA Levant Cluster : Interview
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Viewpoint :Wadih AbouNasr With the recent introduction of transfer pricing (TP) regulations, Saudi Arabia edges closer to the alignment with global taxation trends. As of February 15, 2019, the General Authority of Zakat and Tax (GAZT), issued the final approved TP By-laws. The by-laws are based on the OECD model and are an integral part of the base erosion and profit sharing initiative first…

Chapter

The Report: Saudi Arabia 2019: Tax
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Corporate income tax rules are governed by the Income Tax Law, which came into force in 2004. The Ministry of Finance issues ministerial resolutions concerning aspects of tax and zakat, a payment under Islamic law that is used for charitable or religious purposes. The General Authority of Zakat and Tax (GAZT) regularly issues circulars and responses to frequently asked questions containing its interpretation…

Overview

An outline of taxes for individuals and businesses in Saudi Arabia
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Saudi Arabia is ranked 10th out of the G20 countries for ease of paying taxes, a notable achievement for a country with a GDP of over $650bn. With due care and commitment to compliance, businesses can enjoy the advantages of the Kingdom’s tax system. Although the current tax law was enacted in 2004, it is commonly referred to as the New Income Tax Law. And while the system is basic, it is not simple.…

Country Report

The Report: Saudi Arabia 2018
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Key initiatives include a privatisation programme which would see the divestment of a number of state-owned giants, such as the partial listing of Aramco, the creation of the world’s largest sovereign wealth fund and the increased participation of women in the job market. The Kingdom has played a key role too on the international stage in 2017, becoming the first country to host President Trump,

Viewpoint

Riyadh Al Najjar, Country Senior Leader, PwC Saudi Arabia: Viewpoint
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Viewpoint:Riyadh Al Najjar VAT is a tax on the consumption of goods and services borne by the final consumer. Based on the self-assessment mechanism, VAT is collected by businesses at each stage of the production and distribution chain, with a credit for VAT incurred on inputs. VAT is generally seen as an efficient tax for authorities, neutral for businesses and transparent for consumers. Because…

Chapter

The Report: Saudi Arabia 2018: Tax
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This chapter contains an overview of the tax framework in which local and foreign investors operate in Saudi Arabia including an explanation of the Value-added tax introduced on January 1, 2018, a summary of the parallel systems for zakat and corporate income tax, and a rundown of the taxation treaties in place to help promote foreign investment. This chapter contains a viewpoint from Riyadh Al Najjar,…

Economic Update

Saudi Arabia nears introduction of GCC-wide value-added tax

Last month Saudi Arabia’s General Authority of Zakat and Tax (GAZT) released the final implementing regulations to legislation governing the new GCC-wide value-added tax (VAT). The move, which was announced on GAZT’s website and in the official gazette, is a milestone for companies operating in both the Kingdom and the wider GCC, as they prepare for full implementation of the law on January…

Overview

Developments in Saudi Arabia's tax regulations developing, though the basics remain unchanged
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Saudi Arabia takes third place in the global list of countries ranked by ease of paying taxes, a remarkable achievement for a G20 country with a GDP of over $650bn. With the necessary due care and commitment to compliance, businesses can enjoy the advantages of the Kingdom’s tax system. The system is basic but not simple. Tax regulations are fairly brief and their provisions are relatively clear…

Country Report

The Report: Saudi Arabia 2016
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While Saudi Arabia’s economy remains dominated by its hydrocarbons sector, several other sectors have emerged in recent years as key propellors of economic growth. The Kingdom’s financial services industries have continued to expand steadily despite the liquidity challenges posed by falling oil prices. Trade and investment are being treated as key priorities as the government looks to negotiat

Viewpoint

Riyadh Al Najjar, Saudi Arabia Country Leader, PwC, on the tax policy transformation: Viewpoint
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The sweeping reforms outlined in Vision 2030 are going to affect vast areas of the government and the economy. Tax policy will play a significant role in these reforms as part of the government’s efforts to diversify revenues away from oil and address broader social and economic objectives while maintaining a fertile business environment and continuing to attract foreign direct investment (FDI). One…

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There were 40 results found for Saudi Arabia and Taxation

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