Tax
From The Report: Saudi Arabia 2014
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This chapter contains an outline of the tax system including an introduction to overall system, an overview of corporate income tax, and an explanation of Zakat rules. In addition, there is an explanation of the regulations introduced by the New Income Tax Law. The chapter also contains an overview of the regulatory environment for potential investors. This chapter contains a viewpoint from Jacques Fakhoury, KSA Country Leader, PwC.

Articles from this Chapter

Viewpoint

Greater clarity: Jacques Fakhoury, KSA Country Leader, PwC, on improved compliance and regulation of the tax environment
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The Kingdom’s tax administration has, until recently, relied mostly on self-declaration and self-assessment from taxpayers. Very few control tools and mechanisms were employed by the Department of Zakat and Income Tax (DZIT) to enforce compliance by tax- and (religious levy) payers with the rules. Indeed, Zakat and tax certificates were the only effective instruments that forced companies to follow regulations, as without certificates firms could not renew their investment licences, invite foreign…