Saudi Arabia: new system to pay Tax and Zakat postponed by one year

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As previously reported, the General Authority of Saudi Arabia issued Circular Number 6768/16/1438 on 4 December 2016, according to which listed companies of Saudi stock exchange were supposed to pay tax and Zakat based on the nationality of the shareholders in accordance with the Tadawulaty System at the end of the year.

But the General Authority has delayed the implementation of the circular by one year. Therefore the Circular will be effective for the financial year ending 31 December 2017 and the previous system will apply to pay tax and Zakat for the financial year ended on 31 December 2016.

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