Saudi Arabia: GAZT extends tax initiatives up to 30 September
On 17 August 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has issued a press release, through which they cancel the fines initiative and exemption from financial sanctions for taxpayers until 30 September 2020 in
See MoreSaudi Arabia exempts from income tax for oil and hydrocarbon production
On 26 June 2020, the Saudi Arabian government issued Royal Decree No. M/153 providing an exemption of income taxes for oil and hydrocarbon production non-Saudi companies listed in the Saudi financial market. The Decree has explained that this
See MoreSaudi Arabia: GAZT invites taxpayers to submit withholding tax returns for March and June
On 5 July 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has issued its decision for the taxpayers subject to withholding tax to submit their tax returns for the month of June, as well as for the month of March for the
See MoreSaudi Arabia: GAZT publishes circular on capital gain tax
On 15 June 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has published online Circular No. 2005003 regarding income tax on capital gains from restructuring events. Through this Circular, GAZT addresses the taxation of
See MoreSaudi Arabia: GAZT publishes guidance on MAP
On 9 June 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has published MAP Guidance (Request for Mutual Agreement Procedure –Taxpayer guidance). The purpose of this document is to set out the process through which taxpayers
See MoreSaudi Arabia: GAZT releases the second edition of transfer pricing guidelines
In May 2020, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has released the second edition of Transfer Pricing Guidelines (translated version). The Guidelines includes most of the section of the first edition, which was released in
See MoreSaudi Arabia: MLI enters into force
On 1 May 2020, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force with respect to Saudi Arabia. On 23 January 2020, Saudi Arabia deposited its instrument of
See MoreSaudi Arabia: Government hikes VAT to 15% as of July 2020
On 10 May 2020, the Saudi Arabia Government has decided to raise value-added tax (VAT) from 5% to 15% on all goods and services as of July 2020. The government will also suspend the cost of living allowance from June as part of the austerity steps.
See MoreSaudi Arabia: Tax measures due to COVID-19 pandemic
On 20 March 2020, the Ministry of Finance of Saudi Arabia issued a statement on its website regarding postponement of Zakat returns filing, paying taxes among other procedures for the fiscal year 2019 in response to COVID-19. Main measures of the
See MoreSaudi Arabia deposits MLI ratification instrument
On 23 January 2020, Saudi Arabia has deposited its ratification instrument for the Multilateral Convention to Implement Tax Treaty Related Measures (MLI) to Prevent Base Erosion and Profit Shifting, which was signed on 18 September 2018. Saudi
See MoreSaudi Arabia publishes rules for Tax Dispute Resolution Committee
On 3 January 2020, Saudi Arabia has published Royal Decree No. 26040 in the official gazette clarifying rules for Tax Dispute Resolution Committee (TDRC). The Decree explains the timelines which should be followed when appealing an assessment to
See MoreSaudi Arabia introduces E-Service for CbC reporting
Recently, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia have introduced E-Service for country-by-country (CbC) reporting. As per the transfer pricing Bylaws, Saudi Arabian taxpayers that are members of an MNE Group with consolidated
See MoreSaudi Arabia Cabinet ratifies BEPS Multilateral Instrument (MLI)
On 15 November 2019, Saudi Arabia Cabinet has published a decree for the ratification of the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI), which was signed on 18 September 2018.
See MoreSaudi Arabia: GAZT requests for TP documentation
Recently, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia have requested the taxpayers to submit specific transfer pricing (TP) documentation (master file and local file) in relation to the fiscal year ending 31 December
See MoreSaudi Arabia: GAZT publishes Tax Ruling Requests guide
Recently, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia published the English version of Tax Ruling Requests guide. The tax ruling guide includes the following measures: An applicant can apply for a Ruling when it is unsure
See MoreIraqi Cabinet approves DTA between Iraq and Saudi Arabia
On 6 August 2019, the Iraqi Cabinet approved the draft Double Taxation Agreement (DTA) with the Kingdom of Saudi Arabia. The agreement was signed on 17 April
See MoreSaudi Arabia signs MCAA for the exchange of CbCR
On 6 August 2019, Saudi Arabian Government signed the Multilateral Competent Authority Agreement (MCAA) for the exchange of Country-by-Country reports (CbCR). According to OECD, total signatories to the agreement CbC MCAA are now 80.
See MoreSaudi Arabia: GAZT holds seminar to simplify the transfer pricing regulations
On 17 June 2019, the General Authority of Zakat and Tax (GAZT) of Saudi Arabia has organized a transfer pricing seminar in Riyadh to simplify the key areas of the transfer pricing (TP) regulations published on 15 February 2019 and to address
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