Saudi 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
See MoreSaudi Arabia: Cabinet approves multilateral competent authority agreement on the exchange of CbC reports
On 28 May 2019, the Saudi Arabian Cabinet sanctioned the signature of the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA). Saudi Arabia presented CbC reporting requirements, including standard
See MoreSaudi Arabia: GAZT approves the transfer Pricing Law
On 15 February 2019, the Board of Directors of General Authority of Zakat and Tax (GAZT) of Saudi published a resolution approving transfer pricing Bylaws as well as an additional FAQs document. The law consists of 26 articles, divided into 12
See MoreSaudi Arabia: General Authority of Zakat and Tax (GAZT) publishes draft transfer pricing law
On 10 December 2018, General Authority of Zakat and Tax (GAZT) released draft transfer pricing regulations (TPBy-laws) for public consultation. The regulations broadly follow international standards, including the arm’s-length principle and
See MoreMultilateral Convention (MLI) signed by Saudi Arabia
Saudi Arabia signed the Multilateral Convention on 18 September 2018 to Implement Tax Treaty Related Measures to Prevent BEPS (MLI), Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI) bringing the total number
See MoreSaudi Arabia: Amendments of Income Tax Law regarding Investment Tax on Natural Gas
Royal Decree No. M/70 dated 28 March 2018 (11-7-1439H) has been issued based on Saudi Arabia’s Council of Ministers’ resolution No. 369 dated 27 March 2018 (10-7-1439H) regarding investments in natural gas. Under the law following changes are
See MoreSaudi Arabia: Ministerial Resolution amends important articles of the Tax By-law
The Ministerial Resolution No. 1727 provides amendments to Articles 1, 5, 7, 8, 9 and 58 of the Tax By-law. General provisions: The amendment says that shares owned by non-Saudis for speculation purpose in capital companies listed on the KSA stock
See MoreSaudi Arabia: Circular regarding VAT treatment of contracts signed with government bodies
The Ministry of Finance in Saudi Arabia issued a circular on 22 March 2018 clarifying the treatment of VAT on contracts concluded between VAT registered suppliers and government bodies before, on, or after 1 January 2018. The circular emphasizes
See MoreSaudi Arabia: Ministerial Resolutions amends certain implementing articles of the By-law
The Ministerial Resolution No. 1727 dated 11 February 2018 has amended the following key articles of the By-Law: General provisions- Article 1: Persons subject to taxation include resident capital companies with respect to shares owned directly or
See MoreSaudi Arabia: Tax Authority set deadline for filing an appeal against final assessment order
In a recent assessment order, the GAZT indicated that the deadline for filing an appeal will be determined from the date that the assessment order is notified to the taxpayer through the ERAD system. Saudi Arabia’s General Authority of Zakat and
See MoreGulf Cooperation Council: Saudi Arabia and UAE to implement VAT
Saudi Arabia and the United Arab Emirates (UAE) are to introduce value added tax (VAT) from 1 January 2018 at a rate of 5%. Their new VAT systems will be in line with the terms of the Gulf Cooperation Council (GCC) Unified VAT Agreement. Four other
See MoreBulgaria: Government approves a draft DTA with Saudi Arabia
An announcement was made on November 22, 2017, that the Government approved a draft income tax agreement on between the Republic of Bulgaria and the Kingdom of Saudi Arabia for the avoidance of double taxation and the prevention of fiscal evasion.
See MoreSaudi Arabia: Circular issued on implementation of recent tax law amendments relating to tax appeal procedures
General Authority for Zakat and Taxes (GAZT) of Saudi Arabia has clarified in its Circular No. 7258/16/1439 of 14 November 2017 that the appeal procedure under Articles 66 and 67 of the Income Tax Act is applicable until new Appeals Committees are
See MoreSaudi Arabia: Royal Decree on amendment to the Income tax law issued
The government of Saudi Arabia issued Royal Decree No. M/131 on 20 September 2017 modifying certain articles of the Income Tax Law (ITL). The most important amendments brought by the Royal Decree are as follows: -Shares in domestic corporations held
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