DTA between Jordan and Saudi Arabia enters into force
On 1 September 2017, the Double Taxation Agreement (DTA) between Jordan and Saudi Arabia was entered into force and it will apply from 1 January 2018. The agreement contains Dividends rate 5%, Interest rate 5% and Royalties rate
See MoreHong Kong signs double taxation agreement with Saudi Arabia
The Secretary for Financial Services and the Treasury, Mr James Lau, on behalf of the Government of the Hong Kong Special Administrative Region, signed a comprehensive agreement for the avoidance of double taxation (CDTA) with Saudi Arabia on 24
See MoreSaudi Arabia: Decree amending appeal procedure
Saudi Arabia issued Royal Decree No. M/113 of 25 July 2017 amending the country's income tax law with regard to penalties and appeals procedures. According to the Decree, the General Authority of Zakat and Tax is expressly given the power to impose
See MoreSaudi Arabia: Shura Council approves VAT Law
Saudi Arabia’s Shura Council has approved the proposed VAT Law on 13 July 2017. The approval follows the launch of a public consultation for the draft law in June by Saudi Arabia’s General Authority for Zakat & Tax (GAZT). The text passed by
See MoreSaudi Arabia: DTA with Egypt approved
On 1 May 2017, the cabinet of Saudi Arabian approved the Double Taxation Agreement (DTA) with Egypt for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreSaudi Arabia: Excise Tax Law officially published in the local Gazette
The Saudi Arabian Cabinet approved the Excise Tax Law on 2 May 2017 after also approving the GCC framework agreement in relation to Excise Taxes. The Excise Tax Law was published in the Saudi Official Gazette (UM-AL QURA), Issue no. 4672 on 26 May
See MoreSaudi Arabia: Tax rates changed for oil producers, hydrocarbons
The Government of Saudi Arabia has set a range of income tax rates for producers of oil and hydrocarbons, through a royal decree on 27 March 2017. According to the decree, the tax rate for investments exceeding 375 billion riyals ($99.96 billion)
See MoreSaudi Arabia: Penalties announced for non-compliance with the VAT Law
The new VAT law will be implemented in Saudi Arabia by 1 January 2018. In the meantime, the General Authority of Zakat and Tax (GAZT) taking necessary sessions to build up awareness among business groups. During this awareness sessions, the GAZT
See MoreSaudi Arabia: Public consultation issued on VAT Law
The Kingdom of Saudi Arabia has published the GCC VAT framework agreement in the Official Gazette on 21 April 2017. The General Authority of Zakat and Tax (GAZT) has issued public consolation inviting comments on the published VAT law by using an
See MoreSaudi Arabia: GCC VAT Framework Agreement published in the Official Gazette
The Gulf Cooperation Council (GCC) Value Added Tax (VAT) Framework Agreement for the Arab States has been published by the Kingdom of Saudi Arabia in the Official Gazette – UM AL QURA by way of Circular Number 4667 dated 21 April 2017. The
See MoreUK: Economic relationship with GCC through PPP
On 19 April 2017, Dr Liam Fox, the International Trade Secretary of UK opened the UK-GCC Public Private Partnership (PPP) conference to show how UK expertise can maximize the innovation of both public and private sectors to transform their
See MoreSaudi Arabia- Regulations for implementation of Zakat issued
The Tax Authority of Saudi Arabia issued the Regulations for implementation of Zakat under Ministerial Resolution No. 2082 of 28 February 2017 (01/06/1438H) on 9 March 2017, The regulations applies to all commercial activities established for
See MoreSaudi Arabia-Intergovernmental agreement to implement FATCA approved
The cabinet of Saudi Arabia officially approved the Intergovernmental Agreement (IGA) between Saudi Arabia (KSA) and the United States (US) on 6 February 2017. The agreement would improve international tax compliance and implement the Foreign
See MoreSaudi Arabia: new system to pay Tax and Zakat postponed by one year
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
See MoreSaudi Arabia: Adoption of GCC VAT framework announced
The Shura Council of Saudi Arabia announced the approval of the Gulf Cooperation Council (GCC) Value Added Tax (VAT) Framework Agreement on 30 January 2017. The regime is expected to be applicable from 1 January 2018 and as specified in the GCC
See MoreSaudi Arabia- Initiating Income and Capital tax treaty with Latvia
Following the conclusion of the negotiation process in Riga from 16 to 19 January 2017, the government of Saudi Arabia and Latvia will initiate an income and capital tax
See MoreSaudi Arabia-Circular on rules for determining Zakat and income tax liabilities for listed companies
The General Authorities for Zakat and Tax (GAZT) amended the determination procedure for the Zakat and income tax liability of listed companies by circular 6768/16/1438 of 4 December 2016. Prior to this, Saudi listed companies were subject to Zakat
See MoreSaudi Arabia-Cabinet approved tax measures under Fiscal Balance Program
The Saudi Cabinet approved on 22 December 2016 a 5-year financial sustainability plan called "Fiscal Balance Program" which is expecting to abolish the budget deficit by 2020. The objective of the program is to increase revenues from non-oil
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