The 9th Round of China-GCC FTA Negotiation Concluded
On December 19 to 21, the 9th Round of China-GCC Free Trade Agreement (FTA) negotiation was held in Riyadh, Saudi Arabia. Wang Shouwen, Vice Chinese Minister of Commerce and Al-Bazai, General Coordinator for GCC FTA Negotiations and the Vice
See MoreDTA between Venezuela and Saudi Arabia entered into force
An Income Tax Treaty (2015) between Saudi Arabia and Venezuela has been entered into force on 1st December 2016 for the purpose of avoiding double taxation. It generally applies from 1st January 2017. It had been ratified by the National Assembly of
See MoreSaudi Arabia-new requirements regarding tax and zakat returns of Saudi listed companies
The General Authority for Zakat and Tax (GAZT) of Saudi Arabia published Circular Number 6768/16/1438 (the Circular) on 4 December 2016 (5/3/1438H) according to which Saudi listed companies are now required to pay tax and zakat based on the
See MoreUS: US signed FATCA agreement with Saudi Arabia
Saudi Arabia and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement, 15 November 2016. Details of agreement will be reported
See MoreSaudi Arabia- new requirements for filing consolidated zakat returns
According to a new Circular No. 36025/9/1437 dated 14/11/1437H (17 August 2016) of the General Authority of Zakat and Tax, each of the wholly owned subsidiaries are now obliged to file an additional information form in addition to the holding
See MoreIMF Managing Director discusses fiscal position of Saudi Arabia
On 26 October 2016 the IMF Managing Director discussed the economic outlook and policy priorities with Saudi Arabia and other GCC countries. A statement issued following the meetings noted that Saudi Arabia has begun a policy shift to adjust to low
See MoreIMF report comments on economic position of Saudi Arabia
On 19 May 2016 the IMF issued a report following the completion of consultations with Saudi Arabia under Article IV of the IMF’s articles of agreement. The real GDP growth rate in Saudi Arabia is projected at 1.2% in 2016, a decrease from the
See MoreDTA between Venezuela and Saudi Arabia ratified
An Income Tax Treaty (2015) between Venezuela and Saudi Arabia has been ratified by the National Assembly of Venezuela by approving a law on 30th December
See MoreSaudi Arabia-publishing of new Companies Law
The Ministry of Commerce and Industrial declared on 9 November 2015 that the new Companies Law (NCL) will come into force after 150 days of its publication in the Saudi Official Gazette. According to the new law only one shareholder will be able to
See MoreSaudi Arabia: IMF comments on economic and fiscal position
The IMF issued a report on 9 September 2015 following the conclusion of consultations with Saudi Arabia under Article IV of its articles of agreement. Saudi Arabia has been one of the strongest growing G20 economies, but with the recent fall in the
See MoreSaudi Arabia: IMF comments on economic and fiscal policy
On 17 August 2015 the International Monetary Fund (IMF) issued a report following the conclusion of consultations with Saudi Arabia under Article IV of the IMF articles of agreement. Real GDP growth is estimated to slow to 2.8% in 2015 and to 2.4%
See MoreDTA between Portugal and Saudi Arabia signed
Portugal and Saudi Arabia signed an income tax treaty for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income in Lisbon on 8 April
See MoreSaudi Arabia: Withholding tax update on freight and insurance on imported leased equipment
The Higher Appeal Committee ruled that freight and insurance paid on import of assets whether owned or leased should not constitute as Saudi source income. This ruling goes against the interpretation issued by the Department of Zakat and Income Tax
See MoreBelgium – Saudi Arabia Double Tax Agreement initials
In accordance with an update from the Saudi tax authority on 29th December 2014, Saudi Arabia and Belgium has recently initialed a Double Tax Agreement (DTA) after the second round of negotiations towards a
See MoreSaudi Arabia: Investors look to new free zone in Oman
In accordance with the feedback received at a current event, Saudi investors are wished for setting up operations in the Special Economic Zone in Oman. They consider that there are lots of chances to control effectively in various economic sectors
See MoreSaudi Arabia & Switzerland: DTA negotiations ongoing
According to an update published by the Swiss Federal Administration on 1 October 2014, negotiations of a Income Tax Treaty between Saudi Arabia and Switzerland are ongoing. Further details will be reported
See MoreHungary, Bahrain, Saudi Arabia and Jersey: Approval of TIEA
On 25th October 2014, the Hungarian parliament approved the pending income tax treaties with Bahrain and Saudi Arabia and a tax information exchange agreement with Jersey. On 24th February 2014, the tax treaty between Hungary and Bahrain was signed
See MoreDTA between Azerbaijan and Saudi Arabia approved by Azerbaijan
Azerbaijan and Saudi Arabia have signed a protocol for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and property. Azerbaijan ratified the treaty on 30 September
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