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Saudi Arabia

Saudi Arabia’s Strategic Move to Boost Industrial Competitiveness and Attract Foreign Investment

The Saudi government has approved new regulations that exempt industrial inputs from customs duties. This move is set to significantly reduce production costs and elevate the global competitiveness of Saudi-made products. The exemptions cover various essential industrial inputs, including machinery, equipment, spare parts, primary raw materials, semi-manufactured materials, and packaging

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Saudi Arabia Issues Tax Violation Warning, Urgent Reminder for Businesses.

As the deadline for submitting value-added tax (VAT) statements approaches, Saudi Arabia’s Zakat, Tax, and Customs Authority (ZATCA) has issued a stern reminder to businesses. Companies with significant annual revenues are particularly urged to comply promptly to avoid substantial penalties. Who Needs to Pay Attention? ZATCA has specified that businesses

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The Crucial Role of Internal Auditing in Multi-Owner Businesses: Enhancing Governance, Risk Management, Compliance, and Beyond

In the complex landscape of multi-owner businesses, internal auditing stands as a cornerstone of robust governance, effective risk management, and stringent compliance. This function not only safeguards the integrity of financial reporting but also plays a pivotal role in enhancing operational efficiencies, fostering transparency, and driving business growth. With the

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HRSD Ministry decides to localize consulting services activities

A procedural guide for the decision of localizing consulting services was issued by The Ministry of Human Resources and Social Development (HRSD). In the first phase, 35% of consulting professions and businesses will be localized as of April 6, 2023. In The second phase, 40% will be implemented as of

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Commercial Concealment Correction Date Extended.

New Date February 16, 2022 Ministry of Commerce, Saudi Arabia has extended the National Commercial Concealment Correction Program for another six months until February 16, 2022. The program commenced on February 28, 2021 and was intended to end on August 23, 2021. This is an additional opportunity granted from the

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Saudi Arabia Expands its Premium Residency Program

In a strategic move to bolster its global appeal and steer its economy away to new heights, Saudi Arabia has recently unveiled a significant expansion to its premium residency program. Launched in 2019 to attract international talent, the program has evolved to include five new products, offering various benefits to

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20% tax on foreign remittances. Know the facts right!

Introduction The recent Union Budget 2023 has introduced a significant update regarding the Tax Collected at Source (TCS) on outward foreign remittances. The new provision states that the TCS rate on all outward foreign remittances has been increased from 5% to 20%, except for educational and medical purposes. This article

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Anti-Money Laundering Law in UAE.

What you need to know. What is AML law in UAE? Anti-money laundering (AML) refers to the laws, regulations, and procedures that are put into place to prevent disguising illegally obtained funds as legitimate income, when it is not. Money-laundering investigations by law enforcement often involve scrutinizing financial records for

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Ministry of Commerce identifies 7 types of tasattur activities

RIYADH, SAUDI ARABIA The Ministry of Commerce, Saudi Arabia advised business owners and commercial establishments to make use of the extended six month period to correct the violations of the Anti-Commercial Cover-up Law (Tasattur). The ministry identified seven types of tasattur and the penalty for the crime includes a maximum

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Freezone Vs Mainland - UAE Corporate Tax Update - TASS & HAMJIT

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സൗദിയിൽ ബിസിനസ്സിന്റെ പദവി മാറ്റിയോ നിങ്ങൾ? ഈ കാര്യങ്ങൾ ശ്രദ്ധിക്കൂ.....

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'E-Invoicing in KSA' by Mohammed Aslam - Director - TASS & HAMJIT.

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Connecting Minds, Creating the Future! - Welcome to Dubai Expo 2020 - Tass & Hamjit​

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സൗദി അറേബിയയിൽ ഫോറിൻ ലൈസൻസ് എടുക്കുമ്പോൾ അറിയേണ്ടതെല്ലാം (as per updation till Oct 15, 2021)​​

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T&H Webinar Series - Inspire Talk by Mr Navas Meeran, Chairman, Eastern Group. (Part 1)​

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Understand your residential status under Income Tax India by Ashiq Rahman​

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