Saudi Arabia’s Ministry of Finance has released its latest financial report, showing steady growth in non-oil revenues alongside a third-quarter budget deficit of SR30 billion. In the first nine months of 2024, non-oil revenues increased by 6% and as oil revenues grew 16% year-over-year, reflecting the Kingdom’s push to diversify Read more…
In a significant achievement of Saudi Arabia’s Vision 2030 goals, Minister of Investment Khalid Al-Falih announced that the Kingdom now hosts 540 regional headquarters for international companies, surpassing its original 2030 target of 500. Speaking at the eighth Future Investment Initiative (FII8) at the King Abdulaziz International Conference Center in Read more…
Saudi Income Tax Law Withholding tax [Article 68, new insertion 1] – Salary payments to non-resident employees The Saudi Arabian Government has unveiled a new draft outlining potential changes to the Income Tax Law, inviting public feedback. These proposed changes follow recent enhancements made to the tax regulations. These suggested Read more…
On June 28, 2022, The Ministry of Commerce and the Capital Market Authority (CMA) announced the new corporate law (the ‘New Companies Law’). It came into force as of Thursday, Jan 19, 2023. The New Law will replace the recently published Companies Law of 2015, as well as the Professional Read more…
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 Read more…
Riyadh: The Saudi Central Bank (SAMA) announced granting a new batch of companies the permit to provide Open Banking Solutions in the Regulatory Sandbox. Permitted FinTechs are: Wally Global Arabia Sanam Aliliddikhar for Information Technology Istishraf Al-Bayanat for Financial Technology Spare Arabian Financial Company This will bring the whole number of Read more…
Investors can express their views and feedback on the latest draft investment law till 05 May, 2022. The Ministry of Investments Saudi Arabia (MISA) has climbed another historic milestone by publishing an investor friendly draft of the latest investment law. The Law aims to attract Direct Investments, enhance the investment Read more…
The National Anti-Benami Project in Saudi Arabia has issued ten conditions to be satisfied by commercial establishments in Saudi Arabia. The deadline for correction of benami status of commercial establishments in the Kingdom expired on February 16th, 2022. The authorities have issued these conditions as part of completion of the Read more…
Ministry of Investments clarified that there is no minimum capital requirement even for trading sector under “Tasattur” correction program. Riyadh: Saudi Arabia is entering its last quarter of the amnesty period announced for commercial correction of businesses in the Kingdom. This scheme allows any foreigner or a foreign entity to Read more…
ZATCA has announced violations and penalties in relation to e-invoicing. The Zakat, Tax and Customs Authority (ZATCA) has given out more information regarding the penal provisions for non-compliance regarding the e-Invoicing regulations and requirements, that will be effective from 4 December, 2021 in the Kingdom of Saudi Arabia (KSA). Please find the Read more…
