Saudi Arabia has officially rolled out a 5% Real Estate Transaction Tax (RETT), taking effect from April 10, 2025. This major step is part of Saudi Arabia’s broader efforts to strengthen its economy and reduce reliance on oil, and a bold move to create a more transparent and investor-friendly property Read more…
We are thrilled to share a defining chapter in the growth of Tass & Hamjit Financial Advisory. We have officially been awarded the Regional Headquarters (RHQ) License by the Ministry of Investment of Saudi Arabia (MISA), a significant milestone that marks the beginning of a bold new phase in our Read more…
Dubai has introduced a disruptive policy that allows free zone companies to conduct a broader range of business activities on the mainland. Announced by the Dubai Government on March 18, 2025, by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, this move is set to be a major incentive for Read more…
Saudi Arabia’s oil giant, Aramco, has made a bold financial move by slashing its dividend payouts for 2025, reducing what was once the world’s largest corporate dividend by nearly $40 billion. This shift is expected to have profound effects on Saudi Arabia’s budget, economic strategies, and the global energy market. Read more…
As business establishments expand globally, Transfer Pricing (TP) becomes a key aspect of international operations. In the GCC region, where tax regulations are evolving to match global standards, TP compliance is no longer optional but essential. Understanding and implementing effective TP strategies can help businesses stay compliant, streamline operations, and Read more…
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…
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