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 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…
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…
w.e.f 1 November,2021 Saudi Arabia: The Zakat, Tax and Customs Authority has announced a legislative amendment to the provisions of Article No. 20 of the Value-Added Tax (VAT) Executive Regulations on setting the date of supply and tax entitlement in certain cases. This amendment includes changing the date of supply Read more…
IMPACT OF KSA VAT HIKE Saudi Arabia to increase VAT to 15% W.E.F 1 July, 2020 In response to the unprecedented impact on economy due to COVID-19 pandemic, the Ministry of Finance, Saudi Arabia has decided to increase the standard rate of VAT from 5% to 15% with effect from 1 Read more…
UAE yet to publish in official gazette. Beneficial to foreign nationals residing in KSA and UAE too On 1 March 2019, Saudi Arabia published the Double Tax Treaty (DTT) with the United Arab Emirates in its Official Gazette (Ummul Quraa). The DTT is not yet to publish in the UAE Read more…
