VAT Law (Draft) Published in KSA
Introduction The GCC nations have announced the introduction of VAT from the next year and preparation for the same is in full swing. Kingdom of Saudi Arabia (KSA) already published the draft VAT law on the website of General Authority of Zakat and Tax (GAZT). It is considered to one of the major steps towards […]
Highlights of GCC Unified VAT Treaty
Introduction The treaty for Value Added Tax signed by GCC nations is finally out in the public domain. The much talked about treaty is being published in the official gazette of the Kingdom of Saudi Arabia (KSA). It is one of the crucial steps in implementation of VAT in the region. The KSA had already […]
Introduction of VAT in UAE
Introduction The GCC nations have announced introduction of VAT from the next year and preparation for the same is in full swing. Kingdom of Saudi Arabia already published the treaty in their official gazette earlier this month and is all set to introduce it with effect from 1 January, 2018. The view of rulers of […]
VAT updates in KSA
The General authority for Zakat and taxes (GAZT), the regulatory body for taxation in Kingdom of Saudi Arabia (KSA) have recently updated some notable points on their website about Value Added Tax (VAT). It illuminates the stakeholders about various key facts about implementation of VAT. Key Facts Website clearly states that the legislation for VAT […]
Saudi-China business talks to boost trade and investment
RIYADH: The meeting of the Saudi-China Business Council in Beijing is expected to help boost trade and investment between the Kingdom and China, an official has said. Abdullah Al-Mobty, chairman of the council, told Arab News that the business talks will coincide with King Salman’s visit to Beijing. Al-Mobty said the discussions at the bilateral […]
KSA to Plans Boost Investment in Private Sector
Introduction Economy of Kingdom of Saudi Arabia (KSA) has faced the worst hit of a sharp fall in oil prices and to deal with the situation efficiently and overcome the menace, the Government has launched various development and transformation programs to divert the economy from its dependence on oil. Mr. Salman, King of the nation […]
7 major plans that are part of the Renewable Energy Drive in Kingdom of Saudi Arabia
Introduction The Kingdom of Saudi Arabia (KSA) is the largest exporter of oil in the world and has second largest crude reserves in the world. It is curtailing its renewable power target as it is planning to use more natural sources of power e.g. Natural gas, Solar and wind energy. The higher targets were established […]
Introduction of New Regulations for Tax profile of the listed companies in KSA
Introduction The General Authority for Zakat and Tax (GAZT), in the Kingdom of Saudi Arabia (KSA) comes up with a new regulatory framework for zakat and tax profile of companies listed on Tadawul by issuing circular no. 6768/16/1438. The new regime requires listed companies to pay taxes on the basis of nationality of shareholders of […]
VISION 2030: REFORMING KINGDOM OF SAUDI ARABIA
Introduction The Saudi vision 2030 was launched in April 2016. It is the blueprint for deviating Kingdom’s economy’s dependency on oil and super scribes the tightening economic situations. World Bank has given a gloomy forecast for oil prices for 2017 as well. Though they are expected to recover from previous years’ blow but do not […]
GCC : Will Growth Rate Continue to Decline?
Introduction Tough days are still on for all six countries of Gulf Cooperation Council (GCC). Various reports and survey including report of World Bank provides for slashing growth rate and tightening of monetary and fiscal policies and increased fiscal deficits. World Bank agrees that the prime reason for this forecast is majorly due to expectation […]