As per the Income Tax Act, 1961 Section 6 provides for the residential status of the individual based on the stay during the financial year that commences from April to March every year.
In order to mitigate the developmental and economic impact of the Coronavirus on the Saudi Arabian private sector, the General Authority of Zakat and Tax (GAZT) recently launched a number of incentives that will provide support for taxpayers and stimulate the economy.
It goes without saying that the economic impact of the Coronavirus pandemic has been felt on a global scale. Consequently, this has created a number of unprecedented challenges for hundreds, if not thousands of businesses in Bahrain and throughout the Middle East.
As of March 31st, 2020, tax authorities are now providing tax relief for corporations that are currently doing business in Oman and have been affected by COVID-19 as well as any Government imposed precautionary measures that were put in place to counteract the pandemic in Oman.
On March 20th, the Saudi Arabian Ministry of Finance published the details of its economic relief measures to benefit businesses that have suffered during the COVID-19 pandemic.