Saudi King and Crown Prince Condole Kuwait
In a heartfelt gesture of solidarity, Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman expressed their deepest condolences to the Emir of Kuwait on Monday following the passing of Sheikh More »
Putin and Abbas Discuss Gaza Crisis
Russian President Vladimir Putin is set to meet with Palestinian President Mahmoud Abbas on Tuesday during Abbas’ visit to Russia. Arriving on Monday, Abbas aims to discuss the ongoing Gaza conflict with More »
Saudi Arabia Voices Strong Support for Gaza Peace Initiatives
Saudi Arabia has firmly aligned itself with the recent joint statement made by President Joe Biden of the United States, President Abdel Fattah El-Sisi of Egypt, and Sheikh Tamim bin Hamad Al-Thani, More »
Saudi Crown Prince, US Secretary of Defense discuss troop deployment
:: Saudi Arabia’s Crown Prince Mohammed bin Salman received a phone call on Wednesday from the US Secretary of Defense during which they discussed ongoing arrangements to send US troops of a More »
Saudi Energy Minister confirms restoration of Kingdom’s gas production capacity
:: Saudi Arabia’s Minister of Energy confirmed on Wednesday the restoration of production capacity, affirming the Kingdom’s position as a reliable energy supplier in the global market. The energy minister, Prince Abdulaziz More »
Category Archives: Taxation
Saudi enterprises urged to adhere to tax payment schedule
:: Saudi enterprises registered for value-added tax (VAT) and with supplies of goods and services exceeding SR40 million ($10.7 million) annually should file their tax returns on a monthly basis, the General Authority for Zakat and Tax (GAZT) has said.
Saudi Food and Drug Authority: No VAT on human medicines, vitamins, and registered medical equipment
:: The Food and Drug Authority (FDA) said that the VAT will not be applied on human medicines, vitamins, and registered medical devices and products. Abdul Rahman Al-Sultan, pharmacist and director of the SFDA’s department of pharmaceutical information and awareness,
No VAT on expat remittances in Saudi Arabia, say bankers
:: Senior bankers clarified on Sunday that money sent home by expatriate workers will not be taxed under the value-added tax (VAT) reform initiative to be launched by the Saudi government on Jan. 1 next year. It was also announced
Certain medicines, medical equipment exempted from VAT in Saudi Arabia
:: The 5 percent value-added tax (plan) will not be imposed on certain medicines and medical equipment, according to Reuters citing a statement carried by Saudi Press Agency (SPA) on Saturday. All other private health care services will be taxed
No VAT on loans, ATM services, says Saudi tax authority
:: The General Authority of Zakat and Tax (GAZT) on Wednesday confirmed that interest or lending fees charged with an implicit margin for finance will be exempt from value-added tax. The authority clarified that interest or lending fees charged on
Saudi VAT impact on consumers
:: The introduction of value-added tax (VAT) next year will directly impact the prices of commodities and services, analysts said. “The price increase will reduce the demand for goods, and this will have a negative effect on companies, most of
General Authority for Zakat and Income gears up on mutual agreements with ministries to enforce VAT
:: The General Authority for Zakat and Income (GAZI) is geared to sign a cooperation deal with the Ministry of Municipal and Rural Affairs following similar agreements with the Ministry of Labor and Social Development and the Customs Department in
IMF: Gulf States still committed to VAT but dates will vary
:: All six countries in the Gulf Cooperation Council remain committed to introducing value-added tax, though they will do so at different speeds, a senior International Monetary Fund official said. “My feeling, through my interaction with the authorities, is that
Saudi Arabia: No VAT on housing rent and government services
:: The official Value Added Tax (VAT) twitter account said on Sunday that VAT will not be applicable on housing rents or governmental services in Saudi Arabia. Some of the governmental services not adherent to the VAT include passport and
Details emerge on when UAE expects to issue tax laws
:: United Arab Emirates expects to issue laws on value-added tax and excise tax in the third quarter of this year, and to issue regulations covering implementation of those laws in the fourth quarter, a senior UAE official said on
Expert: Implementation of VAT will help streamline UAE revenue streams
:: UAE President Shaikh Khalifa Bin Zayed Al Nahyan has issued the landmark Federal Law No. 7 of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and
5 key points of the new UAE tax procedures law
:: Companies in the United Arab Emirates will be required to keep accurate records of their businesses for a period of five years according to the Tax Procedures Law issued by President of the UAE, Sheikh Khalifa bin Zayed Al
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