Saudi Arabia to send Syrians an additional $100 million of humanitarian aid

:: Saudi Arabia will provide an additional $100 million of humanitarian aid to alleviate the suffering of the people of Syria, through the King Salman Humanitarian Aid and Relief Center. The announcement More »

Riyadh governor launches SR3 billion educational projects in Saudi capital

:: Riyadh Gov. Prince Faisal bin Bandar launched SR3 billion ($800 million) worth of educational projects on Wednesday at the Riyadh General Administration of Education. The launch was in the presence of More »

As Trump and Macron meet, Iran’s Rouhani warns on nuke deal

:: Iran’s president reiterated his warning against a US pullout from the landmark nuclear deal between Tehran and world powers as meetings between President Donald Trump France’s Emmanuel Macron got underway in More »

Green light for crown prince-led Saudi privatization program

:: Saudi Arabia’s Council of Economic and Development Affairs on Tuesday approved the Privatization Program that is one of 12 key elements of the Kingdom’s Vision 2030. The program is aimed at More »

Saudi FM Al-Jubeir: Qatar should pay for US troops in Syria

:: Qatar should pay for the presence of US military forces in Syria, Saudi Foreign Minister Adel Al-Jubeir said in a statement carried by the Saudi Press Agency (SPA). FM Jubeir’s statement 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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