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Find out moreWe are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.
Read the full editionOn 1 June 2022 the Saudi Arabian tax authority, the Zakat, Tax and Customs Authority (“ZATCA”) introduced a new tax amnesty scheme (“New Amnesty Scheme”). The New Tax Amnesty Scheme, which has been implemented less than a year after the previous amnesty scheme expired, is effective from 1 June 2022 until 30 November 2022.
The New Amnesty Scheme aims to mitigate the economic and financial effects of the Covid-19 pandemic.
Although further details are expected to follow in due course, the New Tax Amnesty Scheme has similar features to the previous tax amnesty scheme. The key features are as follows:
How does it affect me?
The re-introduction of a tax amnesty in Saudi Arabia is a unique opportunity for businesses to regularise their tax affairs without any penalties for historical non-compliance.
We will be publish a more comprehensive analysis on the New Tax Amnesty Scheme once more detail is available.
Our multiple award-winning Tax team is here to help. With their expertise and significant experience of tax matters across the Middle East and all industry sectors, they are well placed to assess the impact of the tax amnesty on your organisation and assist with your tax requirements in Saudi Arabia.
Please click here to follow our Tax Team’s LinkedIn page for all the latest updates and developments across the MENA region.
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