Welcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.Read the edition
The Federal Tax Authority (“FTA”) has issued a new version of the VAT Import Declaration User Guide. The updates to the guide are mainly editorial in nature.
The FTA has also updated the Warehouse Keeper and Designated Zone User Guide for excise tax. The key change was that the designated zone registration must be renewed annually in order to preserve the designated zone status. A fee of AED 2,000 is payable for the renewal.
Importers, warehouse keepers and companies in designated zones should continuously ensure that they remain compliant with VAT import procedures and excise tax related rules as prescribed by the FTA.
Al Tamimi & Company can assist you with the following:
In the KSA, the latest tax developments include the following:
Please click here to read more about the latest KSA tax developments.
Al Tamimi has a strong regional tax practice with local tax expertise in the UAE, and the team are well placed to advise you on relation to your corporate tax, VAT, excise tax and customs issues.
Please do not hesitate to contact Al Tamimi’s Tax Team if you require any assistance.