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Eye of Riyadh
Business & Money | Wednesday 22 November, 2023 9:33 am |
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EY hosts tax seminars to support businesses in Saudi Arabia to navigate evolving tax landscape

EY held its KSA Annual Tax and Zakat Seminar 2023 in Riyadh, Jeddah, and Al Khobar with the aim of guiding Saudi businesses as they navigate the Kingdom of Saudi Arabia’s evolving tax landscape. The latest edition of the event provided an overview of the major developments in the Saudi tax system that have taken place over the last 12 months as well as expected changes that are likely to be introduced in the country’s tax laws and regulations. 

 

The seminars’ sessions leveraged the knowledge and practical experience of the company’s senior tax professionals to provide comprehensive insights that will help the participants achieve an optimal tax position and adapt their strategy in response to market trends. The sessions covered all aspects of the taxes that are currently imposed in Saudi Arabia, including direct taxes, zakat, transfer pricing considerations, indirect tax, customs, sustainability-related considerations, and related-party transactions.

 

Asim Shaikh, EY KSA Tax Market Segment Leader, said:

“The tax seminars solidify EY’s role as a trusted partner, providing businesses with strategic support in navigating the dynamic tax environment. With our extensive experience, we continue to support our partners in enriching their understanding of the nuances of the evolving Saudi tax landscape and identifying and navigating key interdependencies. Our commitment to adaptability translates into actionable insights, offering businesses a pragmatic approach to taxation challenges. The post-seminar momentum reinforces our dedication to supporting businesses, ensuring they not only comprehend but confidently navigate the complexities of Saudi Arabian taxation with EY's expertise by their side.”

 

As the largest economy and the only G20 country in the Middle East, Saudi Arabia has a highly advanced tax system, whose framework aligns with international standards and global developments. In line with the objectives of its Vision 2030, the country is transforming its tax landscape to create a robust, consistent, and transparent tax environment. The Kingdom’s sophisticated tax administration is proactively working to streamline its tax regulations and policies. In addition, the procedures governing taxpayers’ interaction with ZATCA are being consistently upgraded to make the process simple and proactive and to achieve quick turnaround on the underlying taxation.

 

 Asim added, “The need for tax experts in Saudi Arabia has grown significantly in recent years, especially with the introduction of Value Added Tax (VAT) and other new tax regulations. Companies operating in the country must comply with these laws and regulations while also optimizing their tax strategies to minimize costs and maximize profits. This requires a deep understanding of the tax regulations, as well as the ability to stay up-to-date with changes.” 

 

In addition, the corporate responsibility program EY Ripples invited a number of Saudi national entrepreneurs to benefit from the tax seminars and support the expansion of their businesses across the country. The attendees had the opportunity to learn about the latest tax developments and evolving practices, and to identify key components of their business operations, tax awareness, and planning that could be streamlined.

 

-ENDS-

 

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