Hafiz Omar Khalil’s Post

Key highlights of the newly approved regulations include: - Expansion of the scope of the regulations to include Zakatpayers that were not present in the previous regulations. For instance, introducing rules regarding calculating discretionary Zakat and provisions concerning financing activities and investment funds etc. - Inclusion of Entities Exempt from Zakat - Introduction of lower and upper limits for Zakat base. - Distinguish between discrepancies in data and information, incorrect information, and errors in Zakat returns. - Provision of detailed procedures for issuing Zakat assessments.

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Saudi Arabia’s recent Zakat regulations bring major changes, including requiring Zakat-payers to comply with transfer pricing rules. In the first of our briefs on these regulations, we provide an overview of these new requirements, including related-party transaction disclosures and documentation requirements, effective from 1 January 2024. This update marks the first time Zakat-payers must meet Transfer Pricing Rules. Check our brief for a summary of the compliance phases and key actions businesses need to take to ensure a smooth transition. If you have any questions, please feel free to contact Osama Kurdi, MBA or send us an email at info@zamakhchary.com #Zakat #ZakatCompliance #ClientBrief #SaudiArabia

English version of the Zakat Regulations, which aim to illustrate the provisions of Zakat collection in KSA, and clarify the rights and obligations of the Zakat payer and ZATCA. #zatca #ksazakat #domesticregulations #ksa #taxregulation

English version of the Zakat Regulations, which aim to illustrate the provisions of Zakat collection in KSA, and clarify the rights and obligations of the Zakat payer and ZATCA. #zatca #ksazakat #domesticregulations #ksa #taxregulation

Issuance of Tax Regulations for Regional Headquarters in #SaudiArabia 🇸🇦 What are these regulations? ✔️ Income Tax: 0 SAR ✔️ Profit Tax: 0 SAR ✔️ VAT: 0 SAR ✔️ Related Party Tax: 0 SAR ✔️ Incentive Period: 30 years ❓️What are the conditions? 🔸️ Suitable assets for a regional headquarters 🔸️ Holding board meetings in Saudi Arabia 🔸️ Having a resident regional manager in Saudi Arabia 🔸️ Reasonable operating expenses 🔸️ Reasonable number of employees 🔸️ Reasonable revenues reflecting the company's activity ❓️What are the benefits of these regulations? ✔️ Attracting more companies to establish their regional headquarters in Saudi Arabia ✔️ Creating new job opportunities ✔️ Boosting the Saudi economy ❓️What are the current statistics? ✔️ Number of companies reached 275 (89% of them chose #Riyadh city) ✔️ Target: 480 companies by 2030 #Investment #Taxes #RegionalHeadquarters #SaudiArabia #Economy #JobOpportunities #Vision2030 #Multinationals #TaxIncentives #EconomicGrowth #Leadership #Management #Marketing #Sales #Technology #Innovation #HumanResources

A must read for those who are in business consulting and for those who are wishing to establish in KSA. #saudimade #saudiarabia #taxconsulting #businessadvice

Issuance of Tax Regulations for Regional Headquarters in #SaudiArabia 🇸🇦 What are these regulations? ✔️ Income Tax: 0 SAR ✔️ Profit Tax: 0 SAR ✔️ VAT: 0 SAR ✔️ Related Party Tax: 0 SAR ✔️ Incentive Period: 30 years ❓️What are the conditions? 🔸️ Suitable assets for a regional headquarters 🔸️ Holding board meetings in Saudi Arabia 🔸️ Having a resident regional manager in Saudi Arabia 🔸️ Reasonable operating expenses 🔸️ Reasonable number of employees 🔸️ Reasonable revenues reflecting the company's activity ❓️What are the benefits of these regulations? ✔️ Attracting more companies to establish their regional headquarters in Saudi Arabia ✔️ Creating new job opportunities ✔️ Boosting the Saudi economy ❓️What are the current statistics? ✔️ Number of companies reached 275 (89% of them chose #Riyadh city) ✔️ Target: 480 companies by 2030 #Investment #Taxes #RegionalHeadquarters #SaudiArabia #Economy #JobOpportunities #Vision2030 #Multinationals #TaxIncentives #EconomicGrowth #Leadership #Management #Marketing #Sales #Technology #Innovation #HumanResources

Issuance of Tax Regulations for Regional Headquarters in #SaudiArabia 🇸🇦 What are these regulations? ✔️ Income Tax: 0 SAR ✔️ Profit Tax: 0 SAR ✔️ VAT: 0 SAR ✔️ Related Party Tax: 0 SAR ✔️ Incentive Period: 30 years ❓️What are the conditions? 🔸️ Suitable assets for a regional headquarters 🔸️ Holding board meetings in Saudi Arabia 🔸️ Having a resident regional manager in Saudi Arabia 🔸️ Reasonable operating expenses 🔸️ Reasonable number of employees 🔸️ Reasonable revenues reflecting the company's activity ❓️What are the benefits of these regulations? ✔️ Attracting more companies to establish their regional headquarters in Saudi Arabia ✔️ Creating new job opportunities ✔️ Boosting the Saudi economy ❓️What are the current statistics? ✔️ Number of companies reached 275 (89% of them chose #Riyadh city) ✔️ Target: 480 companies by 2030 #Investment #Taxes #RegionalHeadquarters #SaudiArabia #Economy #JobOpportunities #Vision2030 #Multinationals #TaxIncentives #EconomicGrowth #Leadership #Management #Marketing #Sales #Technology #Innovation #HumanResources

The tax reforms aligned with regional HQ approach started to yield for the Kingdom