EY, a leading consulting, assurance and tax services provider, hosted a key seminar in major cities across Saudi Arabia - capital Riyadh, Jeddah and Al Khobar - with the aim of guiding Saudi businesses in navigating the Kingdom’s evolving tax landscape. 

 

The latest edition of the KSA Annual Tax and Zakat Seminar 2024 provided the participants an overview of the significant developments in the Saudi tax system that have taken place over the last 12 months as well as the expected changes that are likely to be introduced in the country’s tax laws and regulations.

 

As the largest economy and the only G20 country in the Middle East, Saudi Arabia has a highly advanced tax system. 

 

The kingdom’s tax landscape is evolving in line with its Vision 2030, especially with regard to its goal of diversifying the economy away from hydrocarbons which requires creating an enabling environment for foreign investment, said EY in its statement. 

 

The seminar leveraged the knowledge and practical experience of EY’s senior KSA tax experts, supported by the company’s regional and global leaders. 

 

A panel of experts were assembled for the event to provide various insights and discussion to help participants achieve an optimal tax position whilst remaining compliant in response to the market trends and tax developments. 

The participants discussed best practices and the issues they are facing as taxpayers and the assembled panel worked towards finding practical solutions for tax payers.

 

The sessions covered all taxes that are currently imposed in Saudi Arabia, including direct and indirect taxes as well as sustainability-related considerations. 

 

Topics discussed included the long-awaited tax rules for Regional Headquarters (RHQs), issued by the Zakat, Tax and Customs Authority (ZATCA) in February that grants a 30-year tax incentive to multinational companies that establish their RHQs in Saudi Arabia.

 

The agenda also explored the initial public offering (IPO) journey from a tax perspective and examined the intricacies of setting up a proper tax function, highlighting the role of tax technology, such as automation and AI. 

 

EY said it had a robust AI strategy in place to augment the services it provides to address the dynamic challenges of the modern world. 

 

The strategy reflects the company’s unwavering commitment to creating new value for its clients and empowering them to shape the future with confidence.

 

Asim Sheikh, a KSA Tax Market Segment Leader, said: "At EY, we realise that organizations thrive on certainty. As taxes across the region become more complicated and diverse, businesses must keep a laser focus on defining the internal procedures which get them the right results."

 

"The insightful interactions at our annual Tax and Zakat Seminar’s seek to help our existing and potential clients mitigate tax risks arising from non-compliance while maximizing opportunities, such as tax reliefs and benefits. We want to make sure that taxpayers feel comfortable in terms of fulfilling their obligations," stated Sheikh.

 

"The event also aims to drive home the message that tax must assume a strategic importance in the organization to avoid any potential surprises and that it must be viewed as seriously as any other business function," he added.-TradeArabia News Service