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The Zakat, Tax and Customs Authority (ZATCA) has announced a tax amnesty initiative, which will provide taxpayers with the option of cancellation and or removal of tax penalties relating to taxes covered in the tax laws including Value-Added Tax (VAT), Corporate Income Tax (CIT) and Withholding Tax (WHT), on the condition that the taxpayers settle the principal tax claims by November 30, 2022.

IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).

The Board of Directors for Zakat, Tax and Customs Authority (ZATCA) have approved the amendments to Article 20 of the VAT Implementing Regulations for Saudi Arabia, which are effective from 1 November 2021. We share a summary of the updates.

The Personal Data Protection Law (PDPL) was implemented by Royal Decree M/19 of 9/2/1443H (16 September 2021) approving Resolution No. 98 dated 7/2/1443H (14 September 2021). It was published in the Official Gazette on 24 September 2021. The Saudi Data & Artificial Intelligence Authority (SDAIA) will supervise the implementation of the new legislation for the first two years, following which a transfer of supervision to the National Data Management Office (NDMO) will be considered.

Tax Alert: New 5 per cent tax on real estate transactions in Saudi Arabia.

Example Financial Statements 2020

In recognition of cyber awareness month, we share insights for businesses and employees, which will mitigate risk and enable a more secure and safe cyber environment.

The General Authority of Zakat and Tax GAZT announced the approval of its Board of Directors on the electronic invoicing regulation, which was published on Friday, the December,4 2020. This summarised alerts shares the overview of this regulation.

In recognition of cyber awareness month, we share insights for businesses and employees, which will mitigate risk and enable a more secure and safe cyber environment.

Summary to IFRS 17 and IFRS 4 amendments

The transitional period for VAT increase across KSA

IFRS news is your quarterly update on things relating to International Financial Reporting Standards (IFRS). We’ll bring you up to speed on topical issues and significant developments, provide comments and give our point of view.

The member firms within Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRS. GTIL, through its IFRS team, develops guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is pleased to share these insights by publishing ‘Example Interim Consolidated Financial Statements 2020'.

In October 2018, the IASB issued ‘Definition of a Business’ making amendments to IFRS 3 ‘Business Combinations’.

IFRS news is your quarterly update on things relating to International Financial Reporting Standards (IFRS). We’ll bring you up to speed on topical issues and significant developments, provide comments and give our point of view.

IFRS 16 requires lessees and lessors to provide information about leasing activities within their financial statements. The Standard explains how this information should be presented on the face of the statements and what disclosures are required. In this article we identify the requirements and provide a series of examples illustrating one possible way the note disclosures might be presented.