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Important development regarding customs refunds under the Proof of Origin regulations in Saudi Arabia.

As Saudi Arabia continues its transformative journey under Vision 2030, capital gains are becoming a crucial topic in the financial landscape. With the Kingdom’s efforts to attract foreign investments, foster entrepreneurship, and enhance market competitiveness, understanding global capital gains tax (CGT) policies is essential.

ZATCA on 28th February 2025, announced the 21st wave of taxpayers for implementing integration (phase 2) of e-invoicing, which now includes taxpayers whose taxable revenues exceeded SAR 1.25 Million during the years 2022, 2023 or 2024.

Our ‘Insights into IFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.

Mergers and acquisitions (business combinations) can have a fundamental impact on the acquirer’s operations, resources and strategies. For most entities such transactions are infrequent, and each is unique. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions, which can be challenging in practice.

This year’s report calls for a decisive shift in approach, aligning with the International Women’s Day 2025 theme: "Accelerate Action." We can no longer afford to wait. The missed opportunities for businesses, economies, and the next generation of female leaders are too great. To remain competitive in a rapidly evolving business landscape, mid-market firms must take bold steps now—setting ambitious diversity targets, embedding gender equality into their strategic agendas, and fostering environments where women can thrive at all levels of leadership.

Saudi Arabia has undergone a remarkable transformation in its economic and social landscape in recent years, with female empowerment emerging as a key pillar of national development. While gender diversity initiatives have often been framed in terms of meeting quotas or compliance requirements, the real value lies far beyond mere numbers. Businesses in the Kingdom of Saudi Arabia (KSA) that actively integrate and empower women in leadership, decision-making, and entrepreneurship foster inclusivity and unlock a significant competitive advantage.

Saudi Arabia is undergoing a remarkable transformation, with female leadership emerging as a driving force in the Kingdom’s economic and social evolution. Over the past decade, significant policy reforms and cultural shifts have empowered Saudi women to take on leadership roles in business, government, and entrepreneurship. As the country moves towards achieving Vision 2030, which prioritises female participation in the workforce, the question remains: What’s next for women in business, and how will female leadership shape Saudi Arabia’s future?

Saudi Arabia is undergoing a profound economic transformation, with gender inclusivity emerging as a central pillar of the Kingdom’s Vision 2030. Historically, finance and advisory services have been male-dominated sectors, but the landscape is shifting rapidly as Saudi Arabia actively fosters greater female participation in the workforce. With progressive reforms, institutional support, and changing societal attitudes, women are increasingly assuming leadership roles and influencing the financial sector.

Saudi Arabia’s business landscape is undergoing a profound transformation, driven in no small part by the increasing presence of women in leadership roles. Historically, cultural and societal norms have placed significant barriers in handling female participation in the workforce. However, through progressive reforms, evolving societal attitudes, and a surge in entrepreneurial ambition, Saudi women are now reshaping the Kingdom’s economic landscape. From corporate boardrooms to innovative startups, they challenge long-standing conventions and set new benchmarks for success.

A significant update from the Zakat, Tax, and Customs Authority (ZATCA). On February 17, 2025, ZATCA issued a tax bulletin outlining the mechanism, requirements, and obligations for applying for VAT refunds on expenses incurred by donors for Public Benefit Projects, as per Article 70(a) of the KSA VAT Implementing Regulations.

The latest update is the Transfer Pricing Regulations will affect “All Entities” subject to Zakat. Hence, effective January 1, 2024, ZATCA has expanded the transfer pricing compliance requirements to include All Zakat Payers.

Stay informed about recent Ministerial Resolutions (No. 1007 and 947) that may impact your Zakat obligations. These resolutions offer Zakat payers the option to apply the new Zakat regulations (1445H) to previous years, providing potential benefits. It's important to note that the deadline to take advantage of these provisions is April 30, 2025.

The latest update is the Transfer Pricing Regulations will affect “All Entities” subject to Zakat. Hence, effective January 1, 2024, ZATCA has expanded the transfer pricing compliance requirements to include All Zakat Payers.

The Gulf Cooperation Council (GCC) region has long been a hub for trade, finance, and innovation. However, as global markets evolve and economic landscapes shift, businesses must rethink their expansion strategies to remain competitive. Saudi Arabia, the largest economy in the region, has emerged as a model for transformation and growth, offering valuable lessons for other GCC companies looking to expand strategically.

Saudi Arabia is rapidly emerging as a powerhouse in the global startup ecosystem, fostering innovation and entrepreneurship to build the next generation of billion-dollar companies. With a strategic vision, robust economic reforms, and increasing investment in technology and infrastructure, the Kingdom is positioning itself as a leading hub for startups aspiring to scale into unicorns.