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Tax Update Important Update on Electronic Invoicing Implementation in Saudi Arabia
Following the recent announcement by ZATCA (The General Authority of Zakat and Tax) on November 17, 2023, through Umm Al Qura issue No. 5007, the 9th wave of taxpayers has been identified for implementing Phase 2 of e-invoicing. This wave now includes taxpayers whose taxable revenues exceeded SAR 30.00 million during 2021 or 2022.
Tax Insights Significant Amendments to Saudi Arabian Tax and Zakat Regulation
In a recent development, the Saudi Arabian Ministry of Finance has sanctioned a series of amendments to the income tax and Zakat regulations. These changes, published in the Official Gazette on September 12, 2023, are expected to substantially impact businesses operating in or with Saudi Arabia. Here, we delve into the nuances of these amendments and what they signify for the corporate sector.
Tax Alert Phase Two of E-Invoicing
The Zakat, Tax and Customs Authority (ZATCA) published its e-invoicing regulations on 4 December 2020, which was also effective from the date of publication. The regulations stipulated that e-invoicing would become mandatory for taxpayers by 4 December 2021. As phase one draws to an end, phase two becomes enforceable from 1 January, 2023 in waves. Taxpayers must ensure they are prepared.
Blog The Value of Due Diligence
In the business world, due diligence is commonly used in mergers and acquisitions (M&A) transactions, where one company intends to buy another. In these cases, due diligence typically refers to the process of investigating a target company's financial and operational condition prior to the acquisition. The goal is to identify any potential problems or risks that could lessen the value of the target company or make the deal less attractive. Failure to conduct due diligence can have severe consequences, as illustrated by the Enron scandal.
Tax Insights The GCC Tax Landscape
As the GCC region moves away from an era of oil dependency, many of its member states are implementing new taxes as part of a wider fiscal reform agenda. Economic diversification has been a key focus for policymakers in recent years, and taxes are seen as one way to generate non-oil revenue and promote sustainable growth.
Cyber-Security Cyber Security Challenges Facing KSA's Financial Services
As Saudi Arabia moves towards an age of increased digital participation, local financial institutions have begun to digitise their services to keep up with the global trend. While this shift towards modernisation offers vast potential benefits for businesses and consumers alike, it also introduces new cyber security risks, which must be addressed.
Risk Management KSA Tech Transformation & The Need For ERM
Traditional risk management has been an essential facet of every large enterprise for decades. However, this framework faces certain limitations that prevent it from fully addressing business risk in the current landscape.
Cyber Security The Future Of Cyber Security In Saudi Arabia
The cyber security landscape is constantly evolving, and businesses must stay ahead of the latest threats to protect their data and networks. In Saudi Arabia, the importance of cyber security is becoming increasingly clear as the country moves towards Vision 2030.
Sustainability From voluntary to mandatory ESG: How banks can future-proof their operations
As we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
Personal Data Protection Law in KSA Personal Data Protection Law in KSA
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.
TMT Insights TMT industry: Fully charged or on standby?
We explore whether TMT businesses can seize the opportunities of growing demand, or if they will be held back by the challenges presented by regulation and access to talent.
Retune your business Local Regulations
Regulatory changes can be challenging at the best of times but with many businesses focused on day-to-day survival, recent rule changes have proved particularly problematic. In the early stages of the pandemic, governments had to act quickly to protect lives and support the economy, meaning businesses had little time to prepare. As attention turns to the future and recovery, further regulatory changes are inevitable. With many governments talking about a ‘green recovery’ environmental, social, and governance regulations may tighten.
Retune your business Operational Agility
The mid-market already had a reputation for agility but the COVID crisis has forced leaders to take an even closer look at how their operations can be more responsive. As they prepare for the future, businesses are taking stock of their existing operations and questioning whether they are fit for purpose.
Retune your business Risk and Governance
The global pandemic has provided an enormous shock to businesses and, for many in the mid-market, fundamentally tested their ability to deal with crisis and disruption. We share insights relating to the risk and governance elements and how this can support in the effort to retune a business.
Tax Alert: New 5 per cent tax on real estate transactions in Saudi Arabia. Tax Alert: New 5 per cent tax on real estate transactions in Saudi Arabia.
Tax Alert: New 5 per cent tax on real estate transactions in Saudi Arabia.
Cyber security awareness for employees Cyber security awareness for employees
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.