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Zakat and Tax

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We offer a comprehensive range of advisory services to help you create, transform and protect value.

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Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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We offer strategy, client service, digital and insight solutions to businesses that are shaping the future across the Middle East.
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Globalisation and company growth ambitions are driving an increase in transactions activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer-term strategic goals.
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We have designed and developed growth services to support your business at each phase of its growth. So whether you are an SME that has just set up or a large business wishing to expand, at Grant Thornton we will help you unlock your potential for growth.

Related insights:

Impact of IFRS Convergence on Saudi Arabian Businesses Streamlining Financial Processes through Digital Transformation in Accounting

3 min read | 30 Jul 2023

The International Financial Reporting Standards (IFRS) have emerged as a globally accepted accounting framework to enhance transparency, comparability, and consistency in financial reporting. As businesses in Saudi Arabia strive to strengthen their position in the global economy, converging to IFRS becomes a crucial step towards achieving international recognition and credibility. This article explores the impact of IFRS convergence on Saudi Arabian businesses, shedding light on the challenges they might encounter during the transition and the benefits they can reap in the long run.

Assurance

We have the scope, depth, and global reach to serve businesses who are positioned to thrive in Saudi Arabia. Our team provide you with assurance services that...

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IFRS
At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting.
Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.

Zakat and Tax

Our experienced tax team not only support core compliance but are at the leading edge of transformation and operational resilience in respect of the tax...

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Energy & natural resources

Energy & resources

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Financial services

Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To succeed,...

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Consumer products

Emerging markets and shifting consumer demand are creating new opportunities in consumer products, with business leaders investing in new products, markets and...

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Travel, tourism & leisure

Dynamic businesses need to move with speed and purpose if they want to capitalise on opportunities in travel, tourism & leisure. At Grant Thornton, we know...

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Healthcare

Demographic, organisational and resourcing issues are radically changing the global healthcare industry. Worldwide, we have a long and varied list of clients,...

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Public sector

We work with all types of agencies, including central and state government, local government, donors (including bilateral and multilateral international...

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Real estate & construction

While the impact of the prolonged downturn continues to be felt, pockets of opportunity and optimism have emerged within the retail estate and construction...

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Technology, media & telecommunications

Rapid change and complexity are norms, and innovation the fuel in the technology industry. Today’s revolutions – including cloud, as-a-service, social media...

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Tax Alert

Amendment to Customs Tariffs

By:

Adel Daglas

12 Jun 2022Less than a minute

The Zakat, Tax and Customs Authority (“ZATCA”), have announced that effective from 12 June, 2022, the customs tariffs of 99 goods have been adjusted in order to protect and encourage national industries.

Contents

The full list of items can be found here.

The decision to adjust the tariffs, applicable only on imports, is essentially to increase the tariffs on foreign goods so as to encourage the sale of local industrial and agricultural goods.

This decision is aligned with the limits agreed by Saudi Arabia with the World Trade Organization (“WTO”). This type of decision is an expected step by the Saudi Tax Authority to assist in boosting local production and trade.

To discuss the alert and how this may impact your tax position, contact Adel Daglas.