The Zakat, Tax and Customs Authority (‘ZATCA’) announced that property deals in Saudi Arabia are exempted from a 15 percent value-added tax (VAT) to support the real estate sector as of 4 October 2020.
After that ZATCA issued a Ministerial Resolution approving the rules and regulations for considering a licensed real estate developer as qualified persons. The Ministerial Resolution entered into effect from the date of issuance i.e. 30 November 2020
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Saudi Arabia plans to increase the number of startups in the economy so local small and medium enterprises (SMEs) will exempt from commerce fees register for three years.
The exemption will be granted to those wishing to get a new trade license for 3 years with reduction for subsequent years.
This exemption will save local SMEs substantial amounts of money and this initiative and will reduce the startup cost of business for both entrepreneurs and SMEs. Fees will start in the fourth and fifth year.
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Digitalization has become a key aspect in all of our lives. New technology has proved to be really effective in cutting operational costs and ensure transparency. SME’s are relying on digital solutions to streamline procedures.
The exchange of an integrated electronic invoice document between a seller and a buyer is called Electronic Invoicing (e-invoicing). The digital invoices reduce operational time and there is no need of printing papers.
E-invoicing provides great support to SME’s and targeted growth can be attracted. It provides accurate financial
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Riyadh real estate market is getting a lot of attention from investors. The Real Estate team at KPMG Al Fozan & Partners have published a comprehensive and insightful report analyzing Riyadh’s Real Estate market in 2015 as well as highlighting the economic outlook for the residential, retail, office and hospitality sectors.
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Starting 2018, Saudi arabia and the rest of the GCC will implement Value Added Tax (VAT). The GCC has agreed to implement the VAT to help cope with the collapse of global oil prices. The GCC countries are heavily reliant on oil revenues, and since the
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IFRS Standards will be the financial reporting framework for all listed companies in Saudi Arabia starting in 2017, and the IFRS for SMEs will be the reporting framework for unlisted companies starting in 2018. Adoption of IFRS Standards is part of a ‘Project for Transition to International Accounting
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In addition to the valuation opportunities, streamlined processes and reporting can be introduced, saving costs and improving the accuracy and speed of the financial reporting processes giving
management better information for decision making purposes.Omar Al Sagga indicates that entities are seeing that the adoption of IFRS enables complex groups to standardise both policies and procedures
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With SOCPA’s deadline of 2017 looming, companies are starting to realise the implications of adopting the requirements of International Financial Reporting Standards (“IFRS”). Many are actually finding the
effects to be broad ranging and significant in practice whilst others indicate that they think it will be less of an impact. the impact of IFRS on the structure of the balance sheet and reported results have a direct
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It is my pleasure to present Saudi Arabia’s Vision for the future. It is an ambitious yet achievable blueprint, which expresses our long-term goals and expectations and reflects our country’s strengths
and capabilities All success stories start with a vision, and successful visions are based on strong pillars.
The first pillar of our vision is our status as the heart of the Arab and Islamic worlds. We recognize that
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