• The event saw EY’s tax experts gathered to review and discuss the main tax developments in Saudi over the past year as well as the expected changes to come in the near future.

Riyadh, Saudi Arabia: EY hosted the KSA Annual Tax and Zakat Seminar 2024 in Riyadh, Jeddah and Al Khobar with the aim of guiding Saudi businesses in navigating the Kingdom’s evolving tax landscape. The latest edition of the event provided an overview of the significant developments in the Saudi tax system that have taken place over the last 12 months as well as the expected changes that are likely to be introduced in the country’s tax laws and regulations.

The seminar leveraged the knowledge and practical experience of EY’s senior KSA tax experts, supported by the company’s regional and global leaders. A panel of experts were assembled for the event to provide various insights and discussion to help participants achieve an optimal tax position whilst remaining compliant in response to the market trends and tax developments. The participants discussed best practices and the issues they are facing as taxpayers and the assembled panel worked towards finding practical solutions for tax payers.

The sessions covered all taxes that are currently imposed in Saudi Arabia, including direct and indirect taxes as well as sustainability-related considerations. Topics discussed also included the long-awaited tax rules for Regional Headquarters (RHQs), issued by the Zakat, Tax and Customs Authority (ZATCA) in February 2024, that grants a 30-year tax incentive to multinational companies that establish their RHQs in Saudi Arabia.

The agenda also explored the initial public offering (IPO) journey from a tax perspective and examined the intricacies of setting up a proper tax function, highlighting the role of tax technology, such as automation and AI. EY has a robust AI strategy in place to augment the services it provides to address the dynamic challenges of the modern world. The strategy reflects the company’s unwavering commitment to creating new value for its clients and empowering them to shape the future with confidence.

Asim Sheikh, A EY KSA Tax Market Segment Leader, said:

“At EY, we realize that organizations thrive on certainty. As taxes across the region become more complicated and diverse, businesses must keep a laser focus on defining the internal procedures which get them the right results. The insightful interactions at our annual Tax and Zakat Seminar’s seek to help our existing and potential clients mitigate tax risks arising from non-compliance while maximizing opportunities, such as tax reliefs and benefits. We want to make sure that taxpayers feel comfortable in terms of fulfilling their obligations. The event also aims to drive home the message that tax must assume a strategic importance in the organization to avoid any potential surprises and that it must be viewed as seriously as any other business function.”

As the largest economy and the only G20 country in the Middle East, Saudi Arabia has a highly advanced tax system. The Kingdom’s tax landscape is evolving in line with its Vision 2030, especially with regard to its goal of diversifying the economy away from hydrocarbons which requires creating an enabling environment for foreign investment. The Saudi Zakat, Tax and Customs Authority (ZATCA) is proactively working to bring the three C’s – clarity, certainty and consistency – into the tax regulatory environment. ZATCA has issued new guidelines that make the application of the rules easier for taxpayers. Meanwhile, fundamental changes are being proposed to existing legislation to align it with international standards in areas such as Base Erosion and Profit Shifting (BEPS) Pillar 2 as well as minimum taxation.

EY’s flagship annual Tax and Zakat Seminar in Saudi Arabia is complemented by a series of targeted webinars throughout the year to address the latest changes to the Kingdom’s tax and Zakat laws.

Earlier this year, EY announced the relocation of its regional headquarters to Riyadh in support of Saudi Vision 2030. By positioning its regional operations in the heart of the Kingdom, the company seeks to enhance service delivery, leverage local talent and foster closer collaboration with clients and stakeholders in the region.

-Ends-

About EY  |  Building a better working world

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

The MENA practice of EY has been operating in the region since 1923. Over the past 100 years, we have grown to over 8,000 people united across 26 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region.

© 2024 EYGM Limited.

All Rights Reserved.

ED None

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, legal or other professional advice. Please refer to your advisors for specific advice.

ey.com

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

Contact:
Tomader Alrehaili                                                                                   Ewan Abbasi
MENA Public Relations                                                                         MENA Public Relations
tomader.alrehaili@sa.ey.com                                                                ewan.abbasi@ae.ey.com