KPMG Al- Fozan and Al-Sadhan held their 2012 Saudi Arabia tax and zakat update seminar in Riyadh, Jeddah and Al Khobar recently.
The main objective of the seminar was to update clients and investors on the latest developments with regard to application of tax and zakat regulations in Saudi Arabia during the last year.
The seminar which was facilitated by Ebrahim Baeshen, partner and Suleman Mulla, tax director based in Jeddah, highlighted issues such as, the Department of Zakat and Income Tax (DZIT)'s approach to deductible items for Tax and Zakat purposes, Impact of the expanding network of Saudi's double tax agreements on business decisions and an interesting section on structuring of investments and importance of tax due diligences.
Important decisions made by the tax authorities on issues such as deductibility of loans for zakat purposes, lease receivables and critical aspects on the correct rate of withholding tax on payments to non-residents was also discussed.
The seminar also highlighted challenges faced by clients with regard to compliance matters such as mandatory submission of Arabic audited financial statements, GOSI certificates and detailed supporting information required to accompany tax and zakat returns.
The impact of the new IT system and impact of the strict review process being implemented at the DZIT was also shared with attendees.
The seminar concluded with an interactive session during which the presenters responded to some complex questions raised by the delegates, who covered a broad spectrum of sectors across KPMG's growing client base.
Abdullah Hamad Al Fozan, chairman of KPMG said: "The tax seminar is one of the most important seminars held annually by KPMG. We are always keen to provide a clear vision that guides clients and investors in the Kingdom of Saudi Arabia to make correct investment decisions."
© Arab News 2012
