Riyadh, Saudi Arabia: PwC’s annual Zakat, Tax & Legal seminars attracted over 500 leading Saudi and multinational companies in a series of sessions that took place in Riyadh, Khobar and Jeddah over the last two weeks.
The event focused on providing updates around the Zakat, tax and legal landscape, and highlighted the opportunities and challenges of doing business in Saudi Arabia. Topics centred around new and proposed regulations and their potential impact on businesses and how organisations should be preparing for all these changes.
The seminar also advised organisations about the need to assess their tax positions and the importance of aligning their business practices with new and incoming guidelines, as well as determining whether they have the right systems and people in place to be ready to comply. The other topics discussed included Zakat and corporate income tax, VAT & E-invoicing, developments in real estate transfer tax, transfer pricing, customs and private business updates.
PwC’s Middle East Tax & Legal Leader, Mohammed Yaghmour said: “It is great to be able to connect with our clients in person once again. Seeing such an incredible turnout this year is a testament to all of the current changes in the zakat, tax and legal landscape. 2022 witnessed a significant transformation for Saudi Arabia with E-invoicing becoming a government focus and transfer pricing bylaws being proposed, as well as the fund Zakat proposed regulation. ”
He added: “The role of tax in technology, global tax trends, upskilling and organisational design are just some of the areas organisations need to focus on in response to these changes. Organisations need to develop the proper expertise and know-how in order to respond to tax authorities in a timely manner.”
Overall, the pace of change in Saudi Arabia is unlikely to slow down and we are looking forward to seeing new topics arise in next year’s seminars and how they compare to the key trends discussed this year.
