NEWS

The General Authority of Zakat and Tax (GAZT) has published the implementing regulations of Value Added Tax (VAT) through their website, vat.gov.sa which defines various exempted activities in the financial sector. Loans, credit cards, finance leases, mortgages, security transactions or bank notes, current accounts, deposits and savings account fall in the category of exempted activities. […]

Thales Group, a French multinational company focusing in aerospace, space, defense, ground transportation and security sectors, expressed its keen interest in the Kingdom’s military productions. The group will focus on assisting Saudis in localizing activities in the defense industry, security and civil businesses through training and knowledge-transfer programs, noted Patrice Caine, chairman and CEO of Thales Group. Thales Group, […]

Saudi Arabia is one among the top 20 countries in the world that is actively working towards improving the business sector, and is ranked second in the world’s high-income countries for business reforms, as per World Bank Group report. Several of the business reforms adopted by the Kingdom recently played a huge role in boosting […]

The Ministry of Labor and Social Development (MLSD) and the General Authority for Zakat and Income Tax (GAZT) signed a deal on information sharing between the two entities. The agreement was signed in the presence of Deputy Minister of Labor and Social Development Ahmed Al Humaidan, and governor of GAZT, Suhail Abanmi. The agreement aims […]

With only 52 days to go before the implementation of Value Added Tax (VAT) in Saudi Arabia, the General Authority of Zakat and Tax (GAZT) reminded businesses and companies to ensure that they are well-versed with the rules and regulations of VAT. VAT will be implemented in the Kingdom on January 1, 2018. Rules and […]

Minister of Labor and Social Development, Dr.Ali Al Ghafis declared that work visa validity for foreign employees working in private sector companies will be reduced from two years to one year. However, visas issued for government services as well as domestic workers will not fall in this category. This decision was taken based on Article […]

The Minister of Labor and Social Development, Dr. Ali Al Ghafis issued an order granting permission to employ non-Saudi mothers of Saudi children and non-Saudi children of Saudi women in those sectors which had earlier been limited only to Saudi nationals. The revised Saudization program (Nitaqat) will treat any employee falling in the above category […]

Saudi Arabia unveiled plans to build an independent mega city, investment and business zone in the north-western region of the country, backed by a capital of $500 billion. The 26,500-square km mega city will span across the coast of Red Sea and Gulf of Aqaba, spreading across Egypt and Jordan, making it the world’s first […]

Saudi Arabia’s Public Investment Fund (PIF) revealed plans to nearly double the value of assets it manages by 2020. PIF, which is currently managing assets worth around $230 billion, plans to raise its value to $400 billion in the coming years. The funding is expected to come from proceeds of privatisation of state owned assets, […]

SoftBank Vision Fund(SBVF), backed by Japan’s SoftBank Group, claimed a return of $3 billion during its first five months of collaboration with Saudi Arabia’s Public Investment Fund (PIF). PIF earlier committed to invest up to $45 billion in SBVF over the next five years, in an effort to diversify the Kingdom’s portfolio beyond oil assets. […]