By Innovation-sa on January 1, 2018 in News

The General Authority of Zakat and Tax (GAZT) announced that tourists and Hajj and Umrah pilgrims from non-Gulf Cooperation Council (GCC) countries will be provided with a refund of Value Added Tax (VAT) amount they paid on purchases made in the Kingdom. However, GAZT is still working on the mechanism to reimburse VAT to tourists and pilgrims, said Hamoud Al-Harbi, director of VAT operations…

By Innovation-sa on December 24, 2017 in News

Custodian of the Two Holy Mosques King Salman unveiled Saudi Arabia’s biggest ever budget in history, demonstrating the Kingdom’s optimism towards economic diversification and private sector expansion. The budget is projected at $260.8 billion in 2018, which is slightly higher than Saudi Arabia’s 2017 budget of $250 billion. King Salman announced that dozens of programmes have been launched within the guidelines of Vision 2030…

By Innovation-sa on December 24, 2017 in News

The General authority of Zakat and Tax (GAZT) confirmed that more than 80,000 businesses in Saudi Arabia have registered for Value Added Tax (VAT) which will be implemented on January 1, 2018. Earlier, GAZT called upon companies and businesses operating in the Kingdom with an annual revenue exceeding SR 1 million to register for VAT before December 20, 2017. GAZT also warned that companies…

By Innovation-sa on December 21, 2017 in News

Saudi Arabia’s King Salman approved the allocation of 72 billion Saudi riyals ($19.2 billion) to boost the Kingdom’s private sector, Saudi Press Agency reported on Thursday. The measures which primarily focus on housing and SMEs are part of a four-year, 200 billion riyal stimulus programme announced earlier by the government to support private companies, said Fahad Al-Sukait, a cabinet advisor. The package will allocate…

By Innovation-sa on December 19, 2017 in News

Saudi Arabia’s Ministry of Finance announced on twitter that the Kingdom is all set to impose monthly levy on expats which will range between SR 300 and SR 400 in 2018 depending on the percentage of foreign employees with respect to Saudi employees in private sector companies. It added that companies operating in private sector will have to pay levy for their employees. With…

By Innovation-sa on December 14, 2017 in News

Saudi Arabia’s non-oil private sector depicted a sharp growth according to data published by Emirates NBD Saudi Arabia PMI. An upswing in both output and new orders in the Kingdom is promising a positive growth in the non-oil sector. Moreover, there has been an increase in selling price due to rise in cost pressures. The survey is sponsored by Emirates NBD and produced by…

By Innovation-sa on December 14, 2017 in News

Alinma Bank attained 10th position in the latest brand rankings published by YouGov Brand Index. While Emirates, Apple and iPhone secured first, second and third positions respectively in the 2017 brand advocacy report for Saudi Arabia by international market research and data analysis firm YouGov, Alinma Bank was the only bank to be placed in the top 10. YouGov produced the report using its…

By Innovation-sa on December 14, 2017 in News

As the 35-year-old ban on cinema comes to an end in Saudi Arabia, Kingdom’s sovereign wealth fund, the Public Investment Fund (PIF) teams up with US movie exhibition company AMC Entertainment Holdings to explore and invest in cinema business in the Kingdom. AMC announced signing a deal with PIF to form a joint cinema venture, which was later confirmed by Saudi state media. Adam…

By Innovation-sa on December 14, 2017 in News

The General Authority of Zakat and Tax (GAZT) announced that all e-commerce businesses in Saudi Arabia will be subject to 5 percent Value Added Tax (VAT) with its implementation from January 1, 2018. At present Saudi Arabia have 11.1 million e-commerce users which are expected to grow by 6 million in 2020. All online sales and purchases will be subject to VAT and the…

By Innovation-sa on December 6, 2017 in News

Saudi Arabia has signed a deal with US group Nasdaq to upgrade its stock market infrastructure by the end of 2020. The Kingdom has a rapidly growing stock market with a capitalization of $450 billion. Kingdom’s stock exchange Tadawul said that Nasdaq technology would create a new central counter-party clearing system for the Saudi market by upgrading its current registry, depository, clearing and settlement…