JEDDAH: Ernst & Young (E&Y) recently hosted the 8th Annual Tax Seminar on the updates in Saudi Arabia's new Corporate Income Tax Law, its by-laws and Zakat, as well as clarifications issued by the Department of Zakat and Income Tax (DZIT). Recent appeal decisions, tax treatment of complex tax issues and proposed amendments to Saudi companies regulations were also discussed. Ahmed Reda, office managing partner, Ernst & Young Jeddah, said: “Tax and Zakat are basic components of the country's fiscal and economic development. It is a discipline that offers fiscal stability and ensures financial prudence. The main objective of the seminar was to update and enhance the knowledge and understanding of the New Saudi Income Tax Law (NITL), Zakat regulations and double tax avoidance treaties recently signed by Saudi Arabia.” The seminar is an annual event organized by Ernst & Young to ensure that its clients are kept abreast with latest developments in Tax and Zakat matters as well as other relevant business regulations. Mohammed Desin of Ernst & Young Jeddah, said: “Our clients understand the value of our commitment to service. We are proud to have provided professional Tax and Zakat services to a wide range of clients including large multinational corporations and Saudi business groups. They have reposed their trust in us and expressed their full confidence in our professionalism and in our dedication to exceptional service quality.” During the seminar, he offered an overview of the new tax regulations and new practices of the DZIT with respect to corporate income tax and withholding taxes. Irfan Alladin, senior director, Ernst & Young, made a presentation on Zakat matters, rulings issued by appeals committees and Board Of Grievances and recent practices at the Department of Zakat and Income Tax. This was followed by an update on Double Tax Avoidance Treaties signed by Saudi Arabia by Farhan Zubair, Senior Director, Ernst & Young. Ernst & Young has also organized similar tax seminars in Al Khobar and Bahrain which have been attended by over 500 representatives from various organizations operating in Saudi Arabia and other GCC countries. Ernst & Young has the largest tax practice in Saudi Arabia with more than 125 resident experts rendering Tax and Zakat services in the region.
