Deloitte hosts zakat, double tax seminars
Riyadh, March 3, 2013
Deloitte, a leading firm providing audit, tax and financial advisory services in the region, hosted its annual seminars in key cities across Saudi Arabia focusing on the recent developments in the kingdom's tax and zakat laws and practices.
The company also held meeting to discuss the double tax treaties with the European Union (EU) and the capital gains taxes in Saudi Arabia.
The annual Deloitte Tax and Zakat seminars were held at Al-Khobar, Riyadh and Jeddah.
“The seminars provide an annual opportunity for decision-makers, to gain insight on major issues, clarify interpretation of the tax laws, and the practices of the Department of Zakat and Income Tax,” explained Nauman Ahmed, partner in charge for tax advisory services for Deloitte in the Middle East.
“Deloitte’s continued rating since 2008 by the International Tax Reviews as a Tier-1 firm is testimony to its in-depth knowledge of applicable laws and sound understanding of the prevalent environment and tax developments and its ability to critically analyze scenarios and provide pragmatic solutions to complex business issues.”
The results of ongoing discussions between Deloitte and the Department of Zakat and Income Tax were shared with attendees, providing valuable clarification on interpretations of the tax laws.
In this series of seminars further light was shed on a range of tax areas including the taxability of listed companies, the issue of capital gains tax in relation to the conversion of a foreign branch registered in Saudi Arabia into a LLC, and the taxation of resident companies in which 50 per cent of the shares are held by a Qatari or UAE national.
"Enhancing understanding of the ever-increasing double tax treaties was another main aim of the seminars. As such, attendees were provided with an overview of existing treaties and alerted to the signing of two new treaties with the Czech Republic and Tunisia, which are not yet in force," said Ahmed.
Participants also had the opportunity to personally interact with members of Deloitte’s team of specialized tax professionals during the events.
“The implications of double tax treaties, especially those with EU countries and Japan, were among the topics explored. Attendees gained insights on tax issues that could impact their businesses,” added Ahmed.-TradeArabia News Service