New Zakat regulations currently being implemented by Saudi Shura Council's new committee were the subject of Ernst & Young (EY) annual tax seminars in Jeddah, Riyadh, Al Khobar and Bahrain.

"EY remains committed to continuously supporting its clients and optimising their business strategies and performance, helping them grow their businesses with market-leading products and services," EY Mena tax leader Sherif El Kilany said.

"We continue to create specialised learning platforms to help ensure that all EY clients are well-informed and advised on key regulatory issues, helping to build a better working world. The EY tax seminars across Saudi Arabia and Bahrain are a key part of this agenda."

The seminars discussed a number of key issues and new regulations on Zakat, including long-term investments, e-filing laws and regulations, loans and investments. In addition, the seminars also highlighted the introduction of Zakat to all businesses including banks, insurance, contracting, trading and real estate companies.

"Zakat remains a cornerstone in Saudi Arabia's economic model and influential in further supporting the kingdom's economic development," he noted.

EY understands the significance of Zakat in Saudi Arabia and believes that all businesses should fully consider the Zakat implications when entering into loan agreements and document the intention of all investments in order to drive efficiencies and ensure full compliance with local laws and regulations," El Kilany said.-TradeArabia News Service