The seminar laid emphasis on the recent updates related to corporate income tax, Zakat and withholding tax in accordance with the new tax law and its by-laws, as well as clarifications issued by the Department of Zakat and Income Tax (DZIT) applicable to all Saudi businesses. Over 100 executives, bankers and accountants were present.

Highlighting the importance of tax and Zakat to the workshop participants, Ahmed Reda, office managing partner, Ernst & Young Jeddah, said: "Tax and Zakat is a basic component of the country's fiscal and economic development. It is a discipline that offers fiscal stability and ensures financial prudence."

He emphasized that the main objective of the seminar was to update and enhance knowledge and understanding of the New Saudi Income Tax Law (NITL), Zakat Regulations and Double Tax Avoidance Treaties recently signed by Saudi Arabia.

Mohammed Desin, senior tax practitioner, Ernst & Young Jeddah, delivered the keynote presentation, providing an overview of the Saudi tax law and an update on the corporate tax regulations and the double tax avoidance treaties signed by Saudi Arabia.

He maintained that so far, Saudi Arabia has signed 30 double tax avoidance treaties, of which 20 are in force and the remaining will come in force in due course.

"Given the tax developments in the global arena, it is important that the companies operating in this area carefully plan their transactions with non-resident entities, taking into account the benefits offered under these treaties," said Mohammed.

Speakers included Irfan Alladin, senior director, Ernst & Young, who gave an update on Zakat matters, rulings issued by appeals committees and Board of Grievances (BOG) and DZIT recent practices.

Afzaal Shaukat, manager, Ernst & Young, presented an overview of the computation of Zakat and tax.

Sultan Al-Emam concluded the seminar by emphasizing compliance with the local tax and Zakat regulations in order for DZIT to issue the required certificate on a timely basis.

The Ernst & Young tax practice in Jeddah has a large resident team of tax professionals engaged in providing exceptional tax and Zakat services to a wide range of local and multinational companies operating in the Western Province.

Led by Sherif El-Kilany, MENA tax leader, the team comprises Saudi nationals as well as other bilingual professionals from different nationalities who are all committed to enhance local industry understanding of tax and Zakat laws and regulations in Saudi Arabia.

Taking into account the importance of industry specialization, the tax leaders of different business disciplines were introduced to the seminar audience as points of contact for tax services — “Business Tax Advisory” Irfan Alladin, “Business Tax Compliance” Imran Ahmed, “Human Capital” Faisal Tanvir, “Transfer Pricing” Dana Dandashi, “International Tax” Afzaal Shaukat and “Indirect Tax” Sultan Al-Emam.

Ernst & Young conducted similar seminars in Alkhobar, Riyadh and Bahrain in the preceding weeks, with over 400 prominent bankers and accountants attending the seminars.