Ernst & Young (E&Y), one of the world's leading professional services organizations, hosted the 11th annual tax seminar on recent updates on Saudi zakat regulations, and corporate income tax law and its bye-laws in Jeddah recently. More than 100 executives, bankers and accountants attended this seminar.

The seminar, organized by Ahmed I. Reda, office managing partner of Ernst & Young Jeddah, laid emphasis on the updates related to zakat regulations, corporate income tax and withholding tax in accordance with the new tax law and its bye-laws as well as clarifications issued by the Department of Zakat and Income Tax (DZIT) applicable to all Saudi businesses.

Mohammed Desin of Ernst & Young, a leading senior Saudi tax and zakat practitioner in the area, maintained that Ernst & Young’s clients understand the value of commitment to service and that they were proud to have provided professional tax and zakat services to a wide range of clients, including large multinational corporations and Saudi business groups, which have complete confidence in their professionalism and dedication to exceptional quality service.

Mohammed Desin provided an overview of the Saudi tax law, update on the corporate tax regulations and other business related issues.

Irfan Alladin, senior tax executive, gave an update on zakat matters and appeal decisions relating to zakat issues, update on withholding tax matters and appeal decisions relating to withholding tax issues.

He informed participants that new zakat regulations are currently being reviewed by competent authorities.

Faisal Tanvir provided an update on the practice adopted by the DZIT to carry out field inspection.

Craig Mcaree, international tax service and transfer pricing leader for Saudi Arabia, briefed participants on the double tax avoidance treaties signed by Saudi Arabia. He maintained that given the tax developments in global arena, it is important that the companies operating in this area should carefully plan their transactions with non-resident entities taking into account the benefits offered under these treaties.

The Ernst & Young stated that its 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.

Ernst & Young also conducted such seminars in Alkhobar, Riyadh, and Bahrain, and more than 500 prominent bankers and accountants attended the seminars.