Ernst & Young, one of the world's major professional services organizations, presented recent updates on Saudi Zakat Regulations and Corporate Income Tax Law and its byelaws at the 13th Annual Tax Seminar it hosted in Jeddah recently.

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 byelaws as well as clarifications issued by the Department of Zakat and Income Tax (DZIT).

Mohammed Desin of Ernst & Young, a senior Saudi tax and zakat practitioner, said: “Ernst & Young is proud to have provided professional tax and zakat services to a wide range of clients, including large multinational corporations and Saudi business groups.”

Ayman Abu El Izz gave an update on zakat developments and appeal rulings, and the practice adopted by the DZIT.

Irfan Alladin, senior Saudi tax and zakat practitioner, gave an update on withholding tax developments and the related issues.

Faisal Tanvir provided an update on Saudi tax treaties and briefed participants on the double tax avoidance treaties signed by Saudi Arabia.

Craig McAree, international tax service and transfer pricing specialist, briefed participants on the significant developments being made in the international tax landscape, base erosion and profit shifting (BEPS), and transfer pricing.

Amro El Fadly provided an update on field audit, customs and other regulatory matters.

The Ernst & Young tax practice in Jeddah has a large resident team of tax professionals engaged in providing tax and zakat services.

Led by Sherif El-Kilany, MENA tax leader, the team comprises Saudi nationals as well as other bilingual professionals from different nationalities.

Ernst & Young conducted such seminars in Alkhobar, Riyadh, and Bahrain as well.