The seminar, organized by Ahmed I. Reda, managing partner of Ernst & Young in Jeddah, focused on the updated corporate income tax, Zakah and withholding tax in accordance with the new tax law and its bye-laws, as well as clarifications issued by the Department of Zakah and Income Tax (DZIT) applicable to all Saudi businesses.
Reda said it was the responsibility of Zakah and tax experts to explain and provide background information on a new event or regulations.
"Therefore, the main objective of the seminar is to update and enhance knowledge and understanding of the new Saudi income tax law and Zakah regulations and tax treaties, particularly provisions of double tax treaties recently signed by Saudi Arabia."
Mohammed Desin of Ernst & Young said: "Our clients understand the value of our commitment to service and we are proud to have provided professional tax and Zakah services to a wide range of clients including large multinational corporations and Saudi business groups, which have complete confidence in our professionalism and in our dedication to total quality service."
The tax treaties in force so far are with Austria, China, France India, Malaysia, Italy, Pakistan, South Africa, South Korea, Spain, Turkey, and the UK, and there are benefits available to Saudi businesses under these treaties.
The seminar, which was held on Sunday, also gave an overview of the new tax regulations and practices of the DZIT with respect to withholding taxes.
Irfan Alladin, director of Ernst & Young, gave an update on Zakah matters and rulings issued by appeals committees. The seminar also focused on tax implications involving purchase of services, other deductible employees' costs and other DZIT practices.
Ernst & Young has conducted similar seminars in Riyadh, Alkhobar and Bahrain, with more than 500 prominent bankers and accountants attending.
Ernst & Young is also holding a Middle East Tax Seminar in Dubai on March 24.
