KSA Archives - Page 32 of 45 - LexisNexis Middle East

Saudi Arabia: Excise Tax Declaration Deadline Announced

16/05/202117/05/2021
by Benjamin Filaferro

Arab News, 13 May 2021: Saudi Arabia’s Zakat, Tax and Customs Authority has announced an excise tax declaration deadline.

Declarations for March and April have to be submitted by 15 May.

Taxpayers who do not submit their returns on time will have to pay a fine worth 5% of the amount for every 30 days of delay.

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News developments

Saudi Arabia: International Central Securities Depositories Instructions Approved

13/05/202119/05/2021
by Benjamin Filaferro

Arab News, 7 May 2021: Saudi Arabia’s Capital Market Authority has announced International Central Securities Depositories Instructions have been approved.

They came into force on 6 May 2021.

The instructions regulate the linkage application process and its conditions, related Depository Centre accounts and additional general provisions.

Also reported in Al Madina on 8 May 2021. Full story available here.

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News developments

Saudi Arabia: Citizens to be allowed to travel soon

04/05/202104/05/2021
by Benjamin Filaferro

Almadina, 3 May 2021: The Interior Ministry has stated nationals will be permitted to travel abroad from 17 May 2021 according to specific guidelines.

An official stated that the ministry has issued a statement on the deadline to lift the travel ban, open up land, sea, and air borders fully starting which will start from 1AM on 17 May.

This permission will be given to certain groups only including those who have been vaccinated with either two or one dose of the vaccine (14 days before departure), nationals who have recovered from COVID-19.

Children between the ages eight and 18 are exempt from the vaccination rule, but must present travel insurance from the Saudi Central Bank (SAMA) that will ensure COVID-19 medical care.

Based on health information provided on the Tawakkalna app, citizens who have been infected must have recovered at least six months prior to travel.

The he General Authority of Civil Aviation (GAC)A has sent to all airlines operating from the Kingdom’s airports, including private aviation businesses, details of the procedures, requirements and recommendations for people travelling abroad.

Those travelling overseas will also need to check any requirements at their destination.

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News developments

Saudi Arabia: Income Tax Will Not be Introduced

29/04/202129/04/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 28 April 2021: Saudi Arabia’s Crown Prince has announced income tax is not going to be introduced in the Kingdom.

They added last year’s decision to increase VAT from 5% to 15% will only be in place for five years.

They made the announcement and issued the clarification during a TV interview to mark the fifth anniversary of the Saudi Vision 2030.

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News developments

Saudi Arabia: New Waste Management Law Approved

28/04/202128/04/2021
by Benjamin Filaferro

Al Riyadh, 26 April 2021: Saudi Arabia’s Shoura Council has approved a new Waste Management Law.

It includes jail terms and/or fines up to 30 million Riyals for anyone who stores, burns, treats, or disposes off any waste which represent in any way or form a risk to the public health or damages the environment.

The aim of the law is to regulate the activity of collecting, transporting, sorting, storing, importing, exporting, treating and safely disposing of waste including the necessary care for sites.

Under the law, it is also forbidden to dump waste of any type or bury, burn or throw it outside the designated areas.

For full story see https://www.alriyadh.com/1882550.

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News developments

Saudi Arabia: Penalties for Trademark Counterfeiting Announced Saudi Arabia: Penalties for Trademark Counterfeiting Announced

25/04/202125/04/2021
by Benjamin Filaferro

Saudi Gazette, 22 April 2021: Saudi Arabia’s Commerce Ministry has announced the penalties for trademark counterfeiting.

Offenders will be jailed for up to one year and/or fined up to one million Riyals.

The same penalties will be imposed on those who violate the Trademark Law.

This will include those who forge registered trademarks or exhibit, sell or possess products bearing a forged or counterfeit trademark.

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News developments

Saudi Arabia: Implementing Regulations of White Lands Fees Law Amended

17/04/202117/04/2021
by Benjamin Filaferro

Saudi Arabia’s Cabinet has approved amendments to the Implementing Regulations to the White Lands Fees Law. They were issued by Saudi Arabia Cabinet Decision No. 379/1437. Under the amendments, the Regulations will be implemented in three phases. The first phase will include undeveloped plots of land with an area of 10,000 square metres or more, which fall within the scope specified by the Ministry. It will be implemented in Riyadh, Jeddah, Dammam and Makkah. The second phase will include developed plots of land with an area of 10,000 square metres or more for a single proprietor of 10,000 of square metres or more in one housing plan within the scope specified by the Ministry. The third phase will include developed land with an area of 5,000 square metres or more and the total area of developed plots of land for a single owner is 10,000 square metres or more in one city within the scope specified by the Ministry. It will also be possible to apply for more than one implementation phase in one city. The Ministry will carry out and periodically review the situation in any city to decide whether to apply taxes to plots of land there or suspend the application of tax, or implement one or more phases to bypass a certain phase and move to the next phase in the same city.

News developments

Saudi Arabia: Short-selling Changes Announced

26/03/202126/03/2021
by Benjamin Filaferro

Saudi Arabia’s Stock Exchange has announced short-selling changes have been introduced. Under the changes, all eligible investors will be able to sell any stock short or stock-lend. However, new rules state the short ratio to average daily traded volume of any security should not exceed 10 days. Total net short positions should not exceed 10% of the free float. Collateral rules for those lending and borrowing securities have also been amended. The amendments are aimed at developing a regulatory environment consistent with international best practices.

News developments

Saudi Arabia: Private Sector Participation Law Approved

19/03/202119/03/2021
by Benjamin Filaferro

Saudi Arabia’s Cabinet has approved a Private Sector Participation Law. The law will enable the privatisation of 16 key industries. It is aimed at boosting the private sector’s involvement in the Kingdom’s economy, particularly in infrastructure projects and public services. It has been approved as part of the new private sector participation programme.

News developments

Saudi Arabia: Accounting and Auditing New Law Reduces Experience Requirement

12/03/202112/03/2021
by Benjamin Filaferro

Saudi Arabia’s Accounting and Auditing Law, which has recently been approved by the Cabinet amends the title of the Saudi Authority for Chartered Accountants to the Saudi Authority for Auditors and Accountants. It authorises the issuing of licenses to practice accounting and auditing for part timers and reduces the experience requirement to a year instead of three years.