KSA Archives - Page 36 of 45 - LexisNexis Middle East

Saudi Arabia: VAT Rate Tripled from 5% to 15%

16/05/202014/05/2020
by Benjamin Filaferro

According to local media reports, Saudi Arabia’s Finance Ministry has tripled the VAT rate from 5% to 15%. The increased rate will come into effect on 1 July. The cost of living allowance will be withdrawn from 1 June. It comes as the Kingdom’s economy tackles plunging oil prices and Coronavirus. The Finance Minister added some Government projects could be slowed down to help reduce spending. According to sources, this could include a 30 billion Riyal cut in projects related to Vision 2030 in the Kingdom. In a related development, the country’s General Authority of Zakat and Tax have called for nationals and expatriates to report anyone who increases VAT on their goods before then via the call centre on 19993 or the VAT application on smart phones. Anyone who violates this Decision will be prosecuted.

News developments

Saudi Arabia: Guidelines for the Unified Financial Policies and Procedures Introduced

02/05/202030/04/2020
by Benjamin Filaferro

Saudi Arabia’s Finance Ministry has unified the work laws for financial and procurement affairs by introducing the Guidelines for the Unified Financial Policies and Procedures. The aim of the guidelines is to specify and regulate the operational procedures to be used by Government bodies to manage and regulate the activities and transactions related to their financial and procurement affairs. They include templates and reports which can be used along with other detailed procedures.

News developments

Saudi Arabia: SAMA Allows Digital Authentication of Bank Products

25/04/202023/04/2020
by Benjamin Filaferro

Saudi Arabia’s Monetary Agency has notified banks they have no objection to them using the digital tools to authenticate banking products related to funding for individuals and issuing credit cards if the bank wants to do so. It was stated that banks should evaluate the risks associated with using the service and verify the identity of the applicant. SAMA has stressed that banks who wish to use this service should adhere to a number of requirements including that the providers of the service should be recognized by the national centre for digital authentication.

News developments

Saudi Arabia: SAMA Allows Digital Authentication of Bank Products

18/04/202017/04/2020
by Benjamin Filaferro

News developments

Saudi Arabia: Implementing Regulations of Saudi Arabia Cabinet Decision No. 649/1440 Amended

10/04/2020
by Benjamin Filaferro

Saudi Arabia’s Finance Minister has announced they have amended the Implementing Regulations of Saudi Arabia Cabinet Decision No. 649/1440. The amendments include is a clause on extraordinary circumstances which include pandemics like Coronavirus. It will ease the procurement process during times like this. They will come into force on 24 April 2020. The amendments include allowing the committee for opening the bids to open the financial bids and allow for confiscating a guarantee and revoking a contract if the contractor left before they signed the contract and following issuing a notice to them. Previously the charter only allowed for cancelling the award decision. Under the amendments, prior qualification procedures can be done for work over 50 million Riyals in value. Previously the charter permitted performing post qualification procedures if a prior one had not been completed.

News developments

Saudi Arabia: Electronic Judicial Auctioning Platform to be Launched

03/04/202003/04/2020
by Benjamin Filaferro

Dr Walid Alsamaani, the Justice Minister and Chairman of the Supreme Judicial Council, has issued directives to launch a platform for electronic auctioning which will enables customers to participate in judicial auctions without the need to attend them in person. The platform will be rolled out in Riyadh first then will be expanded to cover i other cities in the kingdom. The platform will enable courts to manage the liquidation of fixed and transferrable assets and offer them for sale electronically. Customers will be to participate in these auction directly which support access to equal opportunities.

News developments

Saudi Arabia: Court Hearings Postponed

23/03/2020
by Benjamin Filaferro

Saudi Arabia’s Supreme Juridical Council has announced court hearings in the Kingdom are postponed. The aim is to tackle the spread of Coronavirus in the Kingdom. The hearings are cancelled until further notice except for urgent case hearings.

News developments

Saudi Arabia: Draft Commercial Courts Law and Procedures Approved

16/03/202016/03/2020
by Benjamin Filaferro

Saudi Arabia’s Shoura Council has approved a draft Commercial Courts Law and their procedures. Under the law, if approved commercial departments will be established in public courts in all areas and provinces which don’t have commercial courts. Appeals against decisions issued by these courts will be before the appeal courts located in the nearest commercial court until a commercial court is established in the same area. The law is aimed at reducing litigation time and giving lawyers and other relevant parties’ bigger roles. It also aims to provide an environment for commercial cases which understands commercial conventions and conditions.

Weekly Spotlight

Weekly Spotlight: New Ownership Deeds in Saudi Arabia Can be Issued Under New Real Estate Law

08/03/202006/03/2020
by Benjamin Filaferro

The new real estate ownership law in Saudi Arabia allows for an independent ownership deed for each individual unit to be issued. It also allows for associations to manage the property affairs if the number of the allocated units in one joint property is more than three to be established. The association can be a representative of the owners in the matters related to communal areas. In addition, landlords who have a deed which meets the Sharia and legal requirements can also construct buildings and allocate them into independent units and issue an ownership deed for each unit.

News developments

Saudi Arabia: Supreme Judicial Council Approves Corruption Case Procedures

15/02/202013/02/2020
by Benjamin Filaferro

Saudi Arabia’s Supreme Judicial Council has approved a number of procedures necessary for the departments responsible for considering cases related to financial and administrative corruption. The procedures are aimed at reflecting recently issued relevant regulations. They also directed 81 judges to work in these courts and support the appeal courts and courts of first instance. In addition, the Council is considering increasing the number of labour tribunals in the courts and allocating departments to consider human trafficking cases.