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Blog The Role of Tax in Driving Saudi Arabia’s Non-Oil Economy: Unlocking Opportunities in Emerging Sectors

In recent years, the Kingdom of Saudi Arabia (KSA) has embarked on a transformative journey to diversify its economy, reducing its dependence on oil revenues. With Vision 2030 as a guiding framework, the nation actively explores opportunities across various non-oil sectors, such as technology, tourism, and logistics. Tax policies and incentives are central to this ambitious agenda, and they are increasingly seen as pivotal tools for stimulating growth and attracting investment in these emerging sectors. This article examines how the Kingdom's tax landscape is evolving to support its non-oil economy and unlock opportunities for domestic and foreign investors.

| 4 min read | 08 Nov 2024

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We have the scope, depth, and global reach to serve businesses who are positioned to thrive in Saudi Arabia. Our team provide you with assurance services that...

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Zakat and Tax

Our experienced tax team not only support core compliance but are at the leading edge of transformation and operational resilience in respect of the tax...

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Industries

Energy & natural resources

Energy & resources

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Financial services

Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To succeed,...

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Consumer products

Emerging markets and shifting consumer demand are creating new opportunities in consumer products, with business leaders investing in new products, markets and...

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While the impact of the prolonged downturn continues to be felt, pockets of opportunity and optimism have emerged within the retail estate and construction...

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Rapid change and complexity are norms, and innovation the fuel in the technology industry. Today’s revolutions – including cloud, as-a-service, social media...

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Tax

The transitional period for VAT increase across KSA

02 Jun 2020

According to the decision issued by the Government of the Kingdom of Saudi Arabia Ministry of Finance on 11 May 2020 announced several measures, one of them was to increase the Value Added Tax (VAT) rate from 5% to 15% effective from 1 July 2020.

In this regard, General Authority of Zakat and Tax (GAZT) has issued Guidance on the transitional provisions that would need to be considered for supplies that are made during the transitional period.

We provide a summarised overview.

Contact our team to discuss this update further.