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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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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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Tax Insights

einvoicing regulations

06 Jun 20211 min read

The Zakat, Tax and Customs Authority (ZATCA) published its e-invoicing regulations on 4 December 2020, which was also effective from the date of publication. The regulations stipulated that e-invoicing would become mandatory for taxpayers by 4 December 2021.

In this article

During adoption of phase 1, businesses will need to ensure that all invoices are developed and stored electronically. Businesses will need to ensure their internal operating model is agile and adapted accordingly, along with ensuring the relevant resources across Finance and Technology are trained and educated on the necessary regulatory requirements.

Furthermore, phase 2 which takes effect from 1 January 2023, will require businesses to integrate their systems with those of ZATCA. Invitations will be issued to businesses by taxpayer group and an initial alert will be provided 6 months ahead of the integration deadline.

We share a summarised insight of the regulations, along with how the team at Grant Thornton can support you to remain compliant.

Preparing for Phase 2 of E-Invoicing across KSA

We share a summarised insight of the e-invoicing regulations, along with how the team at Grant Thornton Saudi Arabia can support you to remain compliant.

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einvoicing regulations

Preparing for Phase 2 of E-Invoicing across KSA

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