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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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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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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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IFRS

IFRS Alerts

30 Sep 2019

IFRS Alerts

The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards.

In response to these, the global IFRS team publishes IFRS Alerts on these changes (and other issues relevant to IFRS) as they are announced so that you can keep up to date.

Grant Thornton International Ltd is pleased to share our Alerts with you below.

Download the latest alert

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Issue	Topic
Issue 2019 - 01	IASB issues Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7) [ 254 kb ] In response to the ongoing reform of interest rate benchmarks around the world the IASB have released these latest amendments. The amendments aim to provide relief for hedging relationships.
Issue 2018 - 05	Argentina confirmed as hyperinflationary [ 216 kb ] This alert confirms that IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ will need to be applied from 1 July 2018. The Alert sets out some of the implications of applying IAS 29.
Issue 2018 - 04	IASB issues Definition of Material (Amendments to IAS 1 and 8) [ 217 kb ] This alert looks at the IASB’s publication ‘Definition of Material (Amendments to IAS 1 and IAS 8). The amendments made by this publication are designed to make it easier for companies to define materiality judgements.
Issue 2018 - 03	Argentina expected to be declared hyper-inflationary in 2018 [ 225 kb ] This alert looks at the potential implications of Argentina being declared hyperinflationary in the second half of 2018. IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ requires the financial statements of any entity whose functional currency is hyperinflationary to be restated for changes in its general purchasing power.
Issue 2018 - 02	Conceptual Framework for Financial Reporting (Conceptual Framework) [ 189 kb ] The Conceptual Framework describes the objective of, and the concepts for, general purpose financial reporting. Although it is not a Standard and will not immediately change or override any existing Standards, it might affect entities that develop or select accounting policies in accordance with the previous version of the Conceptual Framework that was issued in 2010.
Issue 2018 - 01	Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) [ 223 kb ] The amendments require companies to use updated actuarial assumptions to determine pension expenses following changes to a defined benefit pension plan, as described in this alert.
Issue 2017 - 07	Improvements to IFRS Standards 2015-2017 Cycle [ 264 kb ]
Issue 2017 - 06	Long-term Interests in Associates and Joint Ventures [ 264 kb ] (Amendments to IAS 28)
Issue 2017 - 05	Prepayment Features with Negative Compensation (Amendments to IFRS 9) [ 269 kb ]
Issue 2017 - 04	IFRS Practice Statement 2: Making Materiality Judgements [ 268 kb ]
Issue 2017 - 03	IFRIC 23 ‘Uncertainty over Income Tax Treatments' [ 270 kb ]
Issue 2017 - 02	IFRS 17 Insurance Contracts [ 298 kb ]
Issue 2017 - 01	Uncertainty over tax issues [ 309 kb ] resulting from the UK's decision to leave the European Union

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