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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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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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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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Technology, media & telecommunications

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 Alert

e-invoicing regulation

03 Oct 2020

The General Authority of Zakat and Tax GAZT announced the approval of its Board of Directors on the electronic invoicing regulation, which was published on Friday, the December,4 2020. As per the regulations, the definition of an electronic invoice is a tax invoice which is issued electronically and by every taxpayer subject to value added tax in the Kingdom.

The electronic invoicing regulation contains seven articles that regulate the mechanism for issuing and keeping electronic invoices for the taxpayers, and clarifies the provisions, procedures, and persons subject to them, in addition to the procedural rules and legal time limits.

GAZT has confirmed that the regulation has entered into force from the date of publication; With note that the mandatory application will take place on the taxpayers subject to it to issue and keep invoices on 4 December 2021.

Download the alert [ 68 kb ] to read further or contact our technial expert, Adel Daglas

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Download PDF [68 kb]

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e-invoicing regulation

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