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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 Alert

Amendment to Customs Tariffs

By:

Adel Daglas

12 Jun 2022Less than a minute

The Zakat, Tax and Customs Authority (“ZATCA”), have announced that effective from 12 June, 2022, the customs tariffs of 99 goods have been adjusted in order to protect and encourage national industries.

Contents

The full list of items can be found here.

The decision to adjust the tariffs, applicable only on imports, is essentially to increase the tariffs on foreign goods so as to encourage the sale of local industrial and agricultural goods.

This decision is aligned with the limits agreed by Saudi Arabia with the World Trade Organization (“WTO”). This type of decision is an expected step by the Saudi Tax Authority to assist in boosting local production and trade.

To discuss the alert and how this may impact your tax position, contact Adel Daglas.

Amendment to Customs Tariffs

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