- The tax landscape in Saudi Arabia has undergone transformative changes in the past year, including the implementation of e-invoicing regulations and significant changes to VAT and real estate transactions tax regulations.
- These changes have had a significant impact on tax audits and compliance, with e-invoicing improving data collection and transparency, and VAT and RETT regulations creating complexity for real estate companies.
- Deloitte anticipates a surge in demand for specialized guidance due to these changes and has established an internal e-invoicing tool to enhance the auditing process.
- The potential future changes in the tax landscape include the expansion of the tax base, adjustments to transfer pricing regulations, and the introduction of environmental and tourist taxes.
- These changes have the potential to improve compliance, enhance investor confidence, and contribute to the sustainable growth of the Saudi Arabian market.
- Deloitte has adapted its approach to offering tax advice by combining traditional tax acumen with a digital-savvy perspective and providing tailored advice for real estate companies.
- The taxation of the digital economy has expanded the scope of Deloitte’s work, and the firm is investing in AI solutions to navigate this evolving landscape.
- The tax authority in Saudi Arabia, ZATCA, has demonstrated a proactive approach by embracing technological advancements, engaging with taxpayers, and refining its methods to check compliance and support economic goals.
Source: internationaltaxreview.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
