The Zakat, Tax, and Customs Authority (ZATCA) has published a draft Income Tax Law for public consultation. The draft reforms the income tax legislation, in keeping with global best practices and the visions and objectives of the Kingdom. Its primary goals are to “encourage Foreign Direct Investment (FDI) without impeding overall economic advancement, foster transparency, and encourage voluntary compliance among taxpayers.” Note that the draft does not make significant changes related to the liable persons (taxpayers). The due date to submit comments and feedback on the draft through the public consultation platform (Istitlaa) is 25 December 2023.
The proposed draft can be accessed on Istitlaa through this link.
For detailed discussions on how the proposed amendments can affect your business, please contact our tax team: