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TaxTips – ZATCA assessments

With tax evasion a global issue, tax authorities everywhere are tightening their scrutiny of business practices. VAT audits can lead to complex, time-consuming and expensive disputes. Key decision makers need to understand exactly how and where VAT applies to their operations and feel comfortable about compliance before the tax authority comes visiting. For businesses in Saudi Arabia, Keypoint’s highly skilled tax team, with experience of working with (and within) tax authorities, can perform mock audits to identify and help to correct VAT errors.

These tax tips are designed to help businesses caught in the audit process. If your business is being assessed by ZATCA, our team can work with your finance and taxation teams to minimise disputes, advise you on your options and suggest the most cost-effective response. Please download our flyer or contact a member of our team for more details.

 

 

 

E-invoicing requirements

Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) – GAZT’s successor – is introducing e-invoicing for all taxable local supplies, exports of goods and services, intra-GCC supplies, nominal supplies and advance payments (as well as credit and debit notes) – from 4 December 2021. e-invoicing will impact all Saudi-resident taxpayers and is yet another paradigm shift in Saudi Arabia’s evolving tax landscape. Shifting to e-invoicing and real-time integration requires deep VAT and systems expertise. Keypoint is perfectly placed – with seamless integration across service lines and geographies – to advise you on this significant, time-sensitive challenge.

For more details, please download our flyer or contact a member of our team.

Maintaining financial records in Arabic

Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) requires taxpayers to maintain accounting books and records in Arabic. Article 58 of Saudi Arabia’s tax law gives ZATCA the right to examine those books and records (including original invoices, day journals, general ledgers and inventory books). As part of a review, ZATCA may ask for a full audit trail of the income and expenses reported in taxpayers’ returns which should reconcile with trial balances extracted from general ledgers. ZATCA has the right under the tax law to use its own values to determine tax liabilities where it is unable to access the required information.

For more information on the requirement to maintain financial records in Saudi Arabia in Arabic, please download our flyer – or contact a member of our tax team.

Family trusts

Family trusts are trusts established by during a person’s lifetime to hold assets – such as cash, financial investments (both liquid and illiquid), real estate, artefacts, precious metals, business interests, life insurance policies and debts – for the benefit of family members (including future generations). Family trusts can protect assets from lawsuits; ensure the orderly distribution of funds to beneficiaries; fund future generations’ requirements; enable professional asset management; and minimise tax impacts. Keypoint Trust, which has offered trust administration services since 2009, has developed an overview of family trusts and answered a number of frequently asked questions. For more details, please download our flyer.

Measures to protect data

Our data protection and information security teams have analysed the ED released by the MOJ on technical and organisational requirements to comply with the PDPL. Our brief explains technical and organisational obligations of data managers, explains the role of information security staff, sets out data protection impact assessment requirements, and summarises obligations when data processing is outsourced. Please read out brief for more details – or contact our data team with any questions

Data protections supervisors

Our data protection and information security teams have analysed the ED released by the MOJ on rights of data protection supervisors. Our brief clarifies licensing requirements, sets out DPS requirements, and summarises contents of mandatory annual reports to the PDPA. Please read out brief for more details – or contact our data team with any questions.

Rights of data subjects

Our data protection and information security teams have analysed the ED released by the MOJ on rights of data owners/subjects. Our brief explains obligations for data managers, further explains consent, and sets out the calendar to respond to withdrawals of consent. Please read out brief for more details – or contact our data team with any questions.

ESG consulting

The emergence of environmental, social and governance (ESG) reporting is both an opportunity and a threat for financial institutions and corporates. Investors and regulators increasingly expect to be able to see – and to measure – the ESG value additions that a company offers, using sustainability and non-financial metrics to assess company strategy. Click here for more details!