New Year, New Tax: Saudi’s evolving taxation system
Saudi Arabia's tax system has evolved over the years to accommodate the economy’s needs and to help develop the country into the ambitious nation it is today.
Saudi Arabia's tax system has evolved over the years to accommodate the economy’s needs and to help develop the country into the ambitious nation it is today.
Saudi Arabia imports are a growing industry that attracts foreign investors to the Kingdom. In 2017, Saudi Arabia imported $96.2 billion worth of goods into the Kingdom with a positive trade balance of $74.2 billion. Due to gaps in the market, there are many opportunities for importers in the Kingdom, such as the lack of manufacturing plants means products such as machinery and pharmaceuticals are largely imported. Saudi is also the largest importer of food and agricultural products in the Gulf Cooperation Council (GCC). The list of products imported in the Kingdom is long and is opportune for those looking to enter the market.
Saudi Arabia is the world’s largest oil producer and exporter and controls the world’s second largest hydrocarbon reserve. It's the only Arab country to be a part of the G20 countries, the Organization of Islamic Cooperation and OPEC. The country’s global standing has created substantial business opportunities and has become a preferred destination for many foreign investors.
Saudi Arabia's market displays many possibilities for foreign investors as the Kingdom has a young population, an attractive market for foreign investors, and business opportunities that the government encourages foreign investors to fill.
The General Organization for Social Insurance (GOSI) is a semi-governmental body that exercises administrative and financial independence. The Social Insurance Scheme is a part of social cooperation and solidarity provided by society for citizens.
Saudi Arabia has set out to become a pioneering and successful global model of excellence on all fronts with its elaborate Vision 2030 plans.
A commercial agency will give you access to the Saudi market quickly and efficiently and their knowledge and expertise of the market.
There has been much celebration that Saudi women being able to drive since the ban was lifted on the 24th June 2018. Now women can convert their existing foreign licences or apply for new ones. If their licence has expired or they do not know how to drive, then they will need to enroll in one of the driving schools first.
Entrepreneurship in Saudi Arabia has reached an all-time high, especially with the introduction of the entrepreneurship license.
Wage Protection System (WPS) Guidelines