Saudi Arabia

ETIQUETTE: There are social expectations for interactions between unrelated men and women, which is polite to follow when visiting Saudi Arabia. Businessmen should wait for a woman to offer her hand to shake in a meeting. In other situations, keep a respectful distance. Handshakes between men are common. Saudis pride themselves on their...

In 2016 Saudi Arabia launched its ambitious economic transformation plan, Vision 2030. The long-term Vision 2030 involves diversifying the Saudi Arabian economy by steering the country away from its traditional dependence on oil. The ambition and scope of Vision 2030 is unprecedented, and the plan will promote the Kingdom’s regional, cultural and religious significance to...

Saudi Arabia’s Capital Market Authority (CMA) approved updated corporate governance regulations (CGRs) for joint-stock companies listed on the Saudi Stock Exchange (Tadawul) in February 2017, and amended them in May 2019. The new CGRs reflect efforts to enhance the competitiveness of the Saudi exchange to investors. The regulations set...

Saudi Arabia’s income tax rules are governed by the Income Tax Law (Tax Law), which came into force in 2004. The Tax Law is supplemented by implementing regulations (by-laws). Zakat is governed by the implementing regulations for zakat collection (zakat regulations). The Ministry of Finance issues ministerial resolutions concerning...

Direct and indirect taxation have been used to increase non-oil revenues and provide services for citizens. Whether it is corporate, individual income, sales, excise or value-added tax (VAT) or custom duties, the main objective is typically to increase revenue and, in some instances, change the behaviour of citizens. Excise taxes on tobacco...