Malaysia’s natural resources and its well-educated population are some of the many credentials that keep the country in good stead, with priorities centred on preparing for the ASEAN Economic Community in 2015 and steering the policy framework toward more inclusive political representation. The economy is built around global trade, and the government is working to encourage greater private investment.
The Kingdom’s tax administration has, until recently, relied mostly on self-declaration and self-assessment from taxpayers. Very few control tools and mechanisms were employed by the Department of Zakat and Income Tax (DZIT) to enforce compliance by tax- and (religious levy) payers with the rules. Indeed, Zakat and tax certificates were the...
Saudi Arabia is ranked third place out of all countries in the world in terms of the ease of paying taxes, a remarkable achievement for a G-20 country with an annual GDP of over $700bn. Provided that businesses make a commitment to comply with all existing regulations with due care, they can enjoy the advantages of the system. Tax regulations...
This chapter contains an outline of the tax system including an introduction to overall system, an overview of corporate income tax, and an explanation of Zakat rules. In addition, there is an explanation of the regulations introduced by the New Income Tax Law. The chapter also contains an overview of the regulatory environment for potential investors. This chapter contains a viewpoint from...
Home to an estimated 15.9% of the world’s proven oil reserves, Saudi Arabia is the single largest economy in the Middle East and North Africa. According to the Ministry of Finance, real GDP grew by 3.8% to $746bn in 2013. While oil income is expected to continue to account for the majority of government revenues for the foreseeable future, the non-oil sector has expanded significantly in recent decades growing 9.3% in 2013.
The only monarchy in North Africa, Morocco has one of the more diversified GDP mixes in the region, and the mainstays of the economy include agriculture, tourism, and the textiles industry; higher-end manufacturing, IT and communications, and outsourcing are also all becoming increasingly important. The past few years have seen some significant changes, yet the kingdom has remained stable, even amidst the broader regional turmoil.
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