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 Zakat (religious levy) payers with the rules. Indeed, Zakat and tax certificates were the only...
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Interviews & Viewpoints | Jacques Fakhoury, KSA Country Leader, PwC, on improved compliance and regulation of the tax environment from The Report: Saudi Arabia 2014.
Articles & Analysis | Stable environment: The tax system and regulations for potential investors from The Report: Saudi Arabia 2014.
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...
Interviews & Viewpoints | Marivic C Españo, Chairperson and CEO, Punongbayan & Araullo: Interview from The Report: The Philippines 2015
How would you rate the fiscal burden for corporation in the Philippines? What changes to the fiscal code would help private sector companies?
Articles & Analysis | A look at the key elements of the Philippines' tax regime from The Report: The Philippines 2015
Taxes in the Philippines are imposed at both the national and local levels. At the national level, taxes are imposed and collected pursuant to the National Internal Revenue Code, the Tariff and Customs Code, and several special laws. There are four main types of national internal revenue taxes: income, indirect (value-added and percentage...
This chapter examines the key elements of the Philippine tax regime, featuring an interview with Marivic C Espano, Chairperson and CEO, Punonbayan & Araullo.