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KPMG to host zakat, tax, VAT update workshops

KPMG to host zakat, tax, VAT update workshops

RIYADH: Confirming its role as one of the best resourced professional service networks in the region, KPMG in Saudi Arabia is organizing a series of workshops presenting the latest updates on Zakat, Tax and Value-Added Tax (VAT) and their impact on the business sector amid changing financial landscape in Saudi Arabia. The roadshow commences in Jeddah on Oct. 29, 2017 with a Zakat, Tax and VAT updates Workshop, followed by Riyadh on Oct. 31 and Al-Khobar on Nov. 2. The workshops are going to be presented by KPMG TAX experts who will delve as deeply as possible into this new world that will significantly change the Kingdom’s economic development.

“The financial landscape in Saudi Arabia is changing rapidly and the introduction of five percent (5%) VAT on January 1st, 2018 will have a tremendous effect on doing business in the Kingdom, said Rupert Pease, Head of Tax at KPMG in Saudi Arabia. “KPMG sets out what we can expect to happen when the new VAT laws are implemented in Saudi Arabia, where a profound understanding of the new terrain is mandatory for all business and financial concerns. The workshops will bridge our efforts in raising awareness of the VAT implications to local and foreign organizations and their contribution to the national economy.” “We are determined to continuously raise awareness among business owners and senior officials in various aspects of economic and trade developments in the Kingdom, as well as helping companies create a full and in-depth understanding of new regulations that are to be sequentially activated early next year, making them better able to deal with market changes and advance their business activities.” KPMG plays a leading role in educating and preparing the markets to deal with changing dynamics and trends including the new complex tax and regularity requirements in the GCC, where KPMG Tax practice is growing across the region with VAT as key priority this year. The enlightening workshops will explore all the new mechanisms and their consequences for business operations and the entire Kingdom.