Ernst & Young forum sheds light on Zakat services

Ernst & Young, a global professional services organization, hosted the 10th annual tax seminar on recent updates on Saudi Zakat regulations and corporate income tax law and its bye-laws recently in Jeddah.
More than 100 executives, bankers and accountants attended the seminar.
The seminar, organized by Ahmed I. Reda, office managing partner of Ernst & Young Jeddah, laid emphasis on the updates related to Zakat regulations, corporate income tax and withholding tax in accordance with the New Tax Law and its bye-laws as well as clarifications issued by the Department of Zakat and Income Tax (DZIT) applicable to all Saudi businesses.
Mohammed Desin of Ernst & Young, a senior Saudi Tax and Zakat practitioner in the area maintained that Ernst & Young’s clients understand the value of commitment to service and that they were proud to have provided professional tax and Zakat services to a wide range of clients including large multinational corporations and Saudi business groups which have complete confidence in their professionalism and dedication to exceptional quality service.
Mohammed Desin provided an overview of the Saudi tax law, update on the corporate tax regulations and new Zakat regulations. He informed participants that new Zakat regulations are currently being reviewed by competent authorities.
He maintained that so far Saudi Arabia has signed 30 double tax avoidance treaties, of which 20 are in force.
Irfan Alladin, senior tax executive, gave an update on corporate tax matters and appeal decisions relating to tax matters, update on withholding tax matters and appeal decisions relating to withholding tax issues, and Zakat matters, rulings issued by appeals committees and Board Of Grievances (BOG) and Department of Zakat and Income Tax’s (DZIT) recent practices.
Faisal Tanvir provided an update on the practice adopted by the DZIT to carry out field inspection.
Afzaal Shaukat briefed participants on the double tax avoidance treaties signed by Saudi Arabia.