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Doing Business Guide 2021: Understanding Saudi Arabia's Tax Position Doing business guide 2021 Understanding Saudi Arabia’s tax position Doing business guide | Understanding Saudi Arabia’s tax position Equam ipsamen 01 Impos is enditio rendae acea 02 Debisinulpa sequidempos 03 Imo verunt illia 04 Asus eserciamus 05 Desequidellor ad et 06 Ivolupta dolor sundus et rem 07 Limporpos eum sequas as 08 Ocomniendae dit ulparcia dolori 09 Aquia voluptas seque 10 Dolorit ellaborem rest mi 11 Foccaes in nulpa arumquis 12 02 Doing business guide | Understanding Saudi Arabia’s tax position Contents 04 About the Kingdom of Saudi Arabia 06 Market overview 08 Industries of opportunity 10 Entering the market 03 Doing business guide | Understanding Saudi Arabia’s tax position About the Kingdom of Saudi Arabia The Kingdom" of Saudi A country located in the Arabian Peninsula, Throughout this guide, we have provided the Kingdom of Saudi Arabia (KSA, Saudi our comments with respect to KSA, unless Arabia is the largest Arabia or The Kingdom) is the largest oil- noted otherwise. oil-producing country producing country in the world. in the world Government type Monarchy " Population (2019) 34.2 million GDP (2019) US$ 793 billion GDP growth (2019) 0.33% Inflation (2019) -2.09% Labor force (2019) 14.38 million Crude oil production, petroleum refining, basic petrochemicals, ammonia, Key industries industrial gases, sodium hydroxide (caustic soda), cement, fertilizer, plastics, metals, commercial ship repair, commercial aircraft repair, construction Source: World Bank, General Authority of Statistics 04 Doing business guide | Understanding Saudi Arabia’s tax position 05 Doing business guide | Understanding Saudi Arabia’s tax position Market overview • Saudi Arabia is an oil-based economy Government with the largest proven crude oil reserves Government type Monarchy in the world. According to OPEC, Saudi Arabia is also the largest exporter of Chief of State King Salman Bin Abdul-Aziz Al Saud petroleum and possesses around 17 Head of Government King Salman Bin Abdul-Aziz Al Saud percent of the world’s total proven petroleum reserves. Islamic (Sharia’) legal system with some elements of Egyptian, French, Legal system and customary law; note - several secular codes have been introduced; commercial disputes are handled by special committees. • Saudi Arabia has sought to diversify its revenue base to protect itself from oil 13 provinces (mintaqat, singular - mintaqah); Al Bahah, Al Hudud ash Shamaliyah (Northern Border), Al Jawf, Al Madinah (Medina), Al Qasim, Ar price fluctuations. Administrative divisions Riyad (Riyadh), Ash Sharqiyah (Eastern), 'Asir, Ha'il, Jazan, Makkah (Mecca), Najran, Tabuk. • The non-oil sectors, especially construction, real estate, healthcare Source: Central Intelligence Agency Factbook, the Economist Intelligence Unit and education, still offer business opportunities although most businesses " are currently more conservative in their declared as the King and Supreme Leader The country is divided plans compared to the past. of the country following the death of the into 13 provinces, with late King Abdullah Bin Abdul-Aziz Al Saud. • Saudi Arabia holds membership of a governor and deputy several councils and international • The King governs with the help of the governor in each one. organizations, such as: Council of Ministers, also called the Cabinet. There are 23 government - United Nations (UN) " ministries that are part of the Cabinet. • As Saudi Arabia is an Islamic state, its - World Trade Organization (WTO) Each ministry specializes in a different judicial system is based on Islamic law - Organization of Petroleum Exporting part of the government, such as foreign (Sharia’). The King acts as the final court of Countries (OPEC) affairs, education and finance. appeal and can issue pardons. There are - Gulf Cooperation Council (GCC) also courts in the Kingdom. The largest - Arab League • The King is also advised by a legislative are the Sharia’ courts, which hear most - Organization of Islamic Cooperation body called the Consultative Council cases in the Saudi legal system. (OIC) (Majlis Al-Shura). The Council proposes - G20 new laws and amends existing ones. • In recent years, conscious efforts have been made by the government to reduce Government The Council members are appointed by bureaucracy at all levels and transform • Saudi Arabia is a monarchy based on the King for four-year terms that can be renewed. government departments by introducing Islam. The government is headed by online services and increasing automation the King, who is also the commander in in several ministries. chief of the military. On January 23, 2015, • The country is divided into 13 provinces, King Salman Bin Abdul-Aziz Al Saud was with a governor and deputy governor in each one. Each province has its own • King Salman chairs the Saudi Supreme council that advises the governor and Economic Council, which is in charge deals with the development of the of overseeing the formulation of province. economic policy and encouraging foreign investment. 06 Doing business guide | Understanding Saudi Arabia’s tax position Economy – overview " • The economy of Saudi Arabia is primarily Saudi Arabia is also working on dependent on revenues from the oil and gas sector. Rising oil prices in the last improving the business climate and decade (until 2014) fueled the Kingdom’s growth and resulted in the lowering of increasing access to finance, especially government debt and an increase of fiscal surpluses. However, post summer 2014, for small and medium enterprises. the economy has been under the impact of declining oil prices. " • In order to reduce its reliance on the oil • To increase household savings from 6% to • To increase the Public Investment Fund’s and gas sector, the government aims to 10% of total household income assets, from SR600 billion to over SR7 diversify its economy by continuously trillion utilizing the revenues from the oil and • To raise ranking on the E-Government gas sector to support the growth of Survey Index to be among the top 5 • To increase the localization of oil and gas non-oil sectors, such as infrastructure, nations sectors from 40% to 75% construction, education, tourism and manufacturing. • To raise ranking in the Government • To move from the current position as the Effectiveness Index, from 80 to 20 19 th largest economy in the world into the • Saudi Arabia is also working on improving top 15 the business climate and increasing • To increase non-oil government revenue access to finance, especially for small and from SR163 billion to SR1 trillion • To increase women’s participation in the medium enterprises. workforce from 22% to 30% • To raise the share of non-oil exports in • The construction of “economic cities” non-oil GDP from 16% to 50% • To increase SME contribution to GDP from is central to development plans. The 20% to 35% government has launched projects to • To raise global ranking in the Logistics establish new cities at different locations Performance Index from 49 to 25 and • To lower the rate of unemployment from across the country. These cities are ensure the Kingdom is a regional leader 11.6% to 7% planned as hubs for petrochemicals, mining and logistics industries as well as • To increase the private sector's • To have three Saudi cities be recognized for a knowledge-based economy. contribution from 40% to 65% of GDP in the top-ranked 100 cities in the world Vision 2030 • To increase foreign direct investment The Council of Ministers has approved from 3.8% to the international level of Vision 2030, and the salient features are as 5.7% of GDP follows: • To raise the non-profit sector’s • To rise from the current position to contribution to GDP from less than 1% to the top 10 countries on the Global 5% Competitiveness Index 07 Doing business guide | Understanding Saudi Arabia’s tax position Industries of opportunity " • Real estate, hospitality and construction The summary of procedures is as follows: Government is also are the key industries in terms of • Obtain the investment license from focusing on developing opportunities in Saudi Arabia. A growing the Saudi Arabian General Investment population, increasing urbanization, Authority (SAGIA) economic cities, inflow of religious tourism, ease of doing industrial hubs and business, and a focus on economic • Open a bank account with a local bank in diversification have all paved the way for KSA for depositing the initial capital healthcare facilitates that increased investment potential in the offer investment and country. • Obtain a commercial registration (CR) from the Ministry of Commerce and business opportunities. • The government plans to construct Industry (MOCI) multiple schools and hospitals in the " Kingdom in the next 5 years. Moreover, • Register with the Chamber of Commerce the government is also focusing on developing economic cities, industrial • Register with the Customs department hubs and healthcare facilitates that offer investment and business opportunities. • Obtain a municipality license Doing business in Saudi Arabia • Register with the Ministry of Labor The official language is Arabic, therefore all documents are first required to be • Register with the General Organization translated into Arabic by an official for Social Insurance (GOSI) translator and thereafter submitted to the relevant government authority. • Register with the General Authority of Zakat and Tax (GAZT) 08 Doing business guide | Understanding Saudi Arabia’s tax position Procedures for starting a business in Saudi Arabia Any non-resident who
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