Tax & Zakat in Saudi Arabia. AlKharashi Certified Accountants & Auditors Member of

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1 Tax & Zakat in Saudi Arabia

2 Persons Subject to Zakat: Saudi individuals or nationals of GCC states who conduct business in the Kingdom of Saudi Arabia in commercial goods. Saudi companies of all types and companies owned by nationals of GCC states that conduct business in the Kingdom, and shares of Saudis and nationals of GCC states in joint companies. 2

3 Tax on individuals: Persons subject to tax: A non-saudi natural person is subject to tax if he meets any of the following conditions: A resident who does business in the Kingdom. A partner in a resident partnership(personal company). A general partner in a resident company limited by shares. 3

4 A business activity: Includes any commercial activity of any form, such as commercial, industrial, agricultural, financial and service business, equipment rental, insurance, banking and transportation. It also includes trade, professional activity, or any similar investment activity carried out to make profit. This includes the use of movable or immovable property. A natural person is resident in the Kingdom for a taxable year if he meets any of the following conditions: He has a permanent place of abode in the Kingdom and is physically present in the Kingdom during not less than 30 days in aggregate during the taxable year. He is physically present in the Kingdom during not less than 183 days in the tax year. A permanent place of abode is a place of residence a taxpayer owns, or leases for duration not less than a year, or provided to him by any party for duration not less than a year. 4

5 Persons Subject to tax A resident capital company on non-saudi shares. Investment funds are considered capital companies. Total shares in net profits of non-saudi limited partners in limited partnerships. A company is a resident company if it meets any of the following conditions: it is formed under the Companies Regulations. its place of central control and management is situated within the Kingdom. 5

6 Corporate Income tax : Tax Rates The tax rate of a resident capital company is 20 percent of its tax base. Determination of Tax Base : Tax Base Tax Base is gross taxable income minus allowed deductions. Determination of Tax Base: Taxable Income Income subject to tax is gross income, other than exempt income, from sources in the Kingdom that includes all income, profits, gains of any type and of any form of payment resulted from carrying out activity in the Kingdom, including capital gains and any incidental income. 6

7 Determination of Tax Base : Allowed deductions All expenses, paid or accrued, that are necessary and normal to the business are allowed deductions, provided they meet the following: A. It is an actual expense, supported by document, not a reserve. B. It is an operational expense. C. It produces income or maintains it. D. It is related to the business that is subject to tax. Expenses that areunnecessary or unrelated to the activity, such as personal expenses, are disallowed. E. It is incurred during the year of tax. 7

8 The following are some deductible expenses: -Wages and Salaries : Wages, salaries and similar benefits incurred by the entity are allowed deductions. The taxpayer should attach a certificate by the General Organization for Social Insurance (GOSI) stating wages that are subject to social insurance system and a certificate by the taxpayer s chartered accountant certifying wages that are not subject to social insurance system. - Depreciation The Law has allowed a deduction for depreciation based on defined groups and rates and according to the following conditions: A. The asset is owned by the business. B. The asset was acquired with the intent to use in the production process. C. The asset is used by the business activity and contributes to the making or maintaining of income. D. The asset is of depreciable nature as a result of use, wear and tear. E. Depreciation should be in accordance with the rules set in Article 17, depreciation, of Income Tax Law and with the following groups and rates: 8

9 Group No. 1. Fixed Buildings Description Industrial and agricultural movable buildings. Factories, machines, engines, hardware and software (computer software) and equipment, including passenger cars, and cargo vehicles. Expenses for geological surveying, drilling, exploration, and other preliminary work to exploit and develop natural resources and their fields. Depreciation Rate 5percent 10percent 25percent 20percent 5. All other tangible and intangible depreciable assets. 10percent 9

10 -Repair Expenses: Repair or improvement expenses of depreciable assets are allowed deduction provided such an expense does not exceed 4 percent of the balance of the group value where the asset(s) fall(s). Excess amount of such an expense will be added to the balance of the group. - Royalties: Royalties paid or accrued are an acceptable business deduction. - Insurance premiums: Insurance premiums are deductible. - Charitable Contributions: Charitable contributions are deductible provided the following conditions are met: Recipients are licensed public or philanthropic organizations in the Kingdom. Recipients are non-profit organizations. Recipients Articles of Association allow receiving such contributions. 10

11 -Bad Debts: Bad debts are deductible provided the following conditions are met: The deduction is connected with goods or services that have been sold where income from such sale was previously included in income subject to tax of the year when accrued. It is not a debt on a related party. Serious efforts have been exerted by the taxpayer to collect the debt with no success, and a proof of un-collectible status. A decision was made by the taxpayer s Board of Directors approving the write off of the debt confirmed by deleting it from the taxpayer s records. Providing a certificate by the taxpayer s chartered accountant certifying the writing off of the debt from the taxpayer s books and records. Undertaking by the taxpayer to reinstate as income any written off debts if ever collected in the year of collection. 11

12 -End of Service awards: Actual payments of end-of-service benefits according to the Kingdom s labor regulations are allowed as a business deduction; provisions are not allowed. - Other Expenses: Payments for services provided from outside Saudi Arabia but which are directly attributable to the operations within the Kingdom (e.g., rental of equipment employed, royalties, management fees, and insurance premiums) are deductible. Recipients of such payments are subject to withholding tax provisions. - School Fees: School fees paid by taxpayers to their employees children are deductible expenses provided that they are paid to local schools and are provided for in the employment contracts. 12

13 - Loss Carry-Forward: Operational losses incurred in past years may be carried forward to up-coming years until fully recovered under the following: Operational loss is allowed deductions in excess of taxable income during the year. The profit that may be used to offset carried over loss should not exceed 25 percent of the year profit per the taxpayer s return. Loss carry forward provision may be used only by taxpayers who keep legal accounts and who are subject to tax. Loss carry forward provision may be applied only after the expiry of a tax holiday. No loss incurred during a tax holiday is allowed to be carried forward. Loss carry forward provision is applicable to financial years ending after 5/1/1421 H ( April 10, 2000) which is the issuance date of the resolution that stipulated the loss carry forward provision. Where there has been a change of 50 percent or more in the underlying ownership or control of a capital company, no deduction is allowed for pre- change loss carry-forward in taxable years following the change. 13

14 Determination of Tax Base : Disallowed Deductions The following expenses are examples of un-allowed expenses: A. All types of reserves and provisions except for an insurance reserve and Doubtful debt reserve for banks. B. Salaries and wages and similar benefits, in cash or in kind, paid to a partner or to a partner s relative. C. Entertainment Expenses. D. Personal Expenses. E. Income tax, paid or payable, to the Kingdom or to any other state. F. Financial penalties or fines unless for breach of a contractual obligation. G. Any bribe or similar payment the making of which is a criminal offence under the laws of the Kingdom, even if made abroad. H. Commissions paid to insurance companies in excess of 3 percent of total collected premiums in the Kingdom. I. The employee s share in an authorized pension fund. J. Payments made by a subsidiary in the Kingdom to its head-office abroad for a royalty, commissions, interest, or indirect administrative expense determined under presumptive method. K. Value of materials or services provided by related parties that is in excess of arm's length value. 14

15 For more information and details go to: 15

16 Contact us Riyadh P.O Box 8306 Riyadh Saudi Arabia Tel : +966 (1) Fax : +966 (1) Jeddah P.O Box Jeddah 2141 Saudi Arabia Tel : +966 (2) Fax : +966 (2) Dammam P.O Box Dammam Saudi Arabia Tel :

17 Notes 17

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