New Zakat Collection Law  to be Introduced in Saudi Arabia

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New Zakat Collection Law and Comprehensive Investment Law to be Introduced by Saudi Arabia

According to Tuesday’s announcement by Saudi Arabia’s Minister of Investment Khalid Al-Falih, the country is currently working on a new Zakat Collection Law and Comprehensive Investment Law.

Speaking at the second Municipal Investment Forum (FURAS) at the Riyadh International Convention and Exhibition Center, Al-Falih stated that the Zakat Collection Law is being discussed with representatives of the General Authority of Zakat & Tax (GAZT) to ensure that the work procedures are made simpler and easier for employees and that investors are treated transparently.

Along with the publication of the Zakat Collection Law, work is being done on the rules.

We are also examining the problem of corporate income tax, and there might be measures in this area that are not pre-empted, according to Al-Falih.

The minister stated that as Saudi Arabia has competitive tax rates compared to other nations, policies and laws relating to taxes and Zakat will be examined. He underlined the need for the financial recompense, fees, taxes, and Zakat to be as transparent and minimal as feasible in order to achieve the goals of the law.

“The investor will be able to put money, time, and ideas into the venture and earn a profit that rivals that of any other nation. The most valuable factor for the ministry to be recycled in the economy, he noted, is the investor’s profitability.

Al-Falih claimed that efforts are being made to create a thorough investment law that will replace the current foreign investment law and protect and explain the interests of Gulf, international, and local investors.

The new law, which will unify investors, is currently undergoing a final assessment and will be presented to the Shoura Council in the first quarter of 2023. After receiving Cabinet approval, it is anticipated to be issued between the second and third quarter of that year.

The new law, according to the minister, will eliminate the need for the Kingdom to sign investor protection pacts with other nations.

Al-Falih added that the Law of Real Estate Ownership and Investment by Non-Saudis, which aims to allow businesses, people, residents, and non-residents to acquire real estate in Saudi Arabia, is nearing completion.

“The law is undergoing final review, but it won’t go into effect unless the Cabinet approves it. According to him, the procedure should take two to three years. “The law will be evaluated in partnership with the Real Estate General Authority throughout the coming time, and a full examination of real estate matters will take place in order to replace it with a unified law,” he added.

Al-Falih quoted the National Investment Strategy and stated that there are SR12.4 trillion worth of investment potential in the Kingdom. He noted that “a significant share of these investments are within the cities of the Kingdom.”

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According to the minister, there are SR 1.1 trillion worth of investment prospects in the Saudi tourism industry.

He said, “The volume of investment opportunities in the Saudi public utilities amounted for roughly SR1.1 trillion, while the volume of investment opportunities in the transportation sector stood at SR1.7 trillion.

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