#Zakat and tax regulations update

[alwajeeztech]

ZATCA VAT & Tax Return System in ALZERP Cloud ERP Software

The ALZERP Cloud ERP Software offers a comprehensive tax return system designed to facilitate the calculation, moderation, and finalization of VAT and tax returns. This system ensures businesses comply with the Saudi Arabian tax regulations set by the Zakat, Tax, and Customs Authority (ZATCA). By automating and streamlining the tax return process, ALZERP helps businesses achieve accuracy and…

[capitalinternationalgroup]

Key Challenges for Foreign Investors in Saudi Arabia and How to Overcome Them

Saudi Arabia has become a key destination for foreign investors thanks to Vision 2030, a national initiative aimed at diversifying the economy and reducing dependency on oil. However, navigating the Saudi market can be challenging due to regulatory, cultural, and operational complexities. In this blog, we’ll explore the key challenges faced by foreign investors in Saudi Arabia and provide actionable tips on how to overcome them.

1. Navigating the Legal and Regulatory Framework

Challenge: Saudi Arabia has a unique legal system rooted in Islamic law (Sharia), and it can be difficult for foreign investors to navigate the intricate regulatory landscape. Many sectors require specific licenses, and foreign ownership restrictions in certain industries can be confusing.

Solution: Partnering with a local business setup service like Capital International Group (CIG) can simplify this process. At CIG, we assist with obtaining licenses, understanding foreign ownership limitations, and ensuring that your business complies with all local laws. Our expertise ensures a smooth transition into the Saudi market while avoiding unnecessary delays.

2. Understanding Cultural Differences

Challenge: Saudi Arabia's business culture is quite different from that of Western countries. The decision-making process can be slower, and personal relationships play a significant role in business dealings. Foreign investors unfamiliar with these cultural nuances may find it challenging to establish trust and develop strong business relationships.

Solution: Building relationships is key in Saudi business culture. Take time to understand Saudi traditions and customs, and invest in fostering strong partnerships. Capital International Group offers cultural orientation and business etiquette training to ensure foreign investors can communicate and collaborate effectively with their Saudi counterparts.

3. Securing Visas and Work Permits

Challenge: Obtaining visas and work permits for foreign employees can be a complex and time-consuming process. The requirements often vary depending on the nature of the business and the number of expatriates involved.

Solution: At CIG, we guide you through the process of obtaining visas and work permits, helping to streamline the paperwork and ensuring all requirements are met. Our team will also assist in applying for appropriate business visas for expatriates, making it easier for your international staff to relocate and work in Saudi Arabia.

4. Adapting to the Evolving Tax Environment

Challenge: Saudi Arabia introduced Value Added Tax (VAT) in 2018, and the tax landscape continues to evolve. This can create challenges for foreign businesses unfamiliar with local tax laws, including corporate tax obligations and Zakat, a religious wealth tax applied to certain companies.

Solution: Foreign investors need to stay updated on the latest tax regulations to avoid penalties. CIG provides expert tax consultation services to help you understand and comply with Saudi tax laws. Our experienced team will assist in navigating VAT registration, Zakat obligations, and other tax-related processes to ensure your business operates smoothly.

5. Securing Local Partnerships

Challenge: In certain sectors, foreign investors are required to have a local Saudi partner or sponsor. Identifying a reliable and trustworthy local partner can be a daunting task for new entrants in the market.

Solution: At CIG, we have an extensive network of trusted Saudi business partners. We facilitate introductions and help establish partnerships that align with your business goals. Whether it’s forming a joint venture or finding a sponsor, we help you connect with the right people to ensure the success of your business in Saudi Arabia.

6. Managing Operational Costs

Challenge: Saudi Arabia’s business environment is becoming more competitive, and operational costs such as labor, utilities, and real estate are increasing. Foreign investors must carefully manage costs to ensure profitability.

Solution: Capital International Group provides strategic consulting to help you optimize your operational expenses. We help businesses identify cost-effective solutions, whether through tax incentives, government subsidies, or selecting the right location for your business. Additionally, we offer financial planning and budgeting services to ensure your business remains competitive and profitable.

7. Dealing with Bureaucratic Delays

Challenge: Government bureaucracy can sometimes lead to delays in approvals, licensing, and business registration, causing foreign investors frustration and affecting business timelines.

Solution: Working with a trusted partner like CIG can significantly reduce bureaucratic delays. Our team has in-depth knowledge of Saudi procedures and maintains strong relationships with relevant authorities, ensuring that your business setup process is as efficient as possible. We handle all the paperwork and follow-up procedures so that you can focus on running your business.

Conclusion

Saudi Arabia offers lucrative investment opportunities for foreign investors, but challenges such as navigating legal complexities, understanding cultural differences, and managing operational costs can create obstacles. Capital International Group is here to help you overcome these challenges by offering expert guidance on every aspect of your business setup in Saudi Arabia. With our support, you can successfully enter the Saudi market and capitalize on the growing opportunities.

[macnross]

Saudi Arabia Proposes Amendments to VAT Implementing Regulations

Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) has released proposed amendments to the VAT Implementing Regulations for public consultation via the Istitlaa platform. These amendments, published on 28 August 2024, target over 25 articles within the VAT regulations and aim to improve compliance and provide further clarity for taxpayers.

Key Highlights:

VAT Group Provisions: Each entity within a VAT group must now conduct a taxable economic activity and be eligible for VAT registration on a standalone basis, tightening the current criteria.

Services Clarifications: A detailed, though non-exhaustive, list of services has been added, including rights transfers, granting facilities, and intangible rights.

Transfer of Going Concern (TOGC): Both parties must now notify ZATCA of a TOGC, with the recipient assuming the supplier's past and future VAT obligations.

Nonresident Service Supply: Provisions have been refined, requiring beneficiaries residing in KSA to be "associated" with the contractual client, awaiting further clarification.

Ineligible Expenses: A new category of ineligible expenses for VAT recovery, "attending events," has been added, though further clarification on this is pending.

Refund Process: Refund requests below SAR 5,000 are disallowed, and ZATCA may request additional documentation within 20 working days, with approved refunds issued in 30 days.

Implications:

Businesses operating in Saudi Arabia should carefully review these proposed amendments to understand their potential impact on compliance, administrative processes, and supply chain management. Public feedback will shape the final regulations, expected to be released soon.

Stay updated to ensure timely adaptation to any regulatory changes.

[raheena]

Boost Your Business Efficiency with the Best ERP in Saudi Arabia – Powered by Olivo Technologies 🚀💼

In today’s fast-paced business world, managing multiple functions efficiently is essential for growth and success. For businesses in Saudi Arabia, finding the right Enterprise Resource Planning (ERP) system can make all the difference. That’s where Olivo Technologies comes in – offering a powerful, all-in-one ERP solution in Saudi Arabia that helps companies streamline their operations, improve productivity, and stay competitive.

At Olivo Technologies, our cloud-based ERP Saudi Arabia system is designed to integrate every aspect of your business, from accounting and inventory to HR and customer relationship management (CRM). Whether you’re a small business looking to scale or a large enterprise needing better control over your processes, our ERP solution is tailored to fit your specific needs. 🌟

Why ERP is Essential for Your Business in Saudi Arabia

Implementing an ERP system is more than just adopting software; it’s about transforming the way you do business. Here's why having a comprehensive ERP system in Saudi Arabia is a game changer:

Streamlined Operations: Integrate all your departments under one system, providing real-time data access for better decision-making and collaboration.

Increased Productivity: Automate repetitive tasks, reduce errors, and free up your employees’ time for more strategic activities.

Data-Driven Decisions: Get accurate, real-time reporting on key business metrics, helping you make informed decisions faster.

Regulatory Compliance: Stay compliant with Saudi Arabia’s financial and legal regulations, including VAT and Zakat requirements, without the hassle.

Why Choose Olivo Technologies for ERP in Saudi Arabia? 🤔

At Olivo Technologies, we provide an ERP system that is customized for the unique needs of businesses in Saudi Arabia. Our ERP software covers all core business functions, ensuring smooth and efficient operations at every level.

Key Features of Olivo Technologies’ ERP System:

Cloud-Based Convenience: Access your ERP system anytime, anywhere, from any device. 🌐

Modular Design: Choose from different modules like Finance, HR, CRM, Inventory Management, and more to create the perfect solution for your business.

Real-Time Reporting: Make better decisions with instant access to data from across your organization.

Scalability: Our ERP system grows with your business, ensuring you’ll never outgrow your software.

Compliance: We ensure that your business stays compliant with local regulations, including Saudi tax laws.

Seamless Integration: Easily integrate our ERP with existing systems for a smooth transition.

How Our ERP Can Help Different Industries in Saudi Arabia 💡

No matter your industry, our ERP in Saudi Arabia is versatile and designed to meet your sector's specific needs:

Manufacturing: Track production, manage inventories, and optimize supply chain operations.

Retail: Manage sales, customers, and inventories with ease, both online and in-store.

Construction: Keep track of project progress, budgets, and workforce management.

Healthcare: Manage patient information, billing, inventory, and staffing.

Our ERP system offers a fully integrated solution that connects all the dots within your business, improving efficiency, reducing costs, and boosting profits.

Why Cloud-Based ERP is the Future 🌐☁️

With cloud-based ERP solutions, companies can move away from expensive, high-maintenance on-premise systems. Here’s why cloud ERP is the way forward:

Cost-Effective: Save on expensive hardware and maintenance costs.

Flexibility: Access your ERP system from any location, perfect for a distributed workforce.

Automatic Updates: Enjoy automatic updates and improvements without interruptions to your business operations.

Disaster Recovery: Cloud ERP systems ensure your data is always backed up and protected, giving you peace of mind in case of any unforeseen disasters.

Conclusion: Take Your Business to the Next Level with Olivo Technologies ERP in Saudi Arabia 🎯

Choosing the right ERP in Saudi Arabia can revolutionize the way you do business. At Olivo Technologies, our ERP system is designed to streamline your operations, increase productivity, and help you stay ahead in a competitive market. With cloud-based flexibility, real-time insights, and comprehensive compliance, our ERP solution is the perfect fit for businesses of all sizes.

Don’t let outdated processes hold you back – upgrade to the best ERP system in Saudi Arabia with Olivo Technologies and unlock new levels of efficiency and growth! 💼🚀

[shahdnon]

Introducing Plugin: Your Ultimate Accounting Software

In today's fast-paced business world, staying on top of your financial management is crucial. That's why we are proud to introduce Plugin, the ultimate accounting software that revolutionizes the way you handle your finances. With a wide range of features and exceptional services, Plugin is here to simplify your accounting processes and help your business thrive. Visit our website atبرنامج محاسبي to learn more.

Streamlined Financial Management: At Plugin, we understand the importance of efficient financial management. Our software is designed to streamline your accounting processes, allowing you to handle tasks with ease and accuracy. From recording transactions to generating financial reports, Plugin automates complex calculations, saving you time and effort.

Comprehensive Accounting Solutions: With Plugin, you can enjoy a comprehensive set of accounting solutions tailored to meet your business needs. Whether you're a small startup or a large corporation, our software adapts to your requirements. From managing accounts payable and receivable to tracking inventory and generating invoices, Plugin covers all aspects of your financial management.

Zakat and Tax Compliance: Plugin is certified by the Zakat and Income Authority, ensuring that your accounting practices align with the regulations and requirements set by the authorities. We understand the importance of adhering to zakat and tax obligations, and our software incorporates the necessary features to facilitate compliance, giving you peace of mind.

Source: برامج محاسبة erp

Electronic Invoicing Made Easy: In today's digital era, electronic invoicing is essential for efficient business operations. Plugin supports electronic invoicing, allowing you to create, send, and manage invoices seamlessly. Say goodbye to manual paperwork and embrace the convenience of electronic invoicing with Plugin.

Cloud-Based Accessibility: With Plugin's cloud-based system, you can access your accounting data anytime, anywhere. Whether you're in the office or on the go, you can securely log in to your Plugin account and manage your finances effortlessly. Real-time updates ensure that you have the latest information at your fingertips.

Exceptional Customer Support: At Plugin, we prioritize customer satisfaction. Our dedicated support team is available to assist you with any questions or issues you may encounter. We provide comprehensive training to ensure you make the most of our software and offer ongoing support to address any concerns. Your success is our success, and we are committed to helping you every step of the way.

Conclusion: In a competitive business landscape, having a reliable accounting software is essential for achieving financial success. With Plugin, you have a powerful tool that simplifies your financial management, ensures compliance with zakat and tax regulations, and supports electronic invoicing. Discover the convenience and efficiency of Plugin by visiting our website atبرنامج ادارة المدارس. Take control of your finances and propel your business towards greater growth and prosperity with Plugin, your ultimate accounting software.

[kpmgtoday]

<b>KPMG</b> holds seminars on zakat regulations, transfer pricing bylaws

RIYADH — KPMG Al Fozan & Partners, is organizing seminars in major cities across the Kingdom, focusing on relevant tax and zakat regulations, ... Delivered by KPMG Today (@KPMG_TO) Read more here Follow @KPMG_TO on Twitter to get latest updates

[valiantchildstudentme-blog]

Here are Jokowi-Ma'ruf's nine 'missions' for 2019's presidential poll

New Post has been published on http://gampangqq.link/here-are-jokowi-marufs-nine-missions-for-2019s-presidential-poll/

Here are Jokowi-Ma'ruf's nine 'missions' for 2019's presidential poll

Photo: Medcom.id/ Faisal Abdalla

Post Views: 14

Incumbent Joko “Jokowi” Widodo and running mate Ma’ruf Amin have released their platform for the 2019 presidential election, giving it the title Indonesia Maju (Indonesia Moving Forward).

The Indonesia Maju program, outlined in a 38-page document, aims to create a developed Indonesia that is “sovereign, independent and with characteristics based on gotong royong [mutual cooperation]” – a repeat of Jokowi’s vision when he first ran for president.

There are nine “missions” in Jokowi’s platform, each comprising several points and programs. The number of missions, nine, is also an echo of his 2014 Nawa Cita, or nine-point development program. However, while the President’s new platform certainly has areas of continuation from his first term, there are also some key differences.

Priorities that remain part of the new platform are human development, economic competitiveness, arts and culture, rule of law and defense and security. If the Nawa Cita put significant emphasis on maritime affairs, the new platform shelves the issue of maritime security and development under defense and security. Village and rural development also remains a priority.

New issues highlighted in the Indonesia Maju platform are economic inequality, sustainable development, bureaucracy and relations between the central and regional governments. In terms of the economy, Islamic or sharia-based finance has been given significant focus.

Here are the salient points of Jokowi-Ma’ruf’s Indonesia Maju platform:

1. Human development

The Jokowi-Ma’ruf pair aim to deliver basic services such as clean water and sanitation to support child development and health care. Stunting, a prevalent issue in Indonesia, is a focus of the pair’s child development agenda. In health care, Jokowi’s flagship National Health Insurance-Healthy Indonesia Card (JKN-KIS) program is intended to provide wider coverage and better services.

In education, the Smart Indonesia Program through the Kartu Indonesia Pintar (Smart Indonesian Card) will also continue. Affirmative action for the poor and people from underdeveloped regions will be available under existing programs such as the LPDP and Bidik Misi scholarship programs. Vocational schools will be designed to suit the needs of industry, so as to prevent a mismatch between education and the job market. Wider access to funds and scholarships will be provided for workers to increase their skills.

Religious education institutions will also be given added attention, as there is an emphasis on religious institutions as providers of “national character education” and an aim to instill religious values through education. There is also the Santripreneur program, described as a cooperative initiative between religious education institutions and the business sector. The aforementioned affirmative action will also be available for santri (Islamic boarding school students) and students in religious education institutions.

The focus on human development also encompasses gender equality and women empowerment. The pair’s program also introduces a gender-responsive budgeting system as well as objectives to increase female participation in education, with the goal of boosting women’s representation in politics and to empower women in the economy.

2. Economic competitiveness

Infrastructure development remains a priority, but the focus has now been turned to urban and digital infrastructure to accommodate the development of the digital economy. Infrastructure development will be integrated with special economic zones and industrial zones to support businesses, including micro, small and medium enterprises (MSMEs). One significant goal is to ensure access to house ownership for 5 million poor people, low-wage workers, soldiers and police.

Another program is industry revitalization for industry 4.0. This includes a change of policies in natural resources management, switching from a commodity-based economy to developing national industry, as well as increasing the minimum domestic component requirement. The preparation for industry 4.0 also calls for development in logistics infrastructure, the creation of innovation centers and more funding for research.

Jokowi-Ma’ruf aim to develop new economic sectors, with a focus on tourism, Islamic finance and the digital economy. Fiscal and structural reform will be conducted to increase efficiency and ease of doing business, as well as to reduce interest and increase productivity. Fiscal reform is aimed at reducing inequality, while tax reform is intended to deliver a sense of national justice.

3. Development equality

Jokowi’s agrarian reform will continue, in the form of asset distribution and land certification. The government will provide assistance to increase productivity to ensure an inclusive economy through, among other measures, providing technology to farmers and fishermen.

MSMEs and cooperatives will serve as a means for achieving economic equality. The pair promises to provide credits for funding, tax incentives and help to go digital and start exporting. An export-oriented marketplace is one of the objectives in this point.

Economic equality also relies on the principle of ekonomi kerakyatan (people’s economy), which according to the new platform, will center on religious institutions including places of worship. Zakat and waqf will serve as instruments for poverty alleviation and reducing inequality. Islamic finance and the halal industry will also be developed, and pesantren (Islamic boarding schools) are expected to have their own business units in partnership with the public and private sectors.

Jokowi will continue his decentralization program, strengthening regional economies through infrastructure development and fostering local industries. Subdistricts are to play a greater role in poverty alleviation through fiscal management rearrangement. Villages will also become an engine for economic development, in the form of village industries and the creation of competitive products. The village fund program will continue.

4. Sustainable development

The new platform still aims to have a one map policy for spatial development, combined with more monitoring and enforcement. Among other priorities, the pair will focus on waste management, including of hazardous waste and plastics.

Climate change mitigation will still focus on preventing forest fires and peatland conservation, developing renewable energy, ecofriendly public transportation and green spaces in urban areas. Indigenous people will also be involved in environmental conservation.

5. Arts and culture and national characteristics

Arts and culture development is mainly focused on culture for tourism and the development of the music and film industries. In music, the pair emphasizes the protection of intellectual property and musician welfare, while in film, the focus turns to funding, workers’ rights and people’s appreciation — the latest might be related to rampant piracy in the country.

Sports will be promoted and developed through education, leisure and as an industry. Sports infrastructure will be provided to villages. Partnerships and entrepreneurships will be fostered to develop the sports industry. The pair aims to improve the country’s competitiveness in sports, in particular those featured in the Olympics.

The national characteristics platform is focused on a mental revolution within the bureaucracy and the maintenance of social harmony, with the latter concerning moderation in religious activities. The youth is expected to play a role in tolerance building through interfaith and intercultural exchange programs. In addition, the youth is also encouraged to counter cyber-bullying and negative content on the internet. The government will also protect the youth from drug and alcohol abuse, HIV/AIDS and sexually transmitted diseases.

6. Rule of law

The pair’s law enforcement platform focuses on the harmonization of existing laws and regulations and deregulation when needed. The aim is to foster creativity and productivity, in addition to ensuring security and justice for all.

Legal reform will cover both criminal law and civil law, and focus on reducing overcrowding in penitentiary institutions. Efforts will be focused on antidrug operations, as well as fighting vandalism and organized crime.

The pair promises to strengthen the Corruption Eradication Commission (KPK) and introduce a national anticorruption strategy. Cooperation among governmental institutions will be increased, and cashless transactions will be promoted to reduce money laundering and graft.

Once again, Jokowi promises to resolve past human right abuses and to include human rights in the education curriculum. Religious freedom is guaranteed and the pair has taken a stance against “those who use force in the name of religion”. Other human rights issues include the protection of indigenous people’s rights, agrarian rights and disability rights.

7. Security and defense

Diplomacy is the first line of defense in Jokowi-Ma’ruf’s new platform. The pair emphasize participation in international organizations including the Indian Ocean Rim Association (IORA), with diplomacy identified as a means to attract investment and tourism. The pair promises to improve security in border areas and protect Indonesian citizens abroad.

Jokowi also aims to modernize the military, including by updating the main weaponry system and developing the cyber and defense industry. The defense budget will be reformed to pay greater attention to soldiers’ welfare and military development, although the new platform makes no mention of the existing minimum essential force (MEF) program.

Police reform will be conducted to gain public trust. Coordination with intelligence agencies will also be increased. The pair aims to create a better synergy among the military, police and other institutions in the government, and ensure a more integrated counterterrorism effort.

8. Bureaucracy

The bureaucracy program of the platform begins with the objective of improving the implementation of Demokrasi Pancasila. This includes guaranteeing civil rights and press freedom, as well as increasing digital literacy and strengthening the electoral process.

The new platform mentions the need for professional law enforcement, beginning with greater transparency in the recruitment and budgeting processes, to more education and training, smart office reform to a better retirement and remuneration system. For better efficiency and effectiveness, Jokowi-Ma’ruf will rearrange agencies with overlapping functions and pursue interagency relations reform.

An e-government system is expected to deliver better performance and transparency, with data integration as one key point. Online-based public services will also continue.

9. Central-regional government relations

The last key program in the new platform aims to deliver a better synergy between the central and regional governments. Jokowi-Ma’ruf aim to promote regional autonomy by designating subdistrict, district and villages as the frontier for the delivery of public services and the implementation of the Village Law. To combat widespread corruption at the regional level, the pair promises greater budget transparency. There will also be deregulation through the revoking of problematic bylaws.

Interregional cooperation is expected in sectors such as transportation, waste management and river basin area management. Regional governments are expected to improve cooperation to boost economic development and economic competitiveness.

Source