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Tuesday, Dec 06, 2022

Riyadh session underscores survey of all taxes and fees to avoid negative repercussions

Riyadh session underscores survey of all taxes and fees to avoid negative repercussions

Minister of Industry and Mineral Resources Bandar Alkhorayef chaired on Wednesday a dialogue session that dealt with the study on the importance of unifying and harmonizing sectors in legislation with regard to issuing fees, taxes, and zakat and their standardization.
The session, which was held as part of the activities of the 10th edition of the Riyadh Economic Forum, highlighted the importance of a survey of all taxes and fees to avoid negative economic and social repercussions.

Those who attended the session also included members of the Shoura Council Dr. Muhammad Al-Abbas and Dr. Muhammad Al Zuma, Professor of Law at King Saud University Dr. Abdul Rahman Al-Saleh, and a number of government officials, economic experts, academics, and businessmen and businesswomen.

The study conducted a comprehensive survey of all fees, taxes, zakat, and customs, as well as about authorities concerned with their collection and the mechanisms for unifying the reference for issuing them.

The study monitored several mechanisms, including determining fees and taxes in the Kingdom and the authorities concerned with their collection apart from strengthening public finance sources while avoiding negative economic and social repercussions.

In the three-day session, which concluded on Wednesday, the forum discussed four studies. These included studying the prospects and challenges of the new field of work; studying the importance of unifying and harmonizing sectors in legislation with regard to issuing fees, taxes, and zakat, unifying the issuance reference; studying the linking of the Kingdom’s regions with railways and its impact on the prosperity of tourism and services, and logistics; and study of new investments, digital transformation, and knowledge economy.
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