Riyadh- Acting Director-General of the General Authority of Zakat and Tax in Saudi Arabia Tareq al-Sadhan confirmed that tax evasion in Saudi Arabia is low; pointing out that the Kingdom is making efforts to maintain its tax revenues from foreign companies.
Sadhan said that the problem of tax revenue from foreign companies is global, and it is difficult to determine a specific number for the size of profit earned by these companies.
Sadhan’s statements were made during a press conference at the headquarters of the General Authority for Zakat and Tax on Sunday to talk about the approval of the Cabinet to organize the Authority.
The Acting Director said that officials from the Authority attended international debates on profit smuggling attempts.
He confirmed that Saudi Arabia will sign several agreements with some countries to protect its rights in taxes on accrued profits, explaining that without concluding joint agreements with other countries, it is difficult to reduce the problems of profit laundering.
Sadhan also addressed the selective tax issue and explained that the General Authority of Zakat and Tax has completed its readiness in this subject.
He stressed that there is no plan for the Zakat and Tax Authority regarding the collection of Zakat on individuals.
He pointed out that the Authority’s field of activity is the collection of Zakat and taxes from the business sector; pointing out to the Authority’s expansion in electronic connectivity with a number of other government agencies.