Further to the announced plan by the Saudi Cabinet, which has amounted to more than SAR 120 Billion in an effort to mitigate the implication of COVID-19 pandemic on the economic activities and private sector, the Ministry of Finance “MOF” has offered a temporary relief for some tax related penalties.
Find more information on the topic in the PDF below.
On 23 March 2020, the Federal Customs Administration officially published a set of measures to support companies affected by the coronavirus during this challenging time. The package is especially focused on simplifications regarding payment settlement and operational customs clearing handling for specific types of goods and professional groups.
The Federal Ministry of Tax announced within the Q&A section re Covid-emergency measures that donations of medical equipment, as well as the free provision of personnel for medical purposes, will be exempt from value added tax from April 3, 2020 until the end of the year for beneficiary organizations. Nothing was published yet.
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As from January 1 2020, a resident company shall file an economic substance declaration with the Barbados competent authority annually within 12 months after the last day of the end of each fiscal period.
Nearly everything has changed. The world is unrecognizable. I’m sitting at home for the third week in a row and am working 24/7. Slowly I’ve adjusted to the new situation. I am making the best of what we’ve got.
Ziemlich alles hat sich geändert. Man kann die Welt nicht mehr wiedererkennen. Ich sitze die Dritte Woche zu Hause und arbeite rund um die Uhr. Langsam bin ich organisiert in der neuen Situation. Ich mache das Beste aus dem was wir haben.