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.
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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The Foreign Trade Policy is notified for five years with annual supplements generally notified by the Directorate General of Foreign Trade (DGFT). The present Foreign Trade Policy notified in 2015 was valid until 31 March 2020. It was expected to be replaced by a new Foreign Trade Policy effective 1 April 2020.
Many of our clients have been asking for, or are concerned about, the impact of COVID-19 on their Swiss pension funds. In our view, other than some tactical asset allocation decisions, there’s no need for panic.
The short-term will bring some pain through investment returns and lower interest rates, but the challenge for Swiss pension funds remains one for the long-term.