KPMG Al Fozan & Partners plans to hold its annual roadshow specialized in Zakat and Taxes for year 2017 in Riyadh, Jeddah and Al-Khobar. The roadshow will take place on Feb.12-16 and will be titled "Tax & Zakat Update 2017", as part of the company's ongoing effort to inform interested parties and specialists of the most important features of the Saudi financial landscape, the latest updates and their impact on the business sector. This year, the three seminars will be held at the time when Saudi Arabia›s economy is witnessing a qualitative leap at all levels, with the adoption of further economic reforms and new legislations, as well as the consolidation of public expenditure efficiency, while focusing on initiatives that contribute directly to raising economic growth rates in various sectors and being prepared for the reduction of dependence on oil revenues. The three seminars agenda includes discussing the latest updates on the local financial landscape as well as Saudi tax and zakat system, including the latest news regarding the selective tax imposed on some goods as of this year, in addition to the value-added tax that is expected to be implemented in 2018 and will have a significant impact on the market and consumer behavior in general in the Kingdom. The seminars will also showcase the mechanisms that regulate companies' interaction with this type of tax and ways to prepare for it, while adapting to the relevant market variables. Moreover, the seminars will shed light on the companies' new system from a regulatory perspective, which came into force during the past year, in addition to the changes in the Saudi investment climate and the measures that should be taken to deal with these changes. Ebrahim O. Baeshen, KPMG's Office Managing Partner – Jeddah, stressed the importance of these annual seminars, saying: "KPMG is determined to continuously organize these seminars that aim at raising awareness among business owners and senior officials in various aspects of economic and trade developments in the Kingdom, as well as helping companies create a full and in-depth understanding of new regulations that are sequentially activated, making them better able to deal with market changes and advance their business activities." He added: "Raising public expenditure on development projects in the current year›s budget predicts positive developments in the Saudi economic landscape, it also enhances the citizen's confidence in the state's ability to manage fiscal deficit and its firm determination to keep protecting the national economy and developing infrastructure, especially with the trend towards finding alternatives to oil for the promotion of national income, as well as strengthening the attractiveness of the investment climate in addition to other initiatives and economic reforms."
