In brief The recent issue of the Kingdom of Saudi Arabia’s (KSA) official gazette published in early June 2023 includes the Resolution No. 1321/1444 of 6 June 2023 (“Resolution”) issued by KSA’s Minister of Finance. The resolution adopts: The model general arbitration submission agreement; and The model arbitration submission agreement providing for the arbitration in the Saudi Center for Commercial Arbitration (SCCA). The Resolution follows the liberalization of the dispute resolution regime in KSA, specifically…
On 15 September 2023, several amendments to the Implementing Regulations to the Income Tax Law (the “IRTL”) and the Implementing Regulations for the Collecting of Zakat were published in the official Saudi Gazette (Umm Al Qura). The amendments came pursuant to the Minister of Finance Resolution No. (25) dated 08/01/1445H. Key observations The amendments to the RITL reflect the proposed changes published in May 2023 for public consultation. The amendments are as follows: Article 9…
On 3 September 2023, Ministerial Resolution No. 3568, dated 07/01/1445H (corresponding to 25 July 2023), which was issued by the Minister of the Ministry of Human Resources and Social Development (MHRSD) regarding the disclosure of training data, has come into effect. The Resolution provides that entities that employ 50 or more employees must annually declare training data on their Qiwa portal in accordance with the Resolution’s accompanying Procedural Guide. The Guide states that an entity…
In brief On 11 July 2023, the Saudi Authority for Data and Artificial Intelligence (SDAIA) published two drafts of regulations to the Personal Data Protection Law promulgated by Royal Decree No. M/19, dated 09/02/1443H, amended pursuant to Royal Decree No. M/148, dated 05/09/1444H (PDPL). The drafts were published for public consultation and will be open to public commentary until 31 July 2023. While the drafts are not binding, they do provide helpful insights with regards…
The Government of Saudi Arabia has announced the issuance of the long-awaited Civil Transactions Law (“CTL”), the third of the four laws announced as part of the specialized legislations reform (the others being the Family Law, Evidence Law (both have been issued) and the Criminal law (expected to be issued soon)). The CTL was officially published in the Saudi official gazette on 19 June 2023. The CTL contains 721 articles and marks an important advancement…