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Saudi Arabia

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In brief Across the globe, transfer pricing disputes have increased following a waterfall of changes, e.g., BEPS, increased transparency, global compliance obligations, intangibility of value creation and digitized taxation. The pandemic added its synchronized impact by provoking countless economic and social ripples on the already turbulent waters. Against this backdrop, the Middle Eastern economies are battling lower oil prices and budget deficits, which in turn increase the pressure for fiscal receipts. In the last couple…

In brief Employers have been facing many difficult and untested employment law issues over the last year and a half with COVID-19 and the impact it is having on their business. One of the most critical of these issues is whether they can make vaccination compulsory for their employees. On 7 May 2021, the Saudi Ministry of Human Resources and Social Development (“MHRSD”) announced that it would be mandatory for public and private sector workers…

Signing of the “Al-Ula Declaration” ending trade and other restrictions against Qatar As reported in our previous client update, on 5 January 2021, the Kingdom of Saudi Arabia, the United Arab Emirates (UAE), Bahrain and the rest of the Gulf Cooperation Council (GCC) member states, along with Egypt, signed the “Al-Ula Declaration” at the 41st GCC Summit held in the city of Al-Ula. This marks the end of a three and a half year boycott…

On 5 January 2021, the Kingdom of Saudi Arabia, the United Arab Emirates (UAE), Bahrain and the rest of the Gulf Cooperation Council (GCC) member states, along with Egypt, signed the “Al-Ula Declaration” at the 41st GCC Summit held in the city of Al-Ula, paving the way for the re-establishment of political and economic ties with the State of Qatar. This marks the end of a three-year dispute which began on 5 June 2017, and reinforces…

A landmark survey of more than 1500 compliance leaders around the world including 300 in the Middle East and North Africa (MENA)[1] has revealed major risks associated with digitalization, with 41 per cent of those surveyed admitting their organization has already experienced enforcement investigations by regulators because of technology that was poorly on-boarded and/or implemented. According to this new research The Currency of Connection: Mobilizing Technology for Compliance Integration, investigations are most likely to arise…