The General Authority of Zakat and Tax (GAZT) concluded the VAT Forum in Riyadh on Wednesday. The forum, which was held under the patronage of GAZT Governor Suhail Abanmi, is a major event that helps businesses in preparing for value-added tax (VAT) ahead of its introduction on Jan. 1, 2018.
More than 2,000 representatives from over 1,200 businesses attended the two-day forum, which featured 10 sector-specific sessions on the implications of VAT. The event also included a VAT Fair, where businesses had the opportunity to meet with more than 20 advisers and solution providers to help them prepare for VAT.
GAZT used the forum to launch a dedicated VAT website — vat.gov.sa — which has a range of resources and tools for businesses, as well as a VAT helpline — 19993 — for all VAT-related queries. The website includes video tutorials, guidelines and a readiness reporting tool for large businesses to update their progress against requirements.
GAZT Governor Abanmi said: “Businesses of all sizes have much to do to prepare for the introduction of VAT on Jan.1, 2018 and GAZT is ready to support them through the process. This event allowed us to talk directly to businesses and offer them specific guidance and support on what VAT means for their sectors.”
He added: “Ensuring businesses understand the implications of VAT — and the steps needed to prepare — is a priority for GAZT. This event is just one part of a broader campaign to help taxpayers and I urge all businesses to look closely at their preparations for VAT and the resources we have developed.”
GAZT holds VAT Forum, launches VAT website and helpline
GAZT holds VAT Forum, launches VAT website and helpline
DeveGO25: Social Development Bank signs 51 agreements to support startups, productive families
The Social Development Bank has announced the signing of 51 agreements covering the establishment of financing portfolios, as well as local and international cooperation partnerships, on the sidelines of the Entrepreneurship and Modern Business Practices Forum, known as DeveGO25. This milestone reinforces the bank’s growing role in building an integrated entrepreneurial ecosystem and expanding its developmental impact through financial and nonfinancial solutions tailored to the needs of entrepreneurs, startups, micro and small enterprises, freelancers, and productive families, in line with the economic transformation of the Kingdom under Saudi Vision 2030.
The announcement was made during the second edition of the forum, which witnessed the signing of a package of specialized financing portfolios. Most notably, this included a joint financing portfolio with Arab National Bank valued at SR100 million ($26.6 million) to support entrepreneurs’ projects, alongside a financing portfolio with the Council of Foundations, valued at SR50 million to enhance the sustainability of nonprofit organizations.
The SDB also signed a number of corporate social responsibility financing portfolios with Al-Ghuwairi Charity Foundation to support community initiatives, as well as with ACWA Power to help entrepreneurs and innovators in the energy sector, in addition to Fakeeh Care Group to support startups in the healthcare sector.
Furthermore, financing portfolios were signed to support freelancers and entrepreneurs in partnership with Naylah Finance, Al-Yusr Leasing and Financing, Al-Jabr Financing, and J-B Financial Solutions. These financing portfolios reflect the bank’s accelerating direction toward diversifying support solutions and developing innovative financing channels capable of accommodating the needs of entrepreneurial segments across all regions of the Kingdom.
As part of its international partnerships, the bank strengthened its presence within global entrepreneurial networks through the signing of agreements with leading international entities. It partnered with Alibaba for a Saudi–Chinese initiative aimed at supporting the international market access of Saudi startups and productive families through specialized training and capacity-building programs, as well as linking them with potential clients and partners in China. In addition, SDB partnered with Incofin to cooperate on financing programs for small and emerging enterprises, while exchanging expertise in the areas of investments, joint funds, sustainable finance, and financing guarantees. Furthermore, the SDB entered a partnership with Riversands to exchange knowledge and expertise in investment programs and nonfinancial services dedicated to entrepreneurs, small enterprises, and co-working spaces.
In support of entrepreneurs and small enterprises, the bank signed cooperation agreements with the Royal Commission for Jubail and Yanbu, Qassim Chamber, Al-Qurayyat Chamber, and Riyadh Chamber, to finance startups and small enterprises, enhancing beneficiary capabilities through training and capacity-building programs, and creating more than 500 sustainable jobs for citizens. These efforts contribute to strengthening the role of such enterprises in the national economy. In addition, a tripartite agreement was signed with the Sports Investment Forum and the Council of Saudi Chambers to support enterprises and strengthen the investment ecosystem in the sports sector.
In the area of supporting productive families and freelancers, the SDB signed agreements with a range of entities, including the King Salman Charity Housing Association, the Heritage Commission, the Hail Region Development Authority, the Saudi Geological Survey, and Last Mile Information Technology (Thrive), to implement programs and initiatives aimed at supporting productive families and encouraging self-employment.
The agreements also included innovative partnerships with digital platforms such as The Chefs, Cloud Chefs, and HungerStation, to provide innovative digital sales channels that contribute to strengthening freelance work and, in turn, the local economy. In addition, the SDB collaborated with Hala Payments and STC Bank to launch financing cards for freelancers.
As part of efforts to enhance market access, the bank signed eight agreements with the Ministry of Islamic Affairs, Riyadh Municipality, King Salman Social Center, Zain Telecom, the Small and Medium Enterprises Bank, Ministry of Interior Clubs, Saudi Railways Company and NADEC, aimed at establishing permanent sales outlets within their premises. This initiative contributes to creating sustainable marketing channels that enhance the ability of productive families to increase their income and transition their projects into more structured and resilient business models.
The agreements also included strategic partnerships with government entities and national institutions serving diverse objectives. A cooperation agreement with the Authority for the Care of Persons with Disabilities will empower beneficiaries through the “Kanaf” financing product and specialized training programs, while a collaboration with the Ministry of Municipalities and Housing (Developmental Housing Agency) will enable nonprofit organizations to manage productive families’ portfolios. Partnerships with Albilad Bank and NEO Digital Banking will promote a culture of savings.
The forum also witnessed a significant expansion of the SDB’s “education product,” through the signing of agreements with national universities and institutes to enable students to continue their education with the help of accessible financing solutions. These agreements included Northern Border University, Effat University, King Abdulaziz University, Qassim University, Imam Muhammad ibn Saud Islamic University, Institute of Public Administration, University of Business and Technology, Arab Open University, Resal Company, Saa’i Endowment Foundation, and Gulf Training Company.
