EY hosted the KSA Annual Tax and Zakat Seminar 2024 in Riyadh, Jeddah and Alkhobar to guide Saudi businesses in navigating the Kingdom’s evolving tax landscape. The latest edition of the event provided an overview of the significant developments in the Saudi tax system that have taken place over the last 12 months as well as the expected changes that are likely to be introduced in the country’s tax laws and regulations. 

The seminar leveraged the knowledge and practical experience of EY’s senior Saudi tax experts, supported by the company’s regional and global leaders. A panel of experts were assembled for the event to provide various insights to help participants achieve an optimal tax position whilst remaining compliant in response to the market trends and tax developments. The participants discussed best practices and the issues they are facing as taxpayers.

The sessions covered all taxes that are currently imposed in Saudi Arabia, including direct and indirect taxes as well as sustainability-related considerations. Topics discussed also included the long-awaited tax rules for regional headquarters, issued by the Zakat, Tax and Customs Authority in February 2024, which grants a 30-year tax incentive to multinational companies that establish their RHQs in Saudi Arabia. 

The agenda also explored the initial public offering journey from a tax perspective and examined the intricacies of setting up a proper tax function, highlighting the role of tax technology, such as automation and AI. EY has a robust AI strategy in place to augment the services it provides to address the dynamic challenges of the modern world. The strategy reflects the company’s unwavering commitment to creating new value for its clients and empowering them to shape the future with confidence. 

Asim Sheikh, a Saudi tax market segment leader at EY, said: “At EY, we realize that organizations thrive on certainty. As taxes across the region become more complicated and diverse, businesses must keep a laser focus on defining the internal procedures which get them the right results. The insightful interactions at our Annual Tax and Zakat Seminar seek to help our existing and potential clients mitigate tax risks arising from non-compliance while maximizing opportunities, such as tax reliefs and benefits. We want to make sure that taxpayers feel comfortable in terms of fulfilling their obligations. The event also aims to drive home the message that tax must assume a strategic importance in the organization to avoid any potential surprises and that it must be viewed as seriously as any other business function.” 

As the largest economy and the only G20 country in the Middle East, Saudi Arabia has a highly advanced tax system. The Kingdom’s tax landscape is evolving in line with its Vision 2030, especially with regard to its goal of diversifying the economy away from hydrocarbons, which requires creating an enabling environment for foreign investment. ZATCA is proactively working to bring the three C’s — clarity, certainty and consistency — into the tax regulatory environment. ZATCA has issued new guidelines that make the application of the rules easier for taxpayers. Meanwhile, fundamental changes are being proposed to existing legislation to align it with international standards in areas such as base erosion and profit shifting pillar 2 as well as minimum taxation.

EY’s flagship Annual Tax and Zakat Seminar in Saudi Arabia is complemented by a series of targeted webinars throughout the year to address the latest changes to the Kingdom’s tax and zakat laws. 

Earlier this year, EY announced the relocation of its regional headquarters to Riyadh in support of Saudi Vision 2030. By positioning its regional operations in the heart of the Kingdom, the company seeks to enhance service delivery, leverage local talent and foster closer collaboration with clients and stakeholders in the region. 

Chalhoub Group hosted “The Skincare Edition: Unfiltered” in Riyadh, in collaboration with Hia Hub 4.0, from Oct. 30 to Nov. 3. The event took place at the bustling JAX district, offering an unparalleled skincare experience featuring immersive workshops, insightful panel discussions, and live demonstrations.
The five-day program featured both professional and B2C talks, offering deep insights into personalized skincare. Attendees had the opportunity to learn directly from experts through panels and interactive sessions designed to transform skincare routines and ideologies. During the summit, Chalhoub Group unveiled the findings from its intelligence report on “Gen Z’s Skincare Evolution in GCC.”
Featured speakers and panelists included a lineup of dermatologists, experts and industry leaders, including Chairman of Shiseido EMEA Franck Marilly, MD of L’Oréal Middle East Laurent Duffier, CEO of Waldencast Michel Brousset, Founder and CGO of Waldencast Hend Sebti, Group President of Chalhoub Group Patrick Chalhoub, Regional Managing Director of Sephora Middle East Hasmik Panossian, VP Retail Commercial and Business Development EMEA of Estée Lauder Companies Henk van der Mark, Managing Director of Faces Beauty ME Nicole Nitschke, and Group President of Finoli Pierre Juhen, among others.
Leading tech companies discussed the latest innovations in skincare, with contributions from Anna Germanos, group director of CPF, retail, e-commerce and luxury, META; Hala Zgeib, head of luxury, MENA Snap Inc.; and Aref Yehia, head of retail and e-commerce, TikTok.
Global researchers and experts such as Jennifer Palmer, senior vice president, global skincare category and brand scientific authority strategy of Estée Lauder Companies, and Dr. Annie Black, international scientific director of Lancôme, also shared insights.
Visitors also attended engaging sessions with their favorite creators like Noor Stars and an inspiring panel featuring Yara Namlah and Amani Al-Ayed on “Generational Beauty: Inheriting Skincare Wisdom.” Another insightful session was “Facial Fitness: A Skincare Masterclass with Face Gym Founder Inge Theron,” where Inge talked about her journey as a founder and on facial fitness. The event featured brand experiences that encompassed all aspects of skincare, including wellness. Visitors explored the “Wellness Hub” by L’Occitane and “Skincare Nation” by Faces to enhance their skincare journey.
The event also feature unique workshops such as “Decoding Skincare with The Ordinary,” “Potential Has No Age by Shiseido,” “The Power of Science-backed Skincare and Beauty Tech with Lancôme,” “Discover The Guerlain Skincare Essentials With The Secret Of Facialist Gesture,” and “Unlocking The Secrets To Youthful, Radiant Skin.” The workshops offered attendees the opportunity to deep-dive into tailored skincare solutions.