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    4th CPD Event at Al-Khobar on August 27, 2015

    Workshop on “Update on Saudi Income Tax and Zakat Law – 2015” by ICAP KSA Chapter (Eastern Province)

    The Continuing Professional Development (“CPD”) Committee in Eastern Province of the ICAP KSA Chapter jointly with ICMAP KSA Branch Council under the chairmanship of Mr. Nabeel Najam organized a CPD workshop on Update on Saudi Income Tax and Zakat Law 2015 on August 27, 2015 at Alturki Business Park Auditorium in Al-Khobar.

    The session was attended by large number of professionals from accounting firms as well as representatives from diversified industries based in Dammam, Khobar and Jubail. Mr. Najam while giving introduction thanked Mr. Qamar uz Zaman, Tax and Zakat Manager in KPMG Saudi Arabia for taking out time for the seminar.

    The guest speaker Mr. Zaman in his presentation updated the participants on the recent developments, shared insights on major issues and interpretations of the Saudi tax law and the practices of the department of Zakat and income tax. His presentation covers the topics including shareholding and related party relationships, tax implications of cross border transactions, taxation for consortiums and unregistered joint ventures, issues related to capital gain taxes, DZIT current practices and latest interpretations, updates on withholding taxes and treaty benefits, summary of statutory compliance requirements, transfer pricing, update of upcoming draft zakat regulations and requirements for book keeping and accounting records.

    A penal discussion was also conducted and moderated by Mr. Zaman, Mr. Syed Farhan Zubair from E&Y Khobar Tax and Mr. Muhammad Jamil from Deloitte Khobar Tax. The panel discussion was followed by a detailed Q&A session during which numerous queries raised by the participants were answered by the panelists.

    Finally, the session was concluded by Mr. Najam, with a vote of thanks and memento was presented to Mr. Zaman by Mr. Asim Rafat Khan, member of Eastern Province CPD team. The presentation was followed by dinner.