The government announced four new special economic zones (SEZs) in Saudi Arabia, along with a public consultation on draft legislation regarding the tax and customs treatment of the SEZs.
A detailed procedural guide will be issued subsequently regulating the tax and customs benefits and conditions for SEZs, which will include record-keeping requirements, usage of Arabic and English language, submission of tax returns, tax payment, tax assessments, application for tax refunds, entry and exit of goods, transfer of ownership, manufacturing operations within the zone, anti-tax avoidance, violations and penalties.
Source: KPMG
