ZATCA Updates Rules on Customs Exemptions for Returned Goods

• Russia raising taxes for the first time in 26 years
• Aimed at boosting war budget and economy
• Wealthiest individuals will pay higher taxes
• Tax hike to come into effect in 2025
• Introduces progressive tax system for incomes exceeding £20,000
• Tax rates: 15% for £20,000 to £43,000, 18% for £43,000 to £171,000, 20% for £171,000 to £429,000, and 22% for incomes over £429,000

Source: assets.kpmg.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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