Navigating Global Tax Reforms in 2024

Our experts analyze the shifting landscape of international taxation and what it means for your business strategy in the coming year.

Key insights include:

• Rotation Policies
• Taxation Plan
• Empowering

Taxation: An Overview

Taxation is a fundamental mechanism through which governments generate revenue to finance public services, infrastructure, and national development. It refers to the compulsory financial charges or levies imposed on individuals, businesses, and organizations by the state. Taxes are not optional; they are enforced by law and play a crucial role in the economic stability of a country.

Purpose of Taxation

The primary purpose of taxation is to raise funds for public expenditure. Governments use tax revenue to provide essential services such as education, healthcare, defense, transportation, law enforcement, and social welfare programs. Additionally, taxation helps in reducing income inequality by redistributing wealth and supporting economically disadvantaged segments of society.

More insights from Taxation

Taxation Jan 04, 2026

Extension of ZATCA Tax Amnesty: Key Insights for Businesses in Saudi Arabia

The Zakat, Tax and Customs Authority (ZATCA) has extended its tax amnesty initiative until 30 June 2026, giving businesses more time to regularize their tax positions without penalties or fines. This initiative applies to VAT, excise tax, corporate income tax, withholding tax, and real estate transaction tax obligations.

Understanding VAT in Saudi Arabia: A Guide for Businesses

Value Added Tax (VAT) has become a cornerstone of Saudi Arabia’s tax system, reshaping the way businesses operate and comply with financial regulations. Introduced as part of the Kingdom’s economic diversification efforts under Vision 2030, VAT plays a key role in increasing government revenue while promoting transparency and accountability in business transactions.