..... is an Islamic tax on wealth and is levied on Saudi Arabian and GCC natural persons, wholly Saudi Arabian or GCC-owned entities, and Saudi Arabian or GCC shareholders of companies. ( Unit 33-KLO 1-2)

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

____ is an Islamic tax on wealth and is levied on Saudi Arabian and GCC natural persons, wholly Saudi Arabian or GCC-owned entities, and Saudi Arabian or GCC shareholders of companies. ( Unit 33-KLO 1-2)

A	Zakat.
B	Diktat.
C	Tiktat.
D	Maktat.

Explanation:

Detailed explanation-1: -There is no individual income tax scheme in Saudi Arabia. Income tax is not imposed on an individual’s earnings if they are derived only from employment in Saudi Arabia. Non-employment income is taxed as an entity or permanent establishment (PE).

Detailed explanation-2: -Furthermore, the FTA announced on January 2022 the introduction of a corporate income tax (CIT) at a rate of 9% on businesses net profits. Effective for financial years starting on or after June 1 2023. The CIT regime is expected to cover transfer pricing rules and requirements on eligible taxpayers.

Detailed explanation-3: -According to the Income tax system in Saudi Arabia, there are 3 types of income taxes, namely. 1-The income tax for foreign companies and individuals at 20%. 2-Income tax on gas workers at 30%.

Detailed explanation-4: -Who Has to File Taxes in Saudi Arabia? Only corporations and business owners have to file taxes in Saudi Arabia. For the most part, Individuals deriving income from wages or investments typically do not file.

There is 1 question to complete.

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