The tax and customs regulations in the new special economic zones stipulated that the Arabic language should be an official language for correspondence with the competent authority.
The draft of the new regulation (Okaz obtained a copy of it) revealed that the investment element is of fundamental importance in the road map drawn by the Kingdom’s Vision (2030), as the Kingdom aims in the second pillar of its vision to become a global investment power, by stimulating economy, diversifying sources of income and total revenues, improving the investment and business environment, and improving the Kingdom's ranking and classification in relevant global indicators to create a more robust, diversified and sustainable economy.
The regulation granted acceptance of the use of the English language, in addition to the Arabic language, in correspondence, notices, documents and decisions with the investor, and in the event of any conflict between the Arabic and English languages, the Arabic language shall prevail.
It revealed that the investor can use the English language to keep his documents, documents, books, records, financial reports and supporting documents in Arabic or English, provided that he provides an Arabic translation of them if the competent authority requests that.
The value-added tax is applied to goods imported into the economic zone, taking into account the exemptions and incentives for each region, and this applies to the regions that are under a customs suspension. This is the supplies of goods that take place between investors within the same region or between investors in different regions when the following conditions are met, namely: that these goods are under a customs suspension, and that these goods are related to the activities that qualify the investor and the licensee to practice them, taking into account the exemptions and incentives for each region. Supplies of goods that are imported from outside the Kingdom to areas that are under customs suspension are deemed to be outside the scope of VAT when the following conditions are met: Those goods are under customs suspension, and those goods are related to the activities that qualify the investor and the licensee to practice.
meet the requirements
The regulation granted entry and exit of goods so that investors are allowed to enter and exit goods related to the investor’s activity to and from the Special Economic Zone. The regulation also confirmed that foreign goods entering the Special Economic Zone from the primary economy are treated as re-exports; This is in accordance with the relevant provisions contained in the customs system.
The control determined the areas that the competent authority is responsible for controlling investors’ warehouses and the region in everything that falls within its competence, and this includes control and inspection of goods and commodities entering and leaving them and present in them; This is in accordance with the relevant provisions contained in the relevant tax and customs system and these regulations. The competent authority verifies that the actual economic requirements are met annually and supervises the investors in everything related to this matter.
Motabalawwd (Hail) @motabalawwd
