ZATCA Urges Businesses to Submit VAT Statements for April

Riyadh: The Zakat, Tax, and Customs Authority (ZATCA) has called on businesses with annual supplies of goods and services exceeding SAR40 million that have to pay the value-added tax (VAT) to submit their tax statements for April by the May 31 deadline. The authority urged establishments to promptly submit their tax statements on the website: zatca.gov.sa or via the ZATCA smartphone application to avoid late submission penalties, which range from a minimum of 5% to a maximum of 25% of the tax that should have been paid. ZATCA called on businesses seeking more information on VAT to contact it through the unified call center number 19993, which operates 24/7, via Ask Zakat, Tax and Customs on the X platform: @Zatca_Care, through email: info@zatca.gov.sa, or through live chat on its website zatca.gov.sa. VAT, in effect in the Kingdom, is an indirect tax imposed on all goods and services bought and sold by establishments; there are, however, some exceptions. Source: Saudi Press Agency

Foreign Minister Makes Phone Call to Acting Iranian Foreign Minister

Riyadh: The Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah, made a phone call today to the Acting Minister of Foreign Affairs of the Islamic Republic of Iran, Ali Bagheri Kani. During the call, the foreign minister expressed his deep condolences and sincere sympathy on the death of the President of the Islamic Republic of Iran Dr. Ebrahim Raisi, Iranian Foreign Minister Hossein Amir-Abdollahian and their accompanying delegation, expressing the Kingdom's solidarity with the government and people of the brotherly Islamic Republic of Iran. Source: Saudi Press Agency

Housing Minister Inaugurates Real Estate Supply Chain Forum 2024

Riyadh: Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al-Hogail today inaugurated the National Housing Company's (NHC) Real Estate Supply Chain Forum 2024, attended by numerous officials from the public and private sectors, along with representatives from local and international companies. The two-day forum is part of the NHC's efforts to contribute to the objectives of the Housing Program, one of the initiatives of Saudi Vision 2030. The forum focuses on finding innovative solutions to secure supply chains by forming partnerships with leading global companies and attracting international investments in the real estate sector. It also aims to implement integrated urban projects according to the highest standards and enhance national transformation in the construction and building sector. The forum is expected to witness the signing of 77 agreements, including six memoranda of understanding, 20 agreements for companies interested in investing in industrial zones, and 23 agreements fo r open purchase options offered by the NHC to developers and contractors to benefit from industrial areas. Additionally, 28 deals have been made by developers and contractors through the Mawad Platform for purchasing building materials from industrial zones. During the forum's opening ceremony, NHC CEO Mohammed Al-Buty noted that the company plays a strategic role in achieving the objectives of the Housing Program. The company has created qualitative and proactive solutions to secure supply chains and support local content through various programs, such as the Mawad Platform, which has facilitated transactions worth SAR 2 billion. Since its launch, the platform has seen 140 agreements with more than 90 local manufacturers and suppliers, helping developers and contractors save over 20%. The company has achieved a 54% utilization rate of local content in its projects and has signed contracts with more than 2,000 local entities through the Rakaez program, launched by the NHC earlier this year. Al-Buty highligh ted the partnership with the Chinese CITIC Group to establish an industrial city and logistics areas, valued at over SAR 3 billion. This partnership is expected to improve the quality of projects, enhance local production, and create around 10,000 direct and indirect jobs. The industrial city is projected to significantly impact the economic and development aspects of the real estate sector, with a value of up to SAR 33 billion. Source: Saudi Press Agency

Industry Minister Explores Cooperation Opportunities at Future Aviation Forum

Riyadh: Minister of Industry and Mineral Resources Bandar Al-Khorayef met today with key aviation leaders at the Future Aviation Forum. The event, organized by the General Authority of Civil Aviation, saw Al-Khorayef engage with the presidents of COMAC, Embraer, and Boeing. Discussions focused on forging stronger collaborations across various aspects of the aviation industry. The talks explored the Kingdom's growing capabilities in this critical sector, while also addressing challenges in global supply chains, attracting investments, and fostering the development and transfer of cutting-edge technologies. Beyond the forum halls, Al-Khorayef toured the accompanying exhibition showcasing innovations from leading aviation companies like Airbus, Boeing, and Riyadh Air. He received briefings on the latest advancements in aviation technology and related fields. Source: Saudi Press Agency

National Transport Strategy Enhances Kingdom’s Position among Top 10 Countries, Al-Jasser Says

Riyadh: Minister of Transport and Logistics Services Eng. Saleh Al-Jasser stressed that the core of the National Transport and Logistics Strategy is based on transforming the Kingdom into a global logistics hub that leverages its strategic geographical location at the crossroads of three continents. Al-Jasser made his remarks during a panel discussion titled "Connectivity and Investment from Now to Next," which was held after he inaugurated the Future Aviation Forum earlier today, in the presence of President of the General Authority of Civil Aviation Abdulaziz Al-Duailej, several ministers, aviation experts representing more than 100 countries, and major aviation manufacturers, including Boeing. "The strategy entails improving the Kingdom's logistical performance to become one of the top 10 countries in the world, and it aims to achieve growth in air, sea, and land transport," Al Jasser said, noting that the Kingdom's transportation has recovered to pre-pandemic levels, recording more than 1 million tons i n 2023. Source: Saudi Press Agency

National Transport Strategy Enhances Kingdom’s Position among Top 10 Countries, Al-Jasser Says

Riyadh: Minister of Transport and Logistics Services Eng. Saleh Al-Jasser stressed that the core of the National Transport and Logistics Strategy is based on transforming the Kingdom into a global logistics hub that leverages its strategic geographical location at the crossroads of three continents. Al-Jasser made his remarks during a panel discussion titled "Connectivity and Investment from Now to Next," which was held after he inaugurated the Future Aviation Forum earlier today, in the presence of President of the General Authority of Civil Aviation Abdulaziz Al-Duailej, several ministers, aviation experts representing more than 100 countries, and major aviation manufacturers, including Boeing. "The strategy entails improving the Kingdom's logistical performance to become one of the top 10 countries in the world, and it aims to achieve growth in air, sea, and land transport," Al Jasser said, noting that the Kingdom's transportation has recovered to pre-pandemic levels, recording more than 1 million tons i n 2023. Source: Saudi Press Agency