Saudi Arabia announced the establishment of a Special Economic Zone (SEZ). A Royal decree was issued to approve the regulation of the “Integrated Logistics Bonded Zone – ILBZ”. The first zone, to be allocated in King Khalid International Airport and similar zones are expected at other airports, once approved by the Council of Economic and Development.
The preferential treatment within the zone will be available for activities, including warehousing and fulfillment; inventory management, maintenance, and repairs; staging, testing, sorting, and assembly; import, export, and re-export of goods; logistics and after-sales services; and certain recycling activities.
The zone aims to attract more multinational companies to the country, through measures including the following:
In addition to the measures, the ILBZ also offers direct and indirect tax incentives that are yet to be determined.
Source: Saudi Press Agency
One of TPA’s technology partners Cygnet Infotech has developed a comprehensive VAT solution named R7VAT MTD, which is amongst others recently approved by HMRC for use by companies in the UK to automate and manage their VAT returns filing process but can also be used broadly within the EU.
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