فصل: Chapter 1: Fundamentals
Stocktaking and inventory costing
Two questions close a financial year: how much do we actually have? — that is the count. And at what value do we carry…
What is governance and how did it arise?
Governance is not a managerial luxury, nor paperwork produced to satisfy a regulator. It is the answer to an old question: how can we…
Deductions and the zakat rate
Deduction is not a matter of preference: each item has a condition and each deduction has a cap. Then comes the rate — which…
An introduction to tax and tax accounting
Before calculations and returns comes the vocabulary: what is a tax? What kinds are there? How does it differ from zakat? And who is…
Value added tax: the concepts
A tax levied on the value added at every stage of the supply chain, and ultimately borne by the final consumer alone.
VAT in practice
From the invoice to the return: how the tax is computed, when a deduction is allowed, and what makes your invoice acceptable under the…
Withholding tax and income tax
When you pay a party outside the Kingdom, you may be obliged to withhold part of the amount and remit it to the Authority.…
Tax compliance and managing its risks
Compliance does not begin when the return is filled in; it begins with the first entry in the books. Anyone who controls the daily…
An introduction to zakat and the conditions for it
Zakat is not a tax with a different intention; it is an act of worship involving money, governed by religious rulings, and for businesses…
What is added to the base
Everything that financed the activity and stayed in the business is added — unless a provision excludes it. Here are the main items and…