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Saudi Businesses Must Comply with Arabic Accounting Record Requirements
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The Kingdom of Saudi Arabia’s tax authority is increasing its scrutiny of businesses, making it essential for companies to maintain computerized accounting records in the Arabic language and issue Value Added Tax (VAT) compliant invoices in the same language. The requirements are set out in the Law of Commercial Books, updated by Ministerial Resolution Number 1633, and reiterated by the tax and VAT laws.
Consequences of Non-Compliance
Failure to comply with these regulations or an inaccurate translation may result in the tax authority rejecting a taxpayer’s tax return and issuing an arbitrary assessment. This can lead to significant tax liabilities as well as penalties.
Potential Risks of Non-Compliance
- Rejected tax returns
- Arbitrary assessments
- Significant tax liabilities
- Penalties
Deloitte Offers Arabic Translation Services and Compliance Solutions
To help businesses meet these requirements, Deloitte has developed a Center of Excellence (CoE) for Arabization. The CoE is staffed by experienced professionals who have assisted clients across KSA in Arabic translation services and compliance with Arabic record-keeping requirements.
Deloitte’s Services
- Arabic translation services
- Compliance solutions
- Business process solutions
- Regulatory navigation
Get in Touch
For more information on Deloitte’s Arabic translation services and compliance solutions, contact Basit Hussain, Partner and Middle East Leader for Business Process Solutions (BPS) Division of Deloitte & Touche (M.E).
Contact Information
Name: Basit Hussain Title: Partner and Middle East Leader for Business Process Solutions (BPS) Division Email: [Insert Email] Phone: [Insert Phone Number]
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