RIYADH: The General Authority for Zakat and Income Tax (GAZT) announced that all finance lease contracts or lease contracts expired by acquisition and concluded before Jan. 1, 2018, the date the value-added tax (VAT) was implemented on assets including cars or real estate, are exempted from VAT.
GAZT said that they are considered non-continuous supplies and are excluded from exceptions related to supplies of a consecutive nature. VAT will therefore not be collected on the installments due from these contracts Jan. 1, 2018.
The authority explained that all finance lease contracts or lease contracts expired by acquisition and concluded after Jan. 1, 2018 will be subject to the 5 percent VAT.
According to the provisions of the unified agreement for VAT, the tax law and its executive regulations, the tax will be collected on the value of the underlying asset, and the profits or benefits related to the contract will not be included because it is exempt from tax.
The tax on the total value of the goods supplied will be payable on the date of the supply of the underlying asset, the date of issue of the tax invoice, or on the date of delivery of the partial or full payment and within the amount received, whichever is earlier, provided that the date of supply is the date of delivering the goods at the disposal of the customer.
Several activities in the exempted financial sector are included in the implementing regulations of the VAT system.
These activities include interest on loans or lending fees charged with an implicit profit margin, including loans and credit cards, mortgages, finance leases, banknotes or securities transactions, as well as current accounts, deposits and savings accounts.
No VAT on lease, mortgage deals signed before January 1 in Saudi Arabia
No VAT on lease, mortgage deals signed before January 1 in Saudi Arabia
Climate change is a key driver of worldwide hunger, according to IFAD
- IFAD President Alvaro Lario: Food security is intertwined with the current extreme weather events, as it has impacted the world
- Saudi Arabia has contributed over $536 million to IFAD since it started and is among the top 10 donors
BAKU: Climate change is dangerously impacting crops and driving worldwide hunger, according to the head of the International Fund of Agricultural Development.
“Food security is intertwined with the current extreme weather events, as it has impacted the world,” IFAD President Alvaro Lario said in an interview with Arab News on the sidelines of the COP29 UN climate conference in Baku, Azerbaijan.
IFAD reported that in 2023, about 735 million people suffered from hunger caused by climate change.
In addition, unusual rainfalls, according to IFAD, caused a decrease in wheat production and food quality in Europe.
Floods and heat waves caused damage to orange crops in Brazil. In Southern Africa, above-average temperatures led to below-average maize harvests, and in parts of West Africa, erratic rains affected cocoa production and cut output by half.
“We are seeing a lot of the crops are fully being impacted in Brazil, which has been hit by a historic drought, or in Ghana, for example, where there has not been enough rain, cutting the cocoa production by half.”
The IFAD is a UN specialized agency as well as a development finance institution. The organization provides concessional funds and grants to countries and invests in the private sector.
The organization’s key focus is to provide livelihoods and raise income as well as production in low- and middle-income countries.
“Our biggest investments are in the Sub-Saharan region. Fifty-five percent of our funding goes to Sub-Saharan Africa, and up to 60 percent into Africa. But we also operate in the Middle East, Asia, and Latin America. We are currently investing in 90 countries,” said Lario.
The Kingdom of Saudi Arabia is one of the main contributors to IFAD. According to the organization, Saudi Arabia has contributed over $536 million to IFAD since it started and is among the top 10 donors.
In the last 10 years alone, the Kingdom has contributed a total of $96.6 million.
IFAD implemented the first phase of a project to support coffee and mango farmers in the Jazan region.
From 2018 to 2023, the project established 50 model coffee farms and five mango farms in the region, which benefited nearly 30,000 smallholder farmers, according to IFAD.
Furthermore, the project adopted strategic plans through a group of development solutions and pillars that include agricultural sustainability and innovation.
“Small-state islands are among the most vulnerable (to climate change),” said Lario. “We are seeing that sea levels are rising. They are also suffering from hurricanes and long droughts. They suffer from access to potable drinking water.”
Strategies to address the problem and implement adequate solutions have been developed by IFAD according to each country’s climate situation.
“For IFAD, we do have strategies on how we work and how we design our projects. All the strategies are to promote sustainable food systems, also to increase rural non-farm crops, so they can also diversify their income.”
One of the programs the organization is working on is in Belize, in Central America, for heat-tolerant and drought-resistant crops such as maize or beans. Another project involves mixing trees with crops that provide shade to conserve water and combat the rising temperatures in Cuba.
Forum focuses on women’s role in Saudi economy
- Event features broad participation from experts, officials, academics and professionals, focusing on the women’s business sector
- Prince Saud bin Naif highlighted the Saudi leadership’s commitment to empowering women across various sectors
RIYADH: Eastern Province Gov. Prince Saud bin Naif inaugurated the Women’s Economic Forum in Dammam on Tuesday.
The event, organized by the Asharqia Chamber through its Women’s Empowerment Center, features broad participation from experts, officials, academics and professionals, focusing on the women’s business sector.
Prince Saud highlighted the Saudi leadership’s commitment to empowering women across various sectors, the Saudi Press Agency reported.
He emphasized the importance of economic programs designed to enhance women’s contributions to the national economy.
The chamber’s chairman, Badr Al-Rizaiza, briefed the governor on the forum’s objectives and the key initiatives supporting Saudi women’s empowerment.
The forum featured four sessions examining the evolving role of Saudi women under Vision 2030.
Topics included women’s contributions to achieving Vision 2030’s goals, opportunities in the entrepreneurship ecosystem, strategies for business sustainability, and the significance of training in preparing women for leadership roles.
On Wednesday, the forum will host four workshops focusing on key areas, including the Dhahran Techno Valley system and its support for entrepreneurship, as well as tourism entrepreneurship.
The workshops will also cover fostering workplace diversity and inclusiveness, and creative leadership as a cornerstone for success in today’s dynamic business environment.
Pakistan PM receives Saudi deputy interior minister in Islamabad
- Al-Dawood also met with Pakistan’s Interior Minister Mohsin Raza Naqvi and discussed boosting security cooperation
RIYADH: Saudi Deputy Interior Minister Nasser bin Abdulaziz Al-Dawood was received by Pakistani Prime Minister Shehbaz Sharif in Islamabad on Tuesday.
They reviewed bilateral relations and discussed topics of mutual interest, the Saudi Press Agency reported.
Al-Dawood also met with Pakistan’s Interior Minister Mohsin Raza Naqvi and discussed boosting security cooperation.
Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki was among the Saudi officials in attendance.
AlUla Trail Race offers challenges for adventure enthusiasts of all levels
- Participants of all ages and fitness levels are invited to engage in this sporting challenge in a vibrant, competitive environment
- Several races will be held at the event, organized by AlUla Moments, ranging from a 1.6 km Kids’ Run to a 100 km ultra-marathon
RIYADH: The AlUla Trail Race will take place on Jan. 23 and 24, 2025, offering a challenge with stunning scenery for adventure enthusiasts.
Participants of all ages and fitness levels are invited to engage in this sporting challenge in a vibrant, competitive environment, the Saudi Press Agency reported.
Several races will be held at the event, organized by AlUla Moments, ranging from a 1.6 km “Kids’ Run” to a 100 km ultra-marathon, providing options for all skill levels across AlUla’s desert landscape and ancient oases.
The AlUla Trail Race 2025 features seven distinct races, with participants viewing iconic AlUla locations, including Elephant Rock, Maraya (the world’s largest mirrored building), and the UNESCO World Heritage site of Hegra.
The 1.6 km race, for children aged 6 to 12, offers a safe and fun introduction to competitive running. The “Sunset Run” (3 km) allows participants aged 13 and older to explore AlUla’s oasis at sunset.
The 10 km “AlUla Oasis” race is open to runners aged 13 and older, suitable for beginners or those seeking a moderate challenge.
The “Elephant Rock” 23 km race is aimed at more experienced athletes aged 16 and older, and is equivalent to more than half a marathon.
The 50 km “Al-Mejdar” race is the toughest trial for runners aged 18 and older, while the 100 km “Hegra” event is the ultimate challenge for professional runners aged 18 and older, testing endurance in one of the most scenic and demanding races.
The event spans two days. On the first day, participants will register, receive race numbers and equipment, and attend a briefing before heading to the starting locations. Day one will also feature races for children, families and after-sunset events.
On day two, the 10 km, 23 km and ultramarathon races will be held, concluding with a ceremony to honor the winners and distribute awards.
In addition to the competitive atmosphere, the sports village will provide a range of food and beverages, including premium coffee, along with live music and entertainment.
Physiotherapy and rehabilitation spaces will be available for runners post-race.
Riyadh library launches cultural tourism initiative
Riyadh: The King Abdulaziz Public Library in Riyadh has launched an initiative to position Saudi Arabia as a top global destination for cultural tourism by attracting visitors worldwide to explore the library’s diverse branches, both within and outside the Kingdom.
This project aligns with the Kingdom’s Vision 2030 by strengthening national identity, fostering cultural exchange, and supporting sustainable development, the Saudi Press Agency reported.
Through its efforts, the library seeks to showcase Saudi Arabia’s rich heritage, folk arts, and traditions, while deepening citizens’ connections to their cultural roots and contributing to economic diversification.
The library’s general supervisor, Faisal bin Muammar, affirmed its commitment to advancing the Kingdom’s cultural and tourism objectives.
The library’s cultural tourism approach goes beyond traditional collections, offering access to historical and rare manuscripts, art and more.
