ZATCA conference aimed at upgrading taxation system kicks off with multiple agreements
February 8, 2023 | The global artificial intelligence (AI) market size was estimated at US$ 119.78 billion in 2022 and it is expected to hit US$ 1,591.03 billion by 2030 with a registered CAGR of 38.1% from 2022 to 2030. The North America artificial intelligence market was valued at USD 51 billion in 2021.
February 8, 2023 | The global artificial intelligence (AI) market size was estimated at US$ 119.78 billion in 2022 and it is expected to hit US$ 1,591.03 billion by 2030 with a registered CAGR of 38.1% from 2022 to 2030. The North America artificial intelligence market was valued at USD 51 billion in 2021.
RIYADH: Saudi Arabia is progressing its tax, zakat and customs systems amid a push to adopt advanced technology as the Kingdom looks to elevate economic activities, said Minister of Finance Mohammed Al-Jadaan. The minister was speaking at the Zakat, Tax and Customs Conference being held in Riyadh to discuss the global experiences and deliberate on the future of the digitalization of such sectors.
“We continue the development of the tax, zakat, and customs systems through the initiatives undertaken by the government, including the national program that will elevate economic activities and will improve economic conditions,” said Al-Jadaan.
Al-Jadaan also pointed out that the implementation of advanced technology is necessary for the tax, zakat, and customs system for a better outcome. “Advanced technologies will enhance the tax, customs and zakat systems and will enrich the business community. It will also ensure that will also achieve qualitative leaps in this field. This conference will open new horizons of cooperation and to reach the best practices in combating the challenges,” he said.
Opened on Feb. 8, the two-day conference being organized by the Zakat, Tax and Customs Authority saw the signing of multiple agreements between the tax authority and various other entities. On the first day, the authority signed a cooperation agreement with the Ministry of National Guards in Saudi Arabia to provide security services, while another deal was inked with the General Directorate of Civil Defense.
After the opening ceremony, a cooperation agreement was announced between the ZATCA and the General Authority of Civil Aviation to enhance and drive joint services between both authorities. The conference witnessed the signing of another cooperation agreement between ZATCA and Saudi Chambers.
On the first day, ZATCA also signed an agreement with the Red Sea Co., aimed at applying customs control and providing reexports for the Red Sea Co. At the conference, a memorandum of understanding was inked between ZATCA and the Australian tax office aimed at setting the general framework, and cooperation activities including knowledge sharing, training, and participation of workshops in areas of interest between the two entities.
Another agreement was signed on the first day of the conference between ZATCA and Saudi Co. for Exchanging Digital Information, or Tabadul, aimed at providing electronic services. Al-Jadaan also highlighted the necessity of international cooperation in tax systems for a better future.
“This conference is held in light of the challenges faced by global economic development. We need to face these challenges by improving the level of coordination among different sectors, international organizations, and countries in all the economic, social and security fields,” he noted.