Essentially an oil-based economy, Saudi Arabia enjoys a great global reputation as a business-friendly nation. The country is a member of several international institutions including WTO, G20, GCC, OPEC etc.
Saudi Central Bank (SAMA) data reveals that 2020 witnessed the highest inflow of foreign investments in the Kingdom of Saudi Arabia (KSA) surpassing SR 2 trillion (USD 0.53 trillion) and rising 9 per cent YOY despite global economic turmoil caused by covid 19 pandemics.
A draft resolution detailing the technical and functional implementation guidelines of E-invoicing has been released on 18th March 2021 by Saudi Arabia’s General Authority of Zakat and Tax (GAZT) as an addendum of earlier released regulations published during December last year.
Qiddiya Investment Company (QIC) and the General Authority for Small and Medium Enterprises (Monshaat) in the Kingdom of Saudi Arabia came into an agreement and signed two memoranda of understanding (MoUs).
It was in the news recently that Saudi Arabia has been actively pursuing to promote its bilateral relations and collaborative efforts with France to boost the digital economy.