JEDDAH, KSA - Talal Abu-Ghazaleh & Co. International (TAGI), a member of Talal Abu-Ghazaleh Global, held a training course for Talal Abu-Ghazal International staff, presented by a team of experts, on the Transfer Pricing Bylaws approved by the Board of Directors of General Authority of Zakat and Income on 31/01/2019.
According to the Authority, ‘The Bylaws aims to establish obligations on taxpayers that aim to counter certain tax behaviors and practices to minimize tax liabilities. The Transfer Pricing Bylaws are based upon the generally accepted framework by the international community. This framework was a product of the Base Erosion and Profit Shifting (BEPS) initiative led by the Organization for Economic Cooperation and Development (OECD) and the G-20; its purpose is enforcing the application of the arm’s length principle between related persons or persons under common control through integrating the principle in the domestic tax legislation and practices.’
TAGI training course included various related topics including the basic principles of transfer pricing via transactions between related persons or persons under common control, transactions pricing methods, the transfer pricing documentation needed from taxpayers (including the Local file, Master file, County by Country Report - CbC), as well as the mechanism for applying transfer pricing in the Kingdom of Saudi Arabia.
