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The Saudi Capital Market Law provides for the establishment of the “Saudi Stock Exchange” as a Joint Stock Company that operates as the only authorized entity to carry out the trading of securities in the Kingdom of Saudi Arabia . The exchange operations are currently conducted through Saudi Stock Exchange (Tadawul).
Saudi Exchange (Arabic: تداول السعودية ) or Tadāwul (Arabic: تداول ) is a stock exchange in Saudi Arabia. Tadāwul was formed in 2007 as a joint stock company and the sole entity authorized to act as a securities exchange in Saudi Arabia, but trading began in 1954 as an informal financial market.
The General Authority of Zakat, Tax, and Customs (ZATCA) (Arabic: هيئة الزكاة والضريبة والجمارك) is a government agency under the Ministry of Finance in Saudi Arabia that is responsible for the assessment and collection of taxes and zakat, a form of obligatory almsgiving in Islam.
The creation of the Investment Ministry was part of a broader Saudi government reshuffle by Crown Prince Mohammed bin Salman (MBS), the de facto ruler of the kingdom. MBS has aggressively moved to diversify the Saudi economy away from petroleum. [2] It was unclear whether the new Investment Ministry would be more powerful than SAGIA. [2]
The Citizen's Account Program in Saudi Arabia is a cash transfer program that started in December 2017. The program is adopted and implemented by The Ministry of Labor and Social Development. [1] Through the programme, citizens in Saudi Arabia get monthly payments from the state.
The Ministry owns the Istidama Holding Company, which on 23 April 2018, received the 36.2% stake of the Saudi Binladin Group owned by Bakr bin Laden and his brothers Saleh and Saad. [ 2 ] Government bodies established by the Ministry of Finance
Instead of a fixed tax amount per transaction, the tax was in the amount of 0.2% of the transaction value (20 basis points, bips). This was doubled to 0.4% (40 bips) in 1932, in the context of the Great Depression, [10] then eliminated in 1966. By 2020, all major economies have moved to the GST (Goods and Services Tax) based tax system.
Saudi Arabia also abides by international treaties, which are approved by royal decree. One such example is Royal Decree No.11, dated 16 Rajab 1414, corresponding to 30 December 1993, which declared Saudi Arabia's ascension to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. [10]