Tax and Audit Services in Saudi Arabia
The audit and approval of financial statements are among the most important services a company needs, as it adds trust to its financial statements. Moreover, the observations the company receives from the certified public accountant during the audit and review—whether related to the accounting system, the internal control system, or other matters—can provide general benefit to the organization.
Our role is to enhance trust in the financial statements prepared by management through thorough examination of financial data and accounting books, according to international auditing standards. We offer comprehensive services that adhere to IFRS, ensuring fair presentation of financial statements. We also provide management with reports on internal control systems and highlight any errors or issues we discover.
We can offer customized external audits to meet your specific business needs, carried out with transparency and assurance. Through highly skilled human and technical resources, we provide high-quality external audits. We aim to exceed our clients’ expectations by offering smart auditing solutions that are designed to meet their specialized needs.
We use a risk-based, systematic approach to deliver internal audit services. Our methodology aligns with the latest international professional practices in internal auditing and is aimed at improving and protecting organizational value by providing assurance services, consulting, and insights based on risk assessments. We have the necessary capabilities and expertise to assist.
- Our services include the following:
a. Establishment of the Internal Audit Department
b. Performing internal audit services
c. Evaluating the effectiveness of the internal audit department
We have a large team of highly qualified accountants and technicians who have received professional training and qualifications and have previously worked in many different accounting forums and programs. Our team also has the technical ability to choose the appropriate accounting programs and establish the accounts guide that serves the nature of the company’s business, as well as perform monthly and annual closings and prepare financial statements and important internal reports for decision-making.
We can reduce your workload with a wide range of bookkeeping and accounting solutions and services.
We also have controls and checklists to ensure that all procedures and processes are documented, as we realize that decision makers need accurate accounting information.
Family businesses face unique challenges. We help families and their businesses achieve their long-term goals. We believe that successful family businesses are those that strike a good balance between professional management, responsible ownership and healthy family dynamics.
Our business advisors will help you develop your business strategies and transition to sound governance, management and private wealth management to put your business values into action. We have the tools and capabilities to work as a team to help you manage your business to build and sustain your values.
Do you believe your zakat and tax obligations are unreasonable? Our tax experts can assist you by providing the necessary consultations.
It’s not easy to find the right consultants in the field of corporate taxation who have the experience and technical knowledge to help reduce your obligations in accordance with related laws and regulations.
- Our services include the following:
a. Providing drafting of zakat and tax objection memoranda and representing the taxpayer before the relevant committees.
b. Submitting objections and appeals on zakat and tax returns and representing the taxpayer before the tax committees.
c. Submitting Zakat, Income Tax, Withholding Tax, Value Added Tax returns.
d.Submitting a settlement request with the General Authority of Zakat, Tax and Customs Representing the taxpayer before the settlement committee.
e. Providing other consulting services such as : Zakat on foreign investments, tax on foreign branches and permanent establishments, studying contracts and the tax and Zakat risks resulting from them, tax risks resulting from mergers and acquisitions
WITHHOLDING TAX AND EXCISE TAX
Withholding tax is defined as a specific percentage of the income earned by a non-resident establishment in Saudi Arabia that provides services within Saudi Arabia and generates sources of income, while selective tax is defined as a tax imposed on goods that are harmful to public health or the environment or luxury goods at varying rates, which are soft drinks, energy drinks, tobacco and its derivatives. We at Al Hamli & Partners have experts who are able to provide withholding tax and selective tax consultations, draft withholding tax and selective tax objection memoranda, and represent the taxpayer before the competent committees.
VALUE-ADDED TAX (VAT)
It is an indirect tax imposed on all goods and services that are bought and sold by establishments with some exceptions. Value Added Tax is applied in more than 160 countries around the world, where it is a basic source of income that contributes to strengthening the budgets of countries. Due to the nature of VAT and its administration, some of these effects will be common to most companies regardless of the industry, and this is where you will need our help.
Transaction pricing refers to the pricing of transactions between related parties or parties subject to common control. The importance of transaction pricing guidelines lies in ensuring adherence to the principle of arm’s-length pricing, meaning that the pricing of transactions between related or controlled parties should be the same as if the transactions were between independent parties. At Business Square, we study transaction pricing for related parties and prepare the local file for companies using the latest global programs in this field.
This is in relation to financial expertise services and providing reports on commercial and civil disputes based on the assignment of judicial authorities and specialized cases. These are review services and agreed-upon procedures or on specific financial items. A report is issued by the legal accountant on the results. Expert services are also provided in various courts such as commercial and administrative courts. It is also necessary to adhere to the instructions of International Standard No. 4400 when implementing them, as the company is an accredited expert with many expert departments in commercial and general courts, in addition to the Expertise platform.
- Our services include the following:
a. Increase confidence in financial statements and accounting information
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b. Fraud detection, prevention, deterrence and judicial support
c. Combating money laundering and assisting in corporate governance
d. Loss assessment according to agreed procedures
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e. Issuing reports to relevant parties on specific items
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f. Assisting management in verifying financial items that are suspected of embezzlement or theft
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g. Providing a report on disputed financial items, which helps the parties reach an agreement
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h. Issuing reports on specific financial data to assist management in making appropriate decisions.
We ensure compliance with the application of corporate governance and regulatory requirements.Enhancing confidence in financial statements for stakeholders such as shareholders and banks.
Providing accounting supervision services in accordance with the rules issued by the Off-Plan Sale or Lease Committee “Wafi”