The Saudi Zakat, Tax and Customs Authority announced that it was possible to calculate the value-added tax (VAT) on the profit margin of the sale of certified used cars, without taking into account of the total sale value. This regulation will be implemented conditionally, effective from July 1, 2023. According to information obtained by Asharq Al-Awsat, the new steps came in response to the demands of the Federation of Saudi Chambers, in order to regulate and control the local market as well as reduce the prices of used vehicles.
Saudi Arabia's Public Investment Fund (PIF) plans to acquire a 30% stake in local supermarket chain Tamimi Markets Company, the kingdom's sovereign wealth fund said on Thursday. PIF said it signed a share subscription agreement to invest in Tamimi Markets. It said the transaction, which will involve a capital increase and subscription for new shares, aligns with the fund's strategy to enable the private sector and create Saudi national champions.