This essay focuses on taxpayers in similar financial condition. incomes pay a larger share of income in taxes than those with higher incomes.
Explain the followings in your own words: (200 words )
1. Fairness, or equity, means that everybody should pay a fair share of taxes. There are two important concepts of equity: horizontal equity and vertical equity.
How many types of tax systems are imposed in the KSA?
“As we know that Saudi Arabian government imposing different types of taxes on commodities, services as well as residency”
Required: Explain and discuss the above sentence.You answer should differentiate between selective commodities tax and value added tax. Answer in your OWN words. ( 200 words).
A resident capital company has both Saudi and non-Saudi shareholders and its capital is divide between them equally. Net income for 2019 was 3,000,000 SR and was adjust according to the tax rules applicable in the kingdom is 3,200,000 SR.
Compute the tax amount to be pay by the company.
Compute the tax amount to be paid by non-Saudi shareholders assuming that dividends paid in cash of 1,000,000 SR.