The General Authority for Taxes organized a specialized workshop for taxpayers regarding assessment for calculating capital gains tax, as part of its efforts to enhance tax awareness, raise the level of compliance, and clarify the requirements and procedures related to the application of capital gains tax, in a way that contributes to enabling taxpayers to understand the regulatory frameworks and approved assessment methodologies.
The workshop covered a number of technical and legislative topics, and began by providing an overview of the capital gains tax law, in addition to reviewing the provisions and controls regulating the application of the tax. The workshop also reviewed the methodology for calculating capital gains tax and the applicable tax rates, in addition to explaining the International Financial Reporting Standard (IFRS 13), in terms of its definition, its purpose in the context of capital gains tax, and the scope of its application. The workshop also witnessed a detailed presentation of the approved evaluation methodologies and the requirements for preparing evaluation reports, highlighting the most commonly used evaluation methodologies, thus enhancing taxpayers’ understanding of the technical mechanisms adopted in calculating the tax.
This workshop comes within a series of awareness and specialized programs organized by the General Tax Authority, with the aim of supporting tax compliance, enhancing transparency, and providing taxpayers with the necessary knowledge to understand tax legislation and procedures and apply them in accordance with best practices.
