Zakat Conference.. The Minister of Finance signs tax and customs cooperation agreements

The Minister of Finance and Chairman of the Board of Directors of the Zakat, Tax and Customs Authority, Mohammed bin Abdullah Al-Jadaan, opened the third edition of the Zakat, Tax and Customs Conference, whose activities took place in the city of Riyadh during the period from 3-4 Jumada al-Akhirah 1446 AH, corresponding to 4-5 December 2024 AD, under the slogan “We draw the future for a sustainable economy.” and enhanced security.”
In his opening speech, Al-Jadaan stressed that the Zakat, Tax and Customs Authority has an effective role in achieving goals, especially with regard to digital transformation, in which it has made great strides to be one of the most important enablers in facilitating business, as the Authority achieved a score of 99.35% in the United Nations Digital Government Index, thanks to Developing its digital services.

Zakat, tax and customs conference

He explained that the Zakat, Tax and Customs Conference is an essential element in promoting regional and international economic integration, and in highlighting the efforts of the Kingdom of Saudi Arabia to enhance intra-trade, harness technology, and enhance aspects of international cooperation by concluding bilateral and international partnerships with many countries to exchange experiences in zakat, tax and customs work.

On the other hand, the Minister of Finance participated in the dialogue session held within the conference’s activities under the title “Recovery and Growth of the Economy in Light of Global Challenges,” alongside the Minister of Finance and National Economy of the Kingdom of Bahrain, Sheikh Salman bin Khalifa Al Khalifa, and the Minister of Finance of the Republic of Indonesia, Seri Mulyani Andruwati, India’s Minister of State for Finance, Pankaj Chaudhary.

Economic growth

He explained that the government of the Kingdom of Saudi Arabia is working to enhance its investments to develop its economy, noting that investment in promising sectors enhances economic growth and creates many job and investment opportunities.
He also stressed that the digitization of the economy has created challenges in collecting revenues for some countries, because the activities of digital companies in them are virtual. Therefore, the G20 and the Organization for Economic Cooperation and Development worked to follow a two-pillar solution approach to confront the challenges and ensure tax collection in accordance with international best practices.

International memorandums of understanding

On the sidelines of the conference, the Minister of Finance signed a number of international agreements and memorandums of understanding with Kuwait, the Republic of Croatia, and the Republic of Kosovo, with the aim of avoiding double taxation, preventing tax evasion, cooperation in the field of tax administration, and cooperation and mutual assistance in customs matters.
On the sidelines of the conference, a group of bilateral meetings were held with a number of ministers, namely the Minister of State for Financial Affairs of India, the Minister of Finance of the Republic of Indonesia, the Deputy Prime Minister and Minister of Finance of Croatia, Marko Primorac, the Minister of Finance, Labor and Remittances of Kosovo, Hekoran Muratti, and the Minister of Finance of Croatia, Marko Primorac. Finance and the National Economy in the Kingdom of Bahrain, Sheikh Salman bin Khalifa Al Khalifa.

A balanced and just society

In the keynote speech delivered by the Deputy Minister of Finance, Abdul Mohsen bin Saad Al Khalaf, as part of the conference proceedings entitled “The Role of Zakat in Strengthening Social Cohesion,” he stressed that Zakat is an economic and social pillar that carries at its core great values ​​that work to build a balanced and just society.
He added that zakat plays a major role in strengthening community cohesion by consolidating the values ​​of social responsibility and solidarity, noting that the Kingdom has committed to directing zakat revenues to support social programs, including strengthening social safety networks such as social security benefits.
The Zakat, Tax and Customs Conference is held to bring together experts, decision-makers and leaders from various parts of the world to discuss the latest trends, technologies and contemporary models in collecting zakat, collecting taxes and organizing activities related to customs work through rich dialogue sessions, interactive workshops and technical exhibitions, by which it goes beyond the present to chart a future characterized by integration between… Economic sustainability and enhancing security.