Amendments to Saudi Arabia's Income Tax law

On March 19th, 2014, several amendments to Saudi Arabia's Income Tax Law became effective. The amendments include the following:

• The Saudi tax authority is to issue transfer pricing guidelines that meet international standards
• The profits of branches of foreign airlines and sea or land transportation companies operating in Saudi Arabia will be estimated at 5% of gross income earned in Saudi Arabia, including revenue from ticket sales, baggage fees, freight charges, and courier and other charg…