Royal Decree amends Income Tax Law
His Majesty Sultan Haitham bin Tarik issued Royal Decree No 118/2020 amending some provisions of the Income Tax Law on Monday.
Article 1 states that the amendments attached in this decree will be introduced to the above-mentioned Income Tax Law.
Article 2 states that the phrase ‘Minister of Finance’, wherever it occurs in Royal Decree No 28/2009, will be replaced with the phrase ‘Chairman of the Tax Authority’.
Article 3 cancels all that contravenes this decree and the attached amendments or contradicts with their provisions.
Article 4 says that this decree will be published in the Official Gazette and enforced with effect from the day following its date of publication, except Article (140) of the above-mentioned Income Tax Law, which will be enforced with effect from the tax year starting on January 1, 2021, or its succeeding tax years.