Saudi Arabia's General Authority of Zakat and Tax (GAZT) published, on 15 June 2020, Circular No. 2005003, dated 31 May 2020, on capital gains tax (CGT) matters related to corporate reorganization or restructuring events.
As background, there are certain provisions in the Income Tax Law (ITL) and the Bylaws to the Income Tax Law (BITL) that govern CGT implications on the sale, transfer and/or disposal of shares and assets. The GAZT has provided its commentary on the practical application of these…