His Excellency the Saudi Minister of Finance & Zakat, Tax and Customs Authority Chairman of the Board, Mr. Mohammed Aljadaan, opened the 3rd edition of the Zakat, Tax and Customs Conference (ZTC Conference), scheduled for December 4 - 5, 2024 in Riyadh, under the theme of "Shaping Tomorrow for a Sustainable Ecosystem."
In his opening speech, Minister Aljadaan emphasized the active role of the Zakat, Tax and Customs Authority in achieving the objectives of Saudi Vision 2030. This is especially true with regard to digital transformation, in which the Authority helped the Kingdom make great strides to be one of the most important enablers in facilitating business activity. The Authority achieved 99.35% in the United Nations Digital Government Index, thanks to the development of its digital services.
Minister Aljadaan noted that the Zakat, Tax and Customs Conference is an integral element in promoting regional and international economic integration. He highlighted the efforts of the Kingdom of Saudi Arabia to promote trade and harness technology to simplify customs procedures, while maintaining security and enhancing international cooperation through bilateral and international partnerships with other countries to exchange experiences in Zakat, tax and customs work.
Minister Aljadaan also participated in the session entitled, "Steering Economic Recovery and Growth Amidst Global Challenges," alongside His Excellency Minister of Finance and National Economy for the Kingdom of Bahrain Shaikh Salman bin Khalifa Al Khalifa, Her Excellency Minister of Finance for the Republic of Indonesia Dr. Sri Mulyani Indrawati, and His Excellency Union Minister of State for Finance for the Government of India Mr. Pankaj Chaudhary.
Minister Aljadaan noted that Kingdom of Saudi Arabia government are investing heavily to grow the economy, highlighted that Investing in promising sectors will fuel more growth, by creating more jobs & businesses opportunities.
Minister Aljadaan also noted that the digitalization of economies created challenges in terms of nations collecting revenue since the activities of some digital companies happen virtually. Therefore, the G20 and OECD worked on a two-pillar approach to address the challenges and ensure that tax is collected in the appropriate jurisdictions.
On the sidelines of the conference, Minister Aljadaan signed a number of international agreements and memoranda of understanding to avoid double taxation, prevent tax evasion, cooperate in the field of tax administration, and cooperate and provide mutual assistance in customs matters, with the State of Kuwait, the Republic of Croatia, and the Republic of Kosovo.
Also, on the sidelines of the conference, Minister Aljadaan held a number of bilateral meetings with senior officials, including His Excellency Union Minister of State for Finance for the Government of India Mr. Pankaj Chaudhary, Her Excellency Minister of Finance for the Republic of Indonesia Dr. Sri Mulyani Indrawati, His Excellency Deputy Prime Minister and Minister of Finance in the Republic of Croatia Mr. Marko Primorac, His Excellency the Minister of Finance, Labor and Transfers in the Republic of Kosovo Mr. Hekuran Murati, and His Excellency Minister of Finance and National Economy for the Kingdom of Bahrain Shaikh Salman bin Khalifa Al Khalifa.
In the keynote speech delivered by His Excellency the Deputy Minister of Finance, Mr. Abdulmuhsen Alkhalaf, during the session entitled "The Role of Zakat in Promoting Community Cohesion," he stressed that Zakat is an economic and social cornerstone that carries in its essence great values for budling a balanced and just society.
Vice Minister Alkhalaf also said that Zakat plays a major role in enhancing community ties by instilling the values of social responsibility and solidarity, noting that the Kingdom has committed to directing Zakat revenues to support social and programs, including strengthening social safety nets such as social security benefits.
The Zakat, Tax and Customs Conference is held to bring together experts, decision-makers, and leaders from around the world to discuss the latest trends, technologies, and contemporary models in Zakat, Tax and Customs work through rich dialogue sessions, interactive workshops, and technical exhibitions, seeking to shape tomorrow for sustainable ecosystems.