On the second day of the “Corporate Income Tax Assessment Conference for the Oil and Gas Sector,” organized by ITInternational Tax and Investment Center (ITIC)IC), intensive sessions focused on direct withholding for employees in the oil sector and the details of recoverable and non-recoverable costs in licensing rounds and oilfield service contracts. The session was opened by Dan Witt, who emphasized the necessity of close public–private cooperation to overcome obstacles and enhance companies’ investment capacity.

The discussions were chaired by the Supreme Committee for Tax Reform under the leadership of Dr. Abdel Hussein Al-Anbaki, during which global companies presented their views and the challenges they face regarding direct withholding and other issues related to defining which costs are recoverable and non-recoverable.

Mr. Khalid Al-Jaberi, President of Osoul and a member of the Committee, affirmed the need for ongoing dialogue to establish a flexible economic environment that attracts investors, and called on oil companies and the major audit firmDeloittetDeloittettKPMGPMEY EPwCPwC) to submit their challenges through the Private Sector Development Council, in his capacity as a board member.