GTL Summary:

Article 30 of the KSA Income Tax Law establishes the official currency for tax calculations. It mandates that a taxpayer's gross income and resulting tax base must be calculated and declared in Saudi Riyal (SAR). For any financial transactions or income amounts recorded in a currency other than the Saudi Riyal, a conversion is required for taxation purposes. The article specifies that the conversion must use the official exchange rate declared by the Saudi Arabian Monetary Agency (SAMA). The applicable rate is the one effective on the specific date the transaction occurred, ensuring consistency and accuracy in reporting.

Document Type: Tax Law Article
Law: Income Tax Law (Royal Decree No M/1 - 21 Feb 2004)
Article Number: 30
Country: 🇸🇦 KSA
Location: Chapter 7 - Additional Rules for Determining the Tax Base
Order: 30
Last updated at: 2025-12-19 09:23:03 UTC

Chapter 7 - Additional Rules for Determining the Tax Base

Article 30 - Currency Conversion

Gross income and tax base shall be calculated in Saudi riyal.
If calculation of income involves an amount in a currency other than the Saudi riyal, the amount shall be calculated for taxation purposes in Saudi riyal at the exchange rate declared by the Saudi Arabian Monetary Agency on the date of the transaction.

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