A Saudi telecom company signed a contract on 9/1/2020 with a non-resident foreign telecommunications company to provide
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Question:
A Saudi telecom company signed a contract on 9/1/2020 with a non-resident foreign telecommunications company to provide consulting services. The value of the contract amounted to 200 million riyals, to be paid in two installments, the first on 11/11/2020 and the second on 25/9/2020 at an amount of 100 million riyals each. A payment, and the Saudi Telecom Company paid the first payment on 9/15/2020 and deducted the tax due and submitted it to the Authority on 10/20/2020. As for the second payment, it was paid on 9/20/2020, and the tax due was deducted and transferred to the Authority on 11/15 /2020
Required:
Determine the withholding tax.
Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
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