GMS has announced an update on its Saudi Arabia tax dispute. This concerns a bill of US$9.2m (including delay penalties) received from the Saudi tax authorities in 2021 concerning the transfer pricing of an inter-group bareboat agreement in 2017, 2018, and 2019. GMS has been appealing this tax bill via the relevant Saudi channels, and the company understands that this process has now fully concluded (in a judgement on 12 May), unsuccessfully for GMS’s claim. The company is now awaiting the final ....
