Speaking at a press conference in Dubai earlier this week, the Secretary General of the Supreme Economic Council elaborated on plans to decrease the corporate taxation rate for foreign firms operating in Saudi Arabia.
The Saudi authorities have begun a process of major tax reform in order to increase foreign investment in the region and lessen the economy's reliance on oil, Abdulrahman Al-Tuwaijri explained. He added that the Saudi Shura Advisory Council is currently reviewing the draft proposals to cut corporate tax on foreign companies from 45% to 30%.
However, despite calls from economists for a gradual introduction of corporate and personal income taxes, the Secretary General told journalists that there are no plans to oblige Saudi firms and individuals to pay any taxes other than the Islamic Zakat alms, which amount to around 2.5% of annual income.
Mr Al-Tuwaijri also confirmed Government plans to push forward with the privatization of state owned monopolies such as the Saudi Telecommunications Company, and Saudi Arabian Airlines.
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