Looking to boost levels of inward investment into the Kingdom in the aftermath of the Iraq war, the government of Saudi Arabia has approved a cut in corporate tax for foreign firms, the Saudi Press Agency revealed on Monday.
The new measures mean that the rate paid on profits from foreign operations and shares in joint ventures will be reduced to 20% from 30%. The lower levy is due to take effect 90 days after the new legislation has been published in the government gazette.
In addition, the Saudi cabinet has approved a tax rate of 30% on investments in the natural gas sector and an 85% tax on hydrocarbon production, the agency revealed.
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