Saudi Arabia’s Shura Council voted on Monday to approve a proposal cutting tax for foreign investors by 25% as the government seeks to boost inward investment into the Kingdom.
According to an official statement, sixty-one members of the Council voted for the proposal to lower the tax currently imposed at 45% on foreign investors, with 41 members opposing the move. Whilst the Council’s decisions are not legally binding, they are, in the main, rubber stamped by the government.
However, the tax cut may not go far enough for some international petrochemical firms who have repeatedly called on the Saudi government to apply a uniform 10% rate, currently enjoyed by domestic producers, across the board.
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