Saudi Arabia on Sunday published an executive bylaw to the new income tax. The bylaw reduces the rate of taxation on foreign investors from 45 to 20 percent, Arab News reported. The law, which came into effect on July 30, was imposed on foreign firms and individuals doing business in the Saudi Kingdom.
The Saudi cabinet passed the new law earlier this year. The new law replaced the existing 48-year-old income tax law.
The executive bylaw, carried by the official SPA news agency, stipulates that the law applies to foreign shareholders in domestic firms, regardless of whether they reside in the Kingdom or not. (menareport.com)
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