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Saudi Arabia will offer tax breaks to foreign companies

Saudi Arabia will offer tax breaks to foreign companies

Back in February 2021, Saudi Arabia announced plans to stop awarding government contracts to companies whose regional headquarters are not located in the Kingdom as of January 1, 2024, barring some exceptions.

Source:https://www.khaleejtimes.com/hi/business/saudi-arabia-offers-30-year-tax-break-for-companies-moving-regional-hqs-to-riyadh

The Saudi program aims to attract international companies to establish regional headquarters in Saudi Arabia. Thus, it plans to make the Kingdom the first choice for companies in the Middle East and North Africa region, with benefits and unique support conditions. This is a joint initiative between the Ministry of Investment and the Royal Commission of Riyadh.

Saudi Arabia’s Minister of Investment, Khaled Al-Falih, said the program has attracted 200 foreign companies so far. And state news agency SPA announced that the package of tax incentives for regional headquarters includes a 0% corporate income tax rate and a 0% withholding tax rate on income from the approved activities of these companies for 30 years.

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