SAUDI ARABIA

Saudi-Based GCC Companies to Pay Zakat

The Saudi Ministry of Finance and National Economy on 1 January announced that King Fahd ibn 'Abd al-'Aziz of Saudi Arabia has approved a decision that all citizens of the Gulf Cooperation Council (GCC) engaging in economic activity in the Kingdom should pay zakat instead of income tax, a practice currently applicable to all Saudi citizens. According to the Saudi decision, all Gulf companies which are wholly-owned by GCC...