VOL. XLVII
No 03
19-January-2004
CAPITAL MARKETS
New Saudi Corporate Tax Law Cuts Rates For Foreign Investors
The Saudi Council of Ministers on 12 January approved the long-awaited new corporate tax law for foreign investment in the Kingdom. The law, which will effectively cut existing tax rates, will apply to non-Saudi and non-GCC companies and individuals engaged in commercial activities in the Kingdom. A tax rate of 20% will be levied on profits earned in the following investment categories:...
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