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:...