VOL. XLIII

No. 17

24-April-2000

SAUDI ARABIA

Saudi Finance Minister Clarifies Tax Rates Under New Foreign Investment Law

The Saudi Minister of Finance and National Economy, Ibrahim al-'Assaf, last week explained to the local Saudi press the basis on which companies will be taxed under the recently-approved foreign investment law (MEES, 17 April). Under the old law, he said, companies were taxed at a rate of 25% on profits up to SR100,000 ($26,667), 35% on anything over SR100,000 and up to...