Saudi Arabia- December 31, 2020:

Saudi Arabia has become the first Arab country to sign a double taxation avoidance agreement with Taiwan.

Joanne Ou, a spokesperson for Taiwan’s Ministry of Foreign Affairs (MOFA), said that the agreement was signed in Riyadh on December 2,2020. The new tax agreement will come into effect from January 1, 2021.

According to the CNA report, Saudi Arabia is Taiwan’s 13th largest trading partner and trade between the two countries was valued at $8.66 billion in 2019.

“As Saudi Arabia gradually shifts away from dependence on its oil exports, it is adopting a diversified economic policy that encourages foreign investment,” MOFA said in a statement. “The latest tax agreement will help facilitate bilateral investment, trade, employment opportunities, technological exchange and cooperation on taxes and tariffs,” it added.