VAT’s UP

Saudi Arabia Grants 30-Years Tax Relief to MNCs with HQ in its Country

  • Share:

Riyadh February 20 2024:

In a new step towards attracting foreign investments and global companies, the Saudi Arabian official Gazette has announced its plans to grant 30 years of tax relief to multinational companies (MNCs) establishing regional headquarters in the Gulf kingdom.

The Ministry of Investment of Saudi Arabia, in coordination with the Ministry of Finance and the Zakat, Tax and Customs Authority today announced 30-year tax incentive package for The Regional Headquarters (RHQ) Program, to further streamline the process for MNCs to establish their RHQ in the country. The offer includes a 0 percent corporate tax and withholding tax rate for 30 years, which will be applied for companies from the day they obtained their RHQ license.

The tax relief granted to multinational companies establishing headquarters in the country comes before a January 1 deadline to open such branches in Saudi Arabia. The program aims to attract MNCs to set up their RHQ in Saudi Arabia and position the Kingdom as the leading commercial, industrial and investment hub for the MENA region.

Read More.