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Saudi Arabia’s Offers 30-Year Tax Break

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Riyadh December 15 2023:

Saudi Arabia announced a 30-year corporate income tax exemption package for foreign companies establishing their regional headquarters in the kingdom. The move is the latest in its aggressive campaign to attract international investment and headcount.

The offer includes a 0% corporate tax rate for 30 years, which will be applied for companies “from the day they obtained their RHQ license,” the statement read. International companies will benefit from the tax exemption package starting from the date their licences are issued, it added.The programme has so far attracted 200 foreign companies, Saudi Investment Minister Khaled Al-Falih was quoted as saying.

The move is part of efforts by Crown Prince Mohammed bin Salman to wean the economy off oil by creating new industries that would generate jobs for Saudis.

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