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Sunday, April 9, 2017

Saudi Citizens Don't Have to Pay Income Tax Anymore Sunday April 09,2017

Saudi Arabia's finance minister said on Sunday April 09,2017 that citizens would not pay taxes on income and Saudi companies would not see their profits taxed under sweeping economic reforms being introduced in the oil-rich kingdom.
The collapse in oil prices after mid-2014 has pushed Saudi Arabia to contemplate a radical overhaul of all parts of its economy, including new taxes, privatisations, a changed investment strategy and sharp cuts in government spending.
Mohammed al-Jadaan sought in a statement carried by state news agency SPA to allay concern that people would be taxed as part of the ambitious reform plan. Saudis currently do not pay any income tax, nor are Saudi companies taxed on their profits.
He also said a value-added tax planned for 2018 would "not be raised above 5 percent before 2020"

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