Riyadh – Decypha: Saudi Arabian nationals will be exempt from income taxes, stated the country’s Finance Minister, Mohammed al Jadaan.
The minister added that Saudi companies will also not be taxed for their profits.
The statement came in response to rising concerns that citizens would be taxed as part of the Saudi’s reform plan. Nationals currently do not pay any income tax, nor are Saudi companies taxed on their profits.
Value added tax will also not be raised above 5% before 2020, Al Jadaan confirmed.
Currently the country is undergoing several reforms to address the volatility it experienced as a result of the collapse of global oil prices, many of which have sparked concern and rumors throughout the kingdom.
By Decypha Editorial Team
