Saudi Arabia: Income Tax will not be Introduced

Analysis

Saudi Arabia's Finance Minister, Ibrahim Assaf has confirmed the Gulf Cooperation Council member states have not considered imposing income tax and stressed the tax which will be imposed is limited to VAT and other selective taxes like the taxes imposed on tobacco and sugary drinks.

The Minister's comments were made during the first meeting of the Financial and Economic Cooperation Committee, which is chaired by Saudi Arabia, to discuss the private sector's preparation for the implementation of VAT in 2018.

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