Saudi Arabia.. new tax system in the “kitchen” of the government.
Saudi Investment Minister Khaled al-Falih told the municipal investment forum Foras that there is a new zakat system in the government’s kitchen.
The Saudi minister indicated at an investment forum held on the second edition in Riyadh that discussions had been held with officials from the Zakat Authority to ensure that the system was simple to operate and transparent to investors.
The minister explained that the regulation is being worked on at the same time as the introduction of the zakat system, and added: “We are also considering the issue of corporate income tax… and there may be initiatives in this regard that will not be implemented.” preempted.”
He said that practices and legislation regarding taxes and zakat would be reviewed as we have a competitive cost of taxes compared to other countries.
He emphasized that the goal is for the financial returns, fees, taxes and zakat in their totality to be as clear and low as possible, and also for the investor to be able to invest his capital, efforts and ideas and receive a remunerative income that competes with any other country.
He said that the profitability of the investor is the most important thing that the ministry should process in the economy, and indicated that work is underway to develop a comprehensive investment system.