Summary The interactive session was also attended by Minister of Commerce and Investment
WEB DESK (Dunya News) - Saudi Arabia s finance minister said that citizens would no further pay taxes on their respective incomes besides the profits of Saudi companies would not also be taxed under the new economic reforms being introduced by the Kingdom.
As per details, the finance minister of Saudi Arabia, Muhammad Abdullah Al-Jadaan revealed during an open meeting with Eastern Province businessmen that no income tax will be imposed on Saudi citizens and that no tax will be levied on Saudi companies profits.
The interactive session was also attended by Minister of Commerce and Investment Dr. Majed Bin Abdullah Al-Qasabi.
Soon after the collapse in oil prices in mid-2014, Saudi Arabia had to rethink about a radical overhaul of all parts of its economy in the likes of new taxes, privatizations, renewed investment strategy and also sharp cuts in government spending.
Al-Jadaan expressed during the meeting that the financial dues owed to contractors, suppliers and importers will be e paid within a maximum period of 60 days from the date the entitlements are due.
The finance minister revealed that in order to reach the goals of Vision 2030, the nonoil private sector must grow by 8.5 percent annually so that the sector’s GDP must increase by SR1.6 trillion.
Commerce and Investment Minister Al-Qasabi emphasized the role of the private sector in achieving Vision 2030.
