Saudi Arabia Declares Tax-Free Regulations for Multinational Companies
Multinational companies moving their regional headquarters to the kingdom will get to enjoy new tax exemptions.
Saudi Arabia’s Ministry of Investments has declared a new tax relief regulation for multinational companies who move their regional headquarters to the kingdom by this year. This is a part of the Regional Headquarters Program (RHP), a collaborative initiative between the ministry and the Royal Commissions for Riyadh City.
This follows along with Saudi Arabia’s plan to reduce its dependency on oil revenues, which currently accounts for more than half of the country’s GDP, and further develop its finance and trade market.
In order to attract multinational companies, the kingdom intends to invest billions of dollars in nuanced projects over the next decade. A number of multinational companies including Siemens and Unilever have received licenses to relocate their regional headquarters, while Pepsico has moved its executive chief’s office to the kingdom recently.
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