Saudi Arabia has announced a tax incentive program offering a 30-year exemption for corporate income tax to foreign companies relocating their regional headquarters to the kingdom.
The initiative, led by the Ministry of Investment and the Royal Commission for Riyadh City, aims to attract international companies to establish their regional bases in Saudi Arabia.
The tax exemption package includes a zero percent income tax rate and withholding tax on approved activities for 30 years. The program, part of Crown Prince Mohammed bin Salman’s economic diversification efforts, has already attracted 200 foreign companies.
The move is in line with Saudi plans to cease awarding government contracts to companies without regional headquarters in the kingdom by January 1, 2024.
