In the recent notification issued by the authority, an amendment has been made to Paragraph 'a' of Article 2 of the Saudi Income Tax Law. This exempts listed companies engaged in the production of Oil and Hydrocarbons owned by Non-Saudi persons from Income Tax.
Article 2 of The Act, lists out the persons who are subject to taxation. Previously, para 'a' covered a resident company w.r.t shares of Non-Saudi persons. After the amendment, companies engaged in the manufacture of Oil and Hydrocarbons will not be covered here.
This is a welcomed move by the Kingdom of Saudi Arabia in promoting the industries amidst the crisis. The General Authority of Zakat & Tax announced initiatives to mitigate the impact of COVID' 19 on the private sector in the Kingdom of Saudi Arabia.
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