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Income Tax and Privatization update by Finance Minister

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Saudi Finance Minister - Dependent Fees

Income Tax and Privatization update by Finance Minister through several channels including Reuters, Saudi Press agency and other channels. Recently, the news made viral about the income tax plan discussion in Saudi Arabia went viral. However, the Minister of Finance Mohammed Al-Jadaan further clarified the situation. Details below.

Income Tax and Privatization update by Finance Minister

Firstly, about the income tax, Mohammed Al-Jadaan mentioned that there is no imminent plan or discussion to implement income tax in Saudi Arabia at this moment. However, nothing has been ruled out for future discussions. Saudi Press Agency also mentioned that the official source mentioned that the income tax issue is not under discussion.

Finance Minister Al-Jadaan also discussed the privatization of some sectors in Saudi Arabia. During an event of Bloomberg, he mentioned that this will generate nearly $50 billion during the span of the next 4-5 years. The Minister also said that the data from July looked promising for the recovery from Coronavirus but uncertainty is not completely vanished.

Saudi Arabia’s response to COVID-19, safety and economy has been appreciated by world leaders and people living in Saudi Arabia.

Sources: SPA, Saudi Gazette, Bloomberg and Reuters

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