Saudi Arabia mulls tax relief for global companies relocating regional HQs
On the sidelines of the International Conference on Justice that began on Sunday in Riyadh, Saudi Arabia granted three foreign law firms licenses to practice in the country.
DUBAI — Saudi Arabia’s Minister of Investment Khalid Al-Falih said over the weekend that multinational companies that relocate their regional headquarters to Saudi Arabia in 2023 with the goal of securing government contracts are “likely” to receive a degree of tax relief.
Executives said the details are vague and they felt uncertain, as many believe there’s a possibility that they can be double taxed between Riyadh and other Gulf states, the report stated.
In an interview with the Financial Times, Falih said an announcement would soon be made to clarify the regulations but did not mention an exact date. He added that operations outside Saudi Arabia “will be taxed in those entities’ country of operations.”
“They will not be intermingled or mixed with the regional headquarters,” said Falih.
