Greetings! Today I would like to share with you some interesting facts about the tax environment of one of the most influential countries in the Middle East, Saudi Arabia. If you are interested in international finance and taxation, this article will be useful for you.
Saudi Arabia is a country rich in oil resources, and the tax system plays an important role in its economy. However, despite its high share of oil revenues, Saudi Arabia has made important steps toward diversifying its economy and developing other industries. As a result, the country's tax policy has become an even more important aspect of its economic growth.
One of the main features of Saudi Arabia's tax system is the absence of direct taxes on personal and corporate income. This means that residents and non-residents do not have to pay tax on their income or profits. Instead, some indirect taxes such as value added tax (vat in saudi arabia) and excise taxes are the main source of government revenue.