Editorial Team – [2023] 149 … Continue reading “[World Tax News] Saudi Arabia Announces Four New SEZs to Attract Foreign Investment and More”
The post [World Tax News] Saudi Arabia Announces Four New SEZs to Attract Foreign Investment and More appeared first on Taxmann Blog.
Editorial Team – [2023] 149 taxmann.com 351 (Article)
World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week.
1. Saudi Arabia announces four new Special Economic Zones to attract foreign investment
The Crown Prince and Prime Minister Mohammad bin Salman bin Abdulaziz announced the launch of four new Special Economic Zones (SEZs) in Saudi Arabia to enhance Saudi Arabia’s position as a global investment destination.
These SEZs are in Riyadh, Jazan, Ras al-Khair, and King Abdullah Economic City. SEZs are launched to provide opportunities for foreign investment and facilitate the acceleration of the required reforms to enable doing business in all parts of the country.
The SEZs will reinforce existing national strategies and establish new linkages with international frameworks while capitalizing on the competitive advantages of each region to support key sectors such as logistics, advanced manufacturing, technology, and other priority sectors for the Kingdom.
Companies operating in the new SEZs will benefit from a range of advantages, including competitive corporate tax rates, exemption from customs duties on imports, production inputs, machinery, and raw materials, 100% foreign ownership of companies, and the flexibility to attract and hire the best talent from around the world.
Source:
Release, dated 13-04-2023
Release, dated 14-04-2023
Click Here To Read The Full Article
The post [World Tax News] Saudi Arabia Announces Four New SEZs to Attract Foreign Investment and More appeared first on Taxmann Blog.
News Archives – Taxmann Blog Read More