Saudi Arabia has no plans to introduce income tax: Crown Prince Mohammed Bin Salman

Saudi Arabia has no plans to introduce income tax: Crown Prince Mohammed Bin Salman

Crown Prince speaks of his pain at introducing 15% VAT, says it will last five years Dubai: Saudi Arabia is not planning to introduce income tax, while the 15 per cent VAT rate is a temporary decision for five years, Crown Prince Mohammed Bin Salman said in a TV interview on Tuesday. Speaking on the Rotana Khaleejiah channel, the Crown Prince spoke about the Kingdom's economic plans, developments and achievements made since the launch of the Saudi Vision 2030. The interview marks the fifth anniversary of the Vision 2030, which aims to diversify Saudi Arabia's economy without reliance on oil. "There are no plans at all the introduce any income tax in the Kingdom of Saudi Arabia. The 15 per cent VAT rate is imposed for five years only," the Crown Prince said. He also spoke on plans to eventually reduce the VAT rate in Saudi Arabia, calling the move to increase the rate to 15 per cent a painful decision that he personally had to undertake. "This step was painful for me personally because I do not want to affect Saudi citizens in any manner. My responsibility is to guarantee and build the future of Saudi citizens in the