No income tax on individuals, says Saudi finance minister

No income tax on individuals, says Saudi finance minister

Saudi Arabia has no plans to impose an income tax on individuals, the country’s finance minister has confirmed. “There is no intention at all in Saudi Arabia to impose income tax on individuals. That has been our position very clearly,” Mohammed Al-Jadaan told Bloomberg TV at the World Economic Forum held in Davos. The minister […]Saudi Arabia has no plans to impose an income tax on individuals, the country’s finance minister has confirmed.

“There is no intention at all in Saudi Arabia to impose income tax on individuals. That has been our position very clearly,” Mohammed Al-Jadaan told Bloomberg TV at the World Economic Forum held in Davos.

The minister said that the kingdom is trying to “rationalise some of the burden” on the economy to make it even more business friendly. 

Saudi Arabia earlier this month sold $12 billion of bonds in a three-part issuance that was heavily oversubscribed. The kingdom sold bond tranches of $3.25 billion, $4 billion and $4.75 billion for six, 10 and 30 years, respectively.

Al-Jadaan disclosed that the bond proceeds will cover the deficit and accelerate spending on significant projects. 

“We have to finance the deficit that reaches two percent of GDP. We have logistics projects such as ports,