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Saudi Arabia plans to offer a 30 years of tax relief for multinational companies (MNC) to establish regional headquarters in the Kingdom, in a move to attract international investment and headcount, according to local state press agency on Tuesday.
The relief package includes a zero-percent rate for corporate income tax and withholding tax, starting from the day that these companies would obtain their regional headquarter licence, the Saudi Ministry of Investment said in a statement.
The licence is a part of the Saudi Vision 2030 that launched by Crown Prince Mohammed bin Salman in 2016, which aims to create private sector jobs and diversify in the Kingdom’s economy away from oil.
