Hydrocarbon tax amendments will be applied retroactively from 1 January
New tax rates on companies in oil and hydrocarbon sector with capital will be effective retroactively from 1 January, according to Head of the General Authority for Zakat and Income, Abdel Rahman Al Ghamdy. Companies with capital of more than SAR375bn (USD100bn) will pay a tax of 50%, those with capital of SAR300-375bn will pay an income tax of 65%, those with capital of SAR225-300bn will pay 75%, and those with capital below SAR225bn will pay 85%. The tax will be applied on all economic activities, he said, adding that the state revenues will not be affected by the decision.
This website uses cookies to make the site work, to understand if the site is working well, how it is being used, to connect to social media sites (such as Facebook and Twitter) and to collect information useful to allow us and our partners to provide you with more relevant ads . Some cookies are essential to make the site work, but you can control how we use non-essential cookies at any time by clicking the “ON/OFF” button next to each category. For more information about the cookies used on this site, see Privacy Policy.
Decide which cookies you want to allow.
Strictly Necessary
These cookies are essential in order to enable you to move around our website and use its features, such as accessing secure areas of our website. Without these cookies, any services on our Site you wish to access cannot be provided.
Analytical/performance cookies
Visitors use our website, for instance which pages you go to most often, and if you get error messages from web pages.