| Kippreport.com

The business of… Tax in the GCC

September 9, 2010 2:17 by kippreport

CORPORATE INCOME TAX

• Applies to all foreign firms. For a joint venture, the tax liability depends on the foreign company’s share. Capital gains are subject to tax or zakat (religious) money.
• The tax rate is 20 percent of tax adjusted profits, and withholding tax rates are between 5 and 20 percent. The income tax rate on taxable net income of foreign shareholders is 20 percent. Only non-Saudi investors are liable for income tax.

SOCIAL INSURANCE TAX

• Paid monthly based on the salary plus housing. For Saudi employees, the rate is 20 percent, and 2 percent for non-Saudi employees.

VALUE-ADDED TAX

• There is currently no value-added tax (VAT) system.

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