114 Airbus, 100 Boeing: Iran on a shopping spree?January 25, 2016 12:46
The business of… Tax in the GCC
From corporate income tax in Saudi Arabia to social security tax in Kuwait, Kipp takes a look at how the citizens of the Gulf are taxed.
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.
- There is currently no value-added tax (VAT) system.
Blue 449 launches first network office in the Middle East
SMG Beirut ranks 3rd globally in Directory Big Won Rankings
The Address Downtown is back?
Dubai Jazz Festival headliner Carlos Santana announces reunion album
Palo Alto Networks and Proofpoint Partner to Extend Threat Prevention Capabilities