From beauty to petroleum, this week is full of excitement…May 24, 2015 1:23
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
- A new tax law on companies and foreign branches was adopted in January, making taxes uniform for all types of business entities.
- Special provisions are applicable to the taxation of income derived from the sale of petroleum. The tax rate specified for such companies is 55 percent.
- The tax rate is 12 percent on taxable profits exceeding 30,000 rials ($77,920) and applies to all companies and branches of GCC companies.
- Tax rates range from 0 to 30 percent for non-GCC companies depending upon the amount of taxable profits.
- A 3 percent rate is imposed on property rents, 5 percent on hotel occupancy, and 10 percent on leisure establishments.
- There is no VAT or sales tax.
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