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
* No taxes are applied on income, sales, capital gains or estates with the exception of oil and gas companies, which pay a tax rate of 46 percent from net profits for each tax accounting period.
SOCIAL SECURITY TAXES
* A levy of 1 percent is deductible from the salaries of all employees.
(Sources: KPMG, PriceWaterhouseCoopers) (Reporting by Martina Fuchs)