To celebrate the country’s 44th anniversary, Kippreport brings you some interesting details about the EmiratesDecember 1, 2015 5:27
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.
UAE National Day: 44 facts you need to know
Can emails replace face-to-face meetings?
Luxury travel: One billion more people travelling in 2030
News: Free parking in Dubai this weekend?
Entrepreneur diaries: 5 top tips to raise money as a start-up