The Chairman of the Board of the Saudi Investments General Authority, Emir Abdullah Bin Faisal Bin Torki, stated that the Kingdom of Saudi Arabia will be able to absorb $20 billion worth of investments annually in the sectors of electricity, water and railway, reported Al-Hayat .
The Saudi consultative council (majlis al-shura) is currently reviewing a new tax law that would lower the corporate tax levied on foreign firms operating in the kingdom from 45 to 30 percent, Secretary General of the Supreme Economic Council (SEC) Abdulrahman Al-Tuwaijri told a press conference in March.
The introduction of a new taxing system is considered part of the government efforts to stimulate the country’s economy by encouraging direct foreign investments. It is hoped that such steps would diversify the Saudi sources of income and reduce dependence on oil. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
