Saudi Arabia looks at tax relief for multinationals relocating HQs

Multinationals that relocate their regional headquarters to Saudi Arabia this year would be “likely” to receive tax relief, according to the kingdom’s investment minister. The UAE has responded with a range of incentives to attract companies.

March 4, 2023 . 2:49 PM

1 min read

Multinationals that relocate their regional headquarters to Saudi Arabia this year with the aim of securing lucrative government contracts would be “likely” to receive tax relief.
Many executives are still uncertain about the details of the tax regime two years after they were informed of the relocation deadline.
The regional headquarters scheme is part of an ambitious plan to make Saudi Arabia less reliant on oil revenues.
About 80 companies, including Unilever and Siemens, have already been granted licences to move their regional headquarters to the kingdom.
The UAE, which will start imposing a corporate tax of 9%, has responded with a range of incentives to attract companies.