The Saudi Ministry of Investment will give tax relief to multinational companies that move their regional headquarters to Saudi Arabia. This concession is part of bringing the headquarters of leading companies to Saudi Arabia. Around eighty companies have already decided to move their regional headquarters to Saudi Arabia. Multinationals relocating headquarters to Saudi get tax exemption
The Saudi Ministry of Investment is urging multinational companies to shift their regional headquarters to Saudi Arabia. The goal is to make Saudi a more investment-friendly country. Investment Minister Khaled Alfalih announced that companies that move their headquarters to Saudi Arabia this year will be given tax breaks. The minister disclosed this in an interview with the British newspaper Financial Times.
An official announcement in this regard is expected to be made soon. Since the control of foreign investments and operations in Saudi Arabia was already strong, many multinational companies with an active presence in the region have their regional headquarters in neighboring countries, including the UAE. With the transparency of the investment law, companies are encouraged to shift their headquarters to Saudi Arabia.
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But the minister said there is no obstacle for companies with regional headquarters in other countries to continue as usual in Saudi Arabia. To attract companies to Saudi Arabia, the Ministry of Investment and the Riyadh Royal Commission have jointly planned a project called the Regional Headquarters Program. About 80 companies, including Unilever and Siemens, have been granted licenses to move their regional headquarters to Saudi Arabia.
Story Highlights: Multinationals relocating headquarters to Saudi get tax exemption
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