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24.5%; 20% corporate tax plus a 4% Jehad tax plus a 0.5% tax on corporate income to pay for stamp duties [135] — — — ... Taxation in Saudi Arabia
The General Authority of Zakat, Tax, and Customs (ZATCA) (Arabic: هيئة الزكاة والضريبة والجمارك) is a government agency under the Ministry of Finance in Saudi Arabia that is responsible for the assessment and collection of taxes and zakat, a form of obligatory almsgiving in Islam.
A corporate tax, also called corporation tax or company tax, is a type of direct tax levied on the income or capital of corporations and other similar legal entities. The tax is usually imposed at the national level, but it may also be imposed at state or local levels in some countries.
The country passed a personal income tax law in 2007, effective 2009, removing citizenship as a criterion to determine residence. [171] In Iran, Iraq, North Korea, the Philippines and Saudi Arabia, citizenship is relevant for the taxation of residents but not for nonresidents.
Also the individual income of the partners is subject to income tax at the usual rates. For unregistered firms, income tax is levied on the firm's income and the partners are not liable to pay tax on the shares of profit received from the unregistered firm(s). Company; A company is a legal entity formed under the Companies Ordinance, 1984.
Saudi Arabia does not have a general income tax, but it imposes zakat (wealth tax) on the business assets of residents who are nationals of GCC countries, and income tax on the business income of residents who are not nationals of GCC countries and of nonresidents. Zakat has a flat rate of 2.5%, and income tax has a flat rate of 20%. [19]
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Saudi Arabia's oil reserves and production are largely managed by the state-owned corporation Saudi Aramco. [19] Another 40% of the GDP comes from the private sector. An estimated 7.5 (2013) million foreigners work legally in Saudi Arabia [20] and play a crucial role in developing the Saudi economy, for example in the oil and service sectors ...