Saudi Arabia Going Income Tax Scheme, Privatising Education, Health, Water
Saudi Arabia Income Tax Scheme 2020 Mohammad Al Jaddan Saudi Arabia Income Tax Purchase Bond Paper of Saudi Government Saudi Arabia Citizen Income Tax Scheme. World largest number of Oil Reservoir country may bring Income Tax for its citizen. Main problem to introduce Income Tax in Saudi Arabia is Coronavirus and America US Tension. Not Only SA Income Tax Scheme will be launched but also govt wants to sell its asset under reviving economic plan.
Saudi Arabia Citizen Income Tax Rate 2020: Mohammad Al Jaddan, Finance Minister of Saudi Arabia told to media person that,’’ Yes, we are making plan on filling economy loss with Income Tax. And there is no extra or long term plan required to implement tax scheme. According to International Monetary Fund Saudi Arabia economy will face 30 years of economy slowdown in two years .
Saudi Arabia Oil Companies Bond Paper Purchase: Rate of Income Tax in Saudi Arabia is very small. And there is no Income Tax related rules are in Saudi Arabia. That is why many business peoples wants citizenship of Saudi Arabia which can help to escape from High Income Tax like countries in India and other western countries. Finance Minister Mohammad Al Jaddan said to sell 12 Billion Dollar of Bond Paper in International Markets and government is also thinking to take 2 Lakh crore of loan.
Income Tax Rate in Saudi Arabia: According to IMF, Saudi Arabia economy growth rate will be 6.8 percent this year. Worlds largest oil exporter country Saudi Arabia may privatise Education, Health and Water Department. This privatisation in Saudi will help to add 1 Lakh crore amount in 5 years. Govt of Saudi Arabia implemented other tax in country such Value Added tax, Import Export Tax, Stopping Allowance of Government employee.
In December last year Saudi Arabia brings IPO of Saudi Aramco. Through Saudi Aramco IPO its sells 29 billion dollar. This report made by Bloomberg and Combination of Dainik Bhaskar Paper.