2023-05-30 07:51:00
Relaxation in carrying out naturalization
Ahmed Al Rajhi, Minister of Human Resources and Social Development, announced that the exemption from the implementation of Saudiization is one of the incentives provided to the country’s Special Economic Zones. He said this is one of the incentives designed to ensure competitiveness and ease of operation for global investors. Meanwhile, Al Rajhi said in an address to the Saudi Special Economic Zone Investment Forum on Monday that investors in special economic zones will receive incentives from the Human Resource Development Fund (HADAF) if they decide to hire Saudis in their firms.
The aim is to attract global investors
If they decide to do so, investors will have the opportunity to benefit from basic financial incentives, he said. The purpose of the newly announced Special Economic Zones in the country is to attract international companies in certain industries and companies looking to relocate to the country in their early stages. That is why we have designed the incentives through customized packages following studying the global and regional norms very carefully to ensure that these incentives are competitive and flexible in the eyes of global investors,” the minister said.
Value Added Tax (VAT) Exemption
Meanwhile, Finance Minister Mohammad Al-Jadan announced that Saudi Arabia will provide permanent value-added tax (VAT) exemptions for financial transactions in special economic sectors. He said that there will be tax relief for 20 years within the cesses. The minister announced this in his speech at the Saudi Special Economic Zone Investment Forum on Monday. They will work to provide tax relief for 20 years so that investors can plan for the long term. He said, “We will give permanent exemption to social insurance tax for employer, transactions between companies in special economic sectors and transactions between companies in different cesses.” He also emphasized that Saudi Arabia is the only country to have a third positive rating in 2023.
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