Cailian News Agency on December 6 (Xi editor Gao Jianing).Saudi Arabia's Ministry of Investment (MISA) said on Tuesday it will provide tax incentives for multinational companies with regional headquarters in Saudi Arabia, including a 30-year exemption from corporate income tax for regional headquarters entities.
According to the Sathorn news agency, these companies will enjoy tax exemption from the date of issuance of the regional headquarters license.
This decision is part of the Saudi Regional Headquarters Program (RHQ). Jointly launched by the Saudi Ministry of Investment and the Royal Commission of Riyadh City (RCRC), the program aims to attract 160 multinational companies to relocate their regional headquarters to Saudi Arabia by the end of the year by offering a wide range of benefits and incentives.
Saudi Arabia's Minister of Investment, Khalid Al Falih, recently said that more than 200 companies have already moved their headquarters to Saudi Arabia, which has long exceeded the planned expectations.
In order to realize the regional headquarters plan, as early as February 2021, Saudi Arabia announced that it would stop signing contracts with foreign companies and commercial institutions that do not have regional headquarters in Saudi Arabia from 2024, including **institutions and **owned**.
In October this year, Saudi Arabia once again emphasizedEffective January 1, 2024, Saudi Arabia will stop awarding contracts** to foreign companies and commercial entities that do not have a regional headquarters in the country.
At present, Chinese companies such as China Harbor, China Geological Engineering Group, Didi and Tongfang Nuctech have received permission to relocate their regional headquarters to Riyadh during the 5th Future Investment Initiative conference.
Finance Associated Press).