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OBG: Saudi Arabia lessens tax costs for foreign firms

August 12, 2014 12:32 am

Oxford Business Group (OBG) said in a report that the wave of new treaties signed by Saudi Arabia will play an important part in reducing financial and administrative tax costs for international companies doing business in the country, as well as eliminating double taxation. Oxford Business Group (OBG) added in the report that Saudi Arabia 2014 will plot the wave of new agreements signed in recent months, which are set to see the Kingdom dispel with double taxation in 13 additional countries across the continents, Trade Arabia reported. The country has signed treaties with Algeria, Ethiopia, Hungary, Azerbaijan and Tajikistan since October, while a further six – with Egypt, Kosovo, Kyrgyzstan, Sudan, Sweden and Venezuela – have been approved. A treaty with Tunisia has also come into force during the last six months.