Here are the details of the Saudi Cabinet’s decision issued last month, to approve the amendment to Article A/2 of the Income Tax Law, related to taxable persons.
After amendment, the Paragraph stipulates that the persons subject to taxation include the following:
(a) Resident capital companies with respect to shares owned directly or indirectly by non-Saudi persons and,
(b) Shares owned directly or indirectly by persons operating in oil and hydrocarbon production excluding:
-The shares owned directly or indirectly by persons operating in oil and hydrocarbon production in Saudi-listed resident capital companies and,
-The shares owned by these companies in capital companies.
Before amendment, the persons subject to taxation included the following:
(a) Resident capital companies with respect to shares owned directly or indirectly by non-Saudi partners.
(b) And shares owned directly or indirectly by persons operating in oil and hydrocarbons production.
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