Saudi Arabia slashes tax for Aramco
Saudi Arabia Saudi Arabia's Finance Minister Mohammed al-Jadaan
The measure will see Aramco and other energy companies in the kingdom pay a 50% tax on income instead of the old rate of 85%.
Commenting on the tax cut, Saudi Arabia’s Finance Minister Mohammed Al Jadaan said it would not affect the country’s finances.
“Any tax revenue reductions applicable to hydrocarbon producers operating in the kingdom are replaced by stable dividend payments by government-owned companies, and other sources of revenue including profits resulting from investments,” he said.
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