Saudi Arabia plans to create zones with special tax benefits for companies, part of its effort to compete internationally.
The government announced the bonded economic zones in a decree (Royal Decree A/17) on Oct. 18. The first zone will be King Khalid International Airport in Riyadh. The initiative broadens the kingdom’s economic offerings as it tries to compete for more global business.
Goods in the zones will be under customs suspension, without duties or value-added tax. Supplies of goods within the zones will be exempt from VAT, ...
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