Saudi: Tax, customs incentives to attract foreign investments
The National Incentives Committee revealed that the committee would provide financial and non-financial incentives for investment projects so as to empower, promote, encourage and attract local and foreign investments.
The committee will be dedicated in providing tax and customs incentives; incentives related to financial compensation according to the type of economic activity; incentives related to the requirements of localizing jobs; incentives for providing government support related to energy, industry, environment, agriculture, health and communications.
It will also contribute to obtaining financing with low profit margins and providing incentives for communications privileges in terms of privatization fees, and mining concessions. The committee will also concentrate on working out and developing investment projects arising from local and foreign investments.
The committee aims to regulate the incentives offered to investment projects in a way realizing harmony and coordination with regard to incentives offered by agencies, funds, banks and government committees. It will supervise the incentive packages that are allotted to investment projects.
The committee will approve the distribution of incentives offered for investment projects, apart from studying and reviewing the proposals about all kinds of incentives referred to it from the Committee for Surveying and Developing Investment Opportunities or from the bodies, funds, banks and government committees.
