RIYADH: Saudi Arabia has confirmed that it has no plans to introduce income tax, while the 15 per cent Value Added Tax (VAT) decision is temporary.
Speaking in a TV interview Crown Prince Mohammed Bin Salman explained about the Kingdom’s economic plans, developments and achievements made since the launch of the Saudi Vision 2030.
“There are no plans at all the introduce any income tax in the Kingdom of Saudi Arabia. The 15 per cent VAT rate is imposed for five years only,” the Crown Prince said.
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“VAT was painful for me personally because I do not want to affect Saudi citizens in any manner. My responsibility is to guarantee and build the future of Saudi citizens in the long term, for the next 20-30 years,” the Crown Prince added.
