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Saudi Arabia, Switzerland Sign MoU to Bolster Tourism Collaboration

The Saudi Tourism Authority has signed an MoU with Switzerland Tourism. SPA
The Saudi Tourism Authority has signed an MoU with Switzerland Tourism. SPA
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Saudi Arabia, Switzerland Sign MoU to Bolster Tourism Collaboration

The Saudi Tourism Authority has signed an MoU with Switzerland Tourism. SPA
The Saudi Tourism Authority has signed an MoU with Switzerland Tourism. SPA

The Saudi Tourism Authority (STA) has signed an MoU with Switzerland Tourism to bolster collaboration in the tourism sector.
CEO and Board Member of the STA Fahd Hamidaddin and Director GCC at Switzerland Tourism Livio Gotz signed this agreement at the Saudi Tourism Authority headquarters.

Swiss Federal Councillor and Head of Economic Affairs, Education, and Research Guy Parmelin and Swiss Ambassador to Saudi Arabia Yasmine Chatila Zwahlen attended the ceremony.

This MoU, a first-of-its-kind between the two tourism entities, aims to foster the development of the tourism industry, mutual promotion, and enable collaborative tourism projects between Saudi Arabia and Switzerland, setting a new precedent for international tourism cooperation.

A key aspect of this partnership is identifying joint marketing initiatives that highlight the unique attractions of each country. Special attention will be given to specific tourism sectors such as marine activities, culture and heritage, and rural tourism, through combined marketing efforts to attract travelers seeking unique experiences. This strategic promotion aims to highlight both Saudi Arabia and Switzerland as leading destinations for tourism that gratify every tourist, the Saudi Press Agency reported on Thursday.

Additionally, STA and Switzerland Tourism will work together to utilize the latest technology in the industry to promote a more seamless travel journey for visitors. This will be achieved through amplified cooperation between local tourism agencies and operators, providing opportunities for further partnerships and value between Saudi Arabia and Switzerland, SPA said.

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Türkiye Says Aims to Rein in Tax Breaks, Target Avoidance in Reform Plan

A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
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Türkiye Says Aims to Rein in Tax Breaks, Target Avoidance in Reform Plan

A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN

A drive by Türkiye 's government to modernize the country's tax system will seek to boost revenue by tackling tax avoidance and scrapping incentives that are no longer needed rather than raising the overall burden, the finance minister said on Monday.

Mehmet Simsek said, however, that preliminary draft proposals being discussed within the government envisioned a minimum 15% corporate tax on multinational companies, confirming a report last month by state-owned Anadolu Agency.

According to Reuters, he did not give further details about the proposal. At present, multinational companies face varying levies depending on numerous factors.

Speaking to local broadcaster BloombergHT, Simsek said the government's plans - which would need to be approved by parliament - also included raising the corporate tax on public-private partnerships (PPPs) to 30% from 25% at present.

Simsek, who has spearheaded a year-long policy-tightening program to tackle soaring inflation, said in Monday's interview that the tax plan being discussed by government officials was in the early stages and could be subject to changes before being presented to parliament.

He said there were no plans to introduce a transaction tax on the purchase and sale of stocks, but the government could propose taxes on stock market gains sometime in the future.

Earlier this month, an economy official said Türkiye had almost finalized work on imposing a transaction tax on the purchase and sale of stocks and crypto assets.
The plans are part of broader efforts to boost government savings, fiscal discipline and price stability after years of turmoil that fueled soaring inflation.

As part of the tightening program, the central bank has aggressively hiked interest rates to 50% from 8.5% since June last year. Annual inflation hit 75% in May but was expected to have dipped in June.