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Jeddah Chamber of Commerce Creates Investment Opportunities in SMEs

The Jeddah Chamber of Commerce and Industry signed a MoU with KAUST to create investment opportunities in the field of SMEs.
The Jeddah Chamber of Commerce and Industry signed a MoU with KAUST to create investment opportunities in the field of SMEs.
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Jeddah Chamber of Commerce Creates Investment Opportunities in SMEs

The Jeddah Chamber of Commerce and Industry signed a MoU with KAUST to create investment opportunities in the field of SMEs.
The Jeddah Chamber of Commerce and Industry signed a MoU with KAUST to create investment opportunities in the field of SMEs.

The Jeddah Chamber of Commerce and Industry signed on Monday a MoU with King Abdullah University of Science and Technology (KAUST) to create investment opportunities in the field of SMEs, build the digital transformation strategy and develop artificial intelligence.

The KAUST delegation at the signing event was chaired by Vice President of Innovation and Economic Development at the university, Kevin Cullen.

Chairman of the Board of Directors of the Jeddah Chamber Mohammed bin Yousuf Naghi said the future is focused on investment in the knowledge-based economy in the Kingdom.

He noted that the Chamber is an active channel and a bridge to communicate with the private sector, highlighting the successful experiences of KAUST in entrepreneurship and emerging firms.

The chairman further added that there are four sectoral councils at the Chamber that share the university’s strategy.

They are the Councils of Industry, Education and Training, Tourism and Culture, and Urban Development.

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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.