In line with Vision 2030, Saudi Arabia is seeking to strengthen its international presence by attracting foreign capital for investment, obtaining tax exemptions for government investments, and exchanging customs information.
Asharq Al-Awsat obtained a copy of a recent report issued by the Zakat, Tax and Customs Authority which showed that the Kingdom has taken great steps to enhance international cooperation in matters related to customs regulations, including the signing of 56 double taxation avoidance agreements until the end of 2021.
Moreover, Saudi Arabia concluded two agreements for cooperation and mutual assistance in customs matters, and seven other customs cooperation agreements.
Agreements on the Double Taxation Avoidance with Gabon, Switzerland and Latvia entered into force in February, April and July of 2021, respectively, to facilitate cross-border investment and trade.
In March 2021, Saudi Arabia signed an agreement to avoid double taxation with Iraq and Taiwan.
According to the report, the Zakat, Tax and Customs Authority also forged two agreements on cooperation and mutual assistance in customs matters with Azerbaijan and Singapore.
Saudi Arabia was able to maintain its membership in the Customs Policies Committee and the Finance Committee of the World Customs Organization (WCO), after agreeing with the countries of the North Africa, Near East, and Middle East region in the 56th regional coordination meeting, which was held recently at the headquarters of the WCO in Brussels.
The Customs Policy Committee is concerned with drawing up the organization’s policies by submitting its recommendations to the Council.