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Saudi Arabia Signs 56 Agreements to Prevent Double Taxation

Saudi Arabia is seeking to expand agreements with other countries to avoid double taxation. (Asharq Al-Awsat)
Saudi Arabia is seeking to expand agreements with other countries to avoid double taxation. (Asharq Al-Awsat)
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Saudi Arabia Signs 56 Agreements to Prevent Double Taxation

Saudi Arabia is seeking to expand agreements with other countries to avoid double taxation. (Asharq Al-Awsat)
Saudi Arabia is seeking to expand agreements with other countries to avoid double taxation. (Asharq Al-Awsat)

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.

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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)

The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.

This week's flare-up in a dispute over control of the central bank threatens a new bout of instability in the North African country, a major oil producer that is split between eastern and western factions.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the central bank governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Exports from Hariga stopped following the near-total shutdown of the Sarir oilfield, the port's main supplier, the engineers said.

Sarir normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

Libya's National Oil Corporation NOC, which controls the country's oil resources, said on Friday the recent oilfield closures have caused the loss of approximately 63% of total oil production.