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Blog The Role of Tax in Driving Saudi Arabia’s Non-Oil Economy: Unlocking Opportunities in Emerging Sectors

In recent years, the Kingdom of Saudi Arabia (KSA) has embarked on a transformative journey to diversify its economy, reducing its dependence on oil revenues. With Vision 2030 as a guiding framework, the nation actively explores opportunities across various non-oil sectors, such as technology, tourism, and logistics. Tax policies and incentives are central to this ambitious agenda, and they are increasingly seen as pivotal tools for stimulating growth and attracting investment in these emerging sectors. This article examines how the Kingdom's tax landscape is evolving to support its non-oil economy and unlock opportunities for domestic and foreign investors.

| 4 min read | 08 Nov 2024

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Establishment of Special Integrated Logistics Zones

22 Mar 20211 min read

In a bid to continue developing and positioning the Kingdom of Saudi Arabia (KSA) as a diverse and innovative market, a Royal Decree has recently announced the establishment of a new Special Integrated Logistics Zones, with the first such zone to be situated at King Khalid International Airport.

Contents

GACA has launched ILBZ – Saudi Arabia’s first integrated logistics zone in Riyadh – the inaugural project in a series of planned special logistics zones supporting His Royal Highness Crown Prince Mohammed bin Salman’s ambitious vision to make it one of the 10 largest city economies in the world – and supporting wider efforts to make the Kingdom a globally competitive transportation and logistics hub for the movement of goods and services around the world, within a progressive business-friendly environment.

The zone development will offer incentives to companies to establish operations at its site adjacent to the international airport in Riyadh, provided certain conditions can be met, and will have direct and indirect tax consequences as a result.

ILBZ entities would be subject to the following:

A 50-year Tax Holiday to include VAT suspension while under customs suspension.
Zero-rated corporate, income and withholding tax on certain payments.
100% business ownership.
100% suspension of customs and import restrictions: and
No restrictions on capital repatriation.

The zone will offer aviation facilities, cargo handling, government-sponsored training programs and advanced cargo-tracking technology, alongside a Government Services Office in the ILBZ to serve as a one-stop-shop to obtain any government services for investors.

Further guidance will be issued by the GAZT to specify the conditions and the procedures that ILBZ entities will need to follow to benefit from the tax and customs incentives.

To discuss the implications of these zones, feel free to contact

Adel Daglas, Director of Tax for Grant Thornton Saudi Arabia,

Establishment of Special Integrated Logistics Zones

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