Foreign investments

Tax and customs incentives to attract foreign investment

Okaz/Saudi Official Gazette

Riyadh — The National Incentives Committee revealed that the committee would provide financial and non-financial incentives for investment projects to empower, promote, encourage and attract local and foreign investment.

The committee will focus on providing tax and customs incentives; incentives linked to financial compensation depending on the type of economic activity; incentives related to job location requirements; incentives to provide government support related to energy, industry, environment, agriculture, health and communications.

It will also help secure financing with low profit margins and provide incentives for communication privileges in terms of privatization fees and mining concessions.

The committee, which is an offshoot of the Supreme National Investment Committee under the Council for Economic Affairs and Development (CEDA), will also focus on the design and development of investment projects from local and foreign investments.

It will strive to explore new investment opportunities in various economic sectors in accordance with feedback received from the Investment Opportunities Review and Promotion Committee or relevant government agencies.

The committee aims to regulate the incentives offered to investment projects in a manner that achieves harmony and coordination with respect to the incentives offered by agencies, funds, banks and government committees. It will oversee the incentives that are given to investment projects.

The committee will approve the allocation of incentives offered for investment projects, in addition to studying and examining the proposals for incentives of all kinds that will be submitted to it by the Committee for the Study and Development of Investment Opportunities or by government agencies, funds, banks and committees.