Saudi Arabia has announced permanent tax breaks for certain types of businesses in the country. The information was confirmed by the kingdom's Finance Minister, Mohammed Al-Jadaan.

Transactions between businesses within the country's special economic zones will be granted a permanent exemption from value-added tax. In addition, the tax reduction in these zones will be valid for 20 years.

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The minister said: “We will work to reduce taxes for 20 years to ensure that investors can plan for the long term.” “We will also provide a permanent exemption from social security tax for the employer, as well as for transactions between companies in special economic zones.”

Recall that in April, Saudi Arabia announced the creation of new special economic zones in the kingdom. Foreign investors in the special economic zones can open businesses without a local partner. The zones have since attracted $12.6 billion in investments from companies in the maritime, mining, manufacturing, logistics, and technology sectors. The influx of investment continues.