Saudi Arabia welcomes G7 decision to tax multinationals: Al-Jadaan

Minister of Finance Mohammed Al-Jadaan

Saudi Arabia welcomed the deal agreed upon during the meeting of G7 finance ministers, which includes the multinational companies paying a minimum tax of 15% in every country they operate, Bloomberg Asharq reported, citing Minister of Finance, Mohammed Al-Jadaan.

Saudi Arabia grappled with the challenge of taxing global companies operating across many countries during the G20 Riyadh Summit 2020, said Al-Jadaan.

This came in the light of the 20% income tax applied to the tax-adjusted profit of expatriates and Zakat imposed on Saudis, he noted.

The deal details will be discussed in the G20 meetings over the coming months, he added.