G20 decision to tax MNCs will attract firms to Saudi Arabia, says Al-Jadaan

Saudi Minister of Finance Mohammed Al-Jadaan 

Saudi Minister of Finance Mohammed Al-Jadaan said the G20 decision to impose taxes on multinational companies (MNCs) will help attract them to Saudi Arabia, given that all countries have the same tax advantages.

The non-oil revenue, which have recently seen growth, was diversified, including returns on investment in the Saudi central bank, tax and Zakat, and returns from opening the Kingdom’s economy to foreign investors, Al-Jadaan told Asharq Bloomberg.

He added that the Kingdom’s carbon neutrality plan was driven by its serious interest in the climate issue, noting that from 2015 to 2019, carbon emissions decreased in the Kingdom by 30%, but increased in the G20 member countries in the same period.

Saudi Arabia has big plans for renewables and energy mix, in addition to billions of dollars of investments to achieve net zero emissions by 2060.