“This new incentive gives business more visibility and certainty for future planning as MNCs [multinational corporations] expand their presence in the region through Saudi Arabia while also taking part in our own transformation journey.”

-Mohammed Al Jadaan, Minister of Finance, discussing the announcement that Saudi Arabia will offer a 30-year tax break as an incentive for global companies that move their regional headquarters to the kingdom. The package includes a zero per cent rate for both corporate income tax as well as withholding tax related to the “approved regional headquarters activities,” the Ministry of Investment, Ministry of Finance and the Zakat, Tax and Customs Authority said in a statement on Tuesday. [The National]