Aramco welcomes Royal Order slashing tax
OIL AND GAS NEWS
Saudi Aramco today welcomed the introduction of the new tax regime for all hydrocarbon producers operating in the kingdom as another positive step in the diversification of the kingdom’s economy.
Amin H Nasser, president and CEO, Saudi Aramco, said the company welcomed King Salman's Royal Order announcing the reduction of Saudi Aramco's tax rate to 50 percent from 85 percent.
The new tax rate will bring Saudi Aramco in line with international benchmarks, he said.
Nasser reiterated that Saudi Aramco would continue to make a critical contribution to the diversification and growth of the Saudi economy in line with Saudi Vision 2030.
The new tax rate comes in the wake of plans for the sale of a 5 per cent stake in the state-controlled company in 2018. The IPO is likely the largest of its kind in the world, with a potential value of $100 billion. - TradeArabia News Service
