Saudi Arabia, Switzerland sign agreement to avoid double taxation

Saudi Minister of Finance Mohammed Al-Jadaan and Swiss Minister of Finance, Vice President of the Federal Council Ole Mayor signed a DTA in Riyadh. (SPA)
Updated 19 February 2018
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Saudi Arabia, Switzerland sign agreement to avoid double taxation

RIYADH: Saudi Arabia and the Swiss Federal Council on Sunday signed an agreement to avoid double taxation on income and capital, as well as to prevent tax evasion.
The Saudi Minister of Finance Mohammed Al-Jadaan and the Swiss Minister of Finance Ueli Maurer, who is visiting Saudi Arabia, signed the agreement at the Ministry of Finance headquarters in Riyadh.
Al-Jadaan said the agreement represents a stable legal framework that defines the tax relationship between Saudi Arabia and Switzerland. He stressed that it clearly defines what taxation would be imposed by investors from both countries when exercising their activities in the contracting state, preventing double taxation on the income derived from investors’ activity.
Thus, this agreement reduces the tax burden on investors and is expected to achieve transparency in the tax system.
Al-Jadaan also called on businesses in the two countries to benefit from the advantages and reductions in taxes to establish more joint commercial and investment projects. He pointed out that the trade exchange between the Kingdom and Switzerland, which reached SR10.3bn in 2016, does not reflect the size of the economies of both countries.
Moreover, he urged Swiss businesses to learn more about investment opportunities, industries and commodities in order to increase Swiss imports from the Saudi Arabia.
This agreement is the 51st Double Taxation Agreement (DTA) that Saudi Arabia has signed with other countries.


Fun in the family zone at Ad Diriyah E-Prix ​

Updated 57 min ago
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Fun in the family zone at Ad Diriyah E-Prix ​

  • On offer were physically challenging activities such as a zipline, a net climbing wall, and a horse corral for the younger kids
  • At the heart of the park was an area dedicated to local artists and vendors, with everything from traditional foods to handmade soaps to artwork and clothing on display

RIYADH: A horse corral, a maze and a virtual reality biking station were some of the attractions on offer at the family zone at the E-Prix event being held at the Ad Diriyah UNESCO world heritage site near the capital Riyadh.
The event, which culminates Saturday with Formula E Championship street racing, is the first of its kind to be held in the region. 
It brings together world class entertainment — from artists including David Guetta and Amr Diab — and cultural activities.



“The amount of effort that must have gone into setting this up is extraordinary,” said visitor Abla Qanaq. “The variety of options is almost overwhelming. I’m not even sure where I want to start.”
People in the VIP Hospitality Section had the opportunity to ride camels, sample local staples of dates and Arabic coffee, and experience local customs such as traditional wedding marches.
“I’m glad they realized the importance of including a local touch in an event like this,” said visitor Alaa Al Dawsari. “Especially with so many foreigners coming from all over the world. It’s amazing that we were able to present Saudi Arabia like this.”
The family zone also featured an area dedicated to local artisans and vendors, with everything from traditional food to handmade soap and clothing on display. The Al Bujairi section hosts exhibitions and live music.