U.S. Warns Saudi Arabia That Its Tax Regime May Drive Firms Away - Bloomberg
The U.S. has criticized Saudi Arabia’s tax authorities and warned that disputes with foreign companies risk discouraging investment in the country.
“Numerous multinational enterprises” operating in Saudi Arabia “have experienced tax issues exhibiting a lack of transparency, consistency and due process compared to what they have come to expect from other nations,” the U.S. embassy in Riyadh said in a letter to the Saudi Ministry of Investment.
It wasn’t clear when the letter was sent but some ministry officials received it in recent days, according to people familiar with the matter. The U.S. embassy declined to comment. The tax authority and the ministry didn’t immediately respond to requests for comment.
The U.S. comments come as Crown Prince Mohammed bin Salman tries to transform the oil-dependent economy and draw in more international firms. He’s hoping to attract around $100 billion of foreign direct investment each year by 2030.
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