The Saudi Arabian General Authority for Civil Aviation (GACA) recently published tax and other rules related to the Integrated Logistics Bonded Zone (ILBZ) located at King Khalid International Airport in Riyadh. Entities and branches of foreign companies performing prescribed activities in the ILBZ will benefit from:
-
A 50-year holiday from income tax and the obligation to withhold tax.
-
No restrictions on borrowing from overseas, repatriating capital, or remitting dividends, profits, commissions and similar payments.
-
Special rules permitting work and residence permits to be issued within the ILBZ.
-
No restrictions on ownership of tangible and intangible assets.
Source EY
