On 14 April 2023, the Saudi government announced the establishment of four new Special Economic Zones (SEZs) across various regions of the country.
These new SEZs aim to offer competitive incentives for businesses who will invest in such zones, most notably of which are as follows:
- 0% withholding tax on repatriation of profits from SEZ into foreign countries;
- Customs duties deferral for goods inside SEZ or 0% Custom duties on capital equipment and inputs inside SEZ;
- 0% VAT for all intra-SEZ goods exchanged within and between the SEZs;
- Competitive rate of utilities notably electricity;
- …
Source PwC
