(MENAFN- The Peninsula)
RIYADH: Saudi Arabia has set a range ofincome tax rates for producers of oil and hydrocarbons, theofficial Saudi Press Agency reported on Monday, quoting a royaldecree.
The tax rate for investments exceeding 375 billion riyals($100 billion) will be 50 percent, SPA said. It gave other ratesfor producers with smaller investments.
SPA did not say whether the announcement was directlyrelated to national oil giant Saudi Aramco. Saudi authoritiesplan to sell shares in Aramco next year and have beenconsidering whether to cut the effective tax rate on the companyin order to facilitate the sale.
Aramco currently pays a 20 percent royalty and 85 percenttax to the government, Saudi officials have said.
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