In an announcement by the Saudi Press Agency (SPA), officials from Saudi Arabia and Iceland convened in Riyadh to sign an income tax treaty on 4 December 2024.
The signing took place during the first day of the Zakat Tax and Customs Conference in Riyadh. Governor of the Zakat, Tax and Customs Authority (ZATCA), Suhail Abanmi, and the Commissioner of Revenue and Customs in Iceland, Snorri Olsen, signed the income tax treaty.
The agreement is aimed at avoiding double taxation between Saudi Arabia and Iceland. The agreement is also expected to encourage trade and investment between the two nations by resolving tax-related challenges, ensuring equal opportunities for investors, and enhancing economic cooperation.
This treaty is the first between the two nations and will take effect once the ratification instruments are exchanged.
