The State Council and the Shura Council on 26 May 2016 approved the increase of the corporate tax rate on liquefied natural gas (LNG) companies to 55%.
The council also approved the increase of the corporate tax rate on petrochemical and mining companies to 35%. The standard tax rate applicable to all other entities is 12%. The proposed changes need to be ratified by Royal Decree before they come into force.
DTA between Somalia and Turkey signed
World Tax Brief: May 2016
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