Qatar and Saudi Arabia signed an income tax treaty on Thursday, 30 May, 2024. The treaty, which is a first of its kind between the two Gulf monarchies, aims to eliminate double taxation, prevention as well as avoidance of tax evasion, promote commercial cooperation, and expand investment opportunities for both individuals and government entities.
The agreement was signed by HE Minister of Finance, Ali bin Ahmed Al Kuwari, and Minister of Finance of the Kingdom of Saudi Arabia, Mohammed bin Abdullah Al-Jadaan.
Commenting on the deal, HE Ali bin Ahmed Al Kuwari emphasised the importance of this agreement and its effective role, pointing that it would contribute to supporting international transparency standards through the exchange of documented financial information, within the framework of both countries’ efforts to strengthen coordination and cooperation in tax matters and economic relations.
HE Mohammed bin Abdullah Al-Jadaan affirmed that the agreement is part of efforts to enhance legislative coordination between the Kingdom of Saudi Arabia and the State of Qatar, contributing to encouraging trade exchange between the two countries and attracting more investments to the region.
The treaty will enter into force after the exchange of the ratification instruments.
