The Saudi Arabian Council of Ministers approved the ratification of the income tax treaty with Qatar on 5 November 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.
Earlier, Qatar and Saudi Arabia signed the treaty on 30 May 2024. It 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.
The treaty will enter into force after the exchange of the ratification instruments.