Saudi Arabia’s Council of Ministers approved the ratification of an income tax treaty with Iceland on 18 March 2025.
The agreement aims to prevent double taxation and is expected to encourage trade and investment by addressing tax challenges, ensuring fair opportunities for investors, and enhancing economic cooperation between Saudi Arabia and Iceland.
Earlier, the treaty was approved by the Shura Council on 13 January 2025. It was signed by officials from both countries in Riyadh on 4 December 2024.
This marks the first income tax treaty between the two nations. The agreement will enter into force after the exchange of ratification instruments.
