Saudi Arabia’s Shura Council has approved the income tax treaty with Iceland on 13 January 2025. This follows after officials from Saudi Arabia and Iceland convened in Riyadh to sign an income tax treaty on 4 December 2024.
The agreement aims to prevent double taxation between Saudi Arabia and Iceland. It is expected to boost trade and investment by addressing tax challenges, ensuring fair opportunities for investors, and strengthening economic cooperation.
This treaty is the first between the two nations and will take effect once the ratification instruments are exchanged.
