Less Taxes, More Business
between Bulgaria and the Kingdom of Saudi Arabia
in 2018
The Council of
Ministers of Bulgaria has approved a Convention for avoidance of double
taxation between Bulgaria and the Kingdom of Saudi Arabia
At the end of
November 2017 a Bulgarian official delegation shall visit Riyadh and will sign
a Mutual Convention for Avoidance of Double Taxation between the Republic of Bulgaria
and the Kingdom of Saudi Arabia. Both governments agreed on further strengthening
of the business opportunities, which shall be supported by a Mutual Economic
Commission.
The Conventions of avoidance of double taxation concerns investor’s incomes
made in territories subject of local or foreign taxation, and taxes on income
from own citizens abroad. The convention affects
the Bulgarian taxes: income tax, corporate tax and license tax; and the Saudi
Taxes: Zakat Tax and income tax, including tax on investment in natural gas. Since the double
taxation affects the efficiency and competitiveness of exports of goods and
foreign investment, the provision of tax relief is a necessity in order to
ensure economic developments of relations between the two states.
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