Reform the income tax structure through the presentation of a revised income tax legislation, intended to supplant the existing law established in 2004. The draft legislation is designed to conform to global best practices and the enduring vision and objectives of the Kingdom. Its primary goals are to encourage Foreign Direct Investment (FDI) without impeding overall economic advancement, foster transparency, and encourage voluntary compliance among taxpayers.
It is crucial to note that this proposal does not contemplate significant alterations to the liable persons (Taxpayers).