In a landmark move to enhance economic cooperation, Saudi Arabia has signed an agreement with Iceland to avoid double taxation, aiming to encourage trade and investment between the two nations. The agreement was formalized during the opening day of the Zakat, Tax, and Customs Conference in Riyadh.
Agreement Details:
The agreement, signed by Engineer Suhail Abanmi, Governor of the Zakat, Tax, and Customs Authority, and Snorri Olsen, Iceland’s Commissioner of Revenue and Customs, focuses on eliminating tax-related barriers for investors. This initiative aims to provide equitable opportunities, fostering economic growth and business collaboration between Saudi Arabia and Iceland.
Key Highlights from the Conference:
The conference featured over 90 local and international organizations and included more than 70 specialized workshops, emphasizing global tax practices and innovations. The agreement’s signing was a prominent event, reflecting Saudi Arabia’s commitment to strengthening international economic partnerships.
Future Prospects:
This strategic collaboration paves the way for increased joint investments and knowledge-sharing between the two nations. It underscores a mutual commitment to sustainable development and progress in critical economic sectors. With this agreement, Saudi Arabia continues its efforts to establish itself as a global hub for business and innovation.