Saudi to Introduce Zakat Collection Law

Saudi Arabia will introduce a new Zakat Collection Law and Comprehensive Investment Law, Minister of Investment Khalid Al-Falih said on Tuesday.

“Work is being done on the regulations alongside the issuance of the Zakat Collection Law” Al-Falih said addressing the second edition of the Municipal Investment Forum (FURAS) at the Riyadh International Convention and Exhibition Center

"We are also looking at corporate income tax issue and there may be initiatives in this regard that will not be pre-empted,” he added.

“The investor will be able to invest capital, effort, and ideas, and obtain a rewarding return that competes with any other country. The investor’s profitability is the most valuable aspect for the ministry to be recycled in the economy,” he pointed out.

The kingdom is also developing a comprehensive Investment Law that is likely to be issued by the second quarter to the third quarter after obtaining the approval of the Cabinet, he added.

The Law of Real Estate Ownership and Investment by non-Saudis is also in its final phases. It will allow individuals, residents, and non-residents to open real estate investments to own real estate in Saudi Arabia.

“The law is in final review but will not take effect until it is adopted by the Cabinet. During the coming period, the law will be studied in cooperation with the Real Estate General Authority, and a comprehensive review of real estate affairs will take place so as to replace it with a unified law,” he said while hoping that the process may take two to three years.

The minister said that the volume of investment opportunities in the Saudi tourism sector amounts to SR1.1 trillion.