26.04.2016 - Saudi Arabia's growth plan: 0% income tax and a giant wealth fund
Saudi Arabia has no plans to introduce income tax any time soon, despite the damage done to its finances by the oil price crash. The kingdom made clear Monday that taxes on income or basic goods are not part of its 15-year strategy for breaking the economy's dependence on oil. Riyadh's has outlined an ambitious plan to create a huge sovereign wealth fund, which will invest at home and abroad to diversify the economy and create new revenue streams for the government. It says the fund will be worth 7 trillion riyals ($1.9 trillion) by 2030. That's more than double the size of Norway's sovereign wealth fund, the world's biggest...............................................Full Article: Source
Print