Saudi Arabia Joins Int’l Convention to Combat Tax Base Erosion

Saudi Arabia joins the international convention to combat tax base erosion. (SPA)

Saudi Arabia joined on Tuesday the multilateral agreement to apply the necessary measures to combat tax Base Erosion and Profit Shifting (BEPS).

In the presence of Organization for Economic Co-operation and Development representatives, Governor of the General Authority of Zakat and Tax, Suhail bin Mohammed Abanmi, signed the agreement to bring to 83 the number of member countries.

BEPS, which includes 1,400 bilateral tax agreements, aims to improve tax transparency and exchange of information for tax purposes between countries, and to fill gaps in tax systems among member states.