Saudi Aramco's income and zakat taxes for the first nine months of this year rose 80.7 percent to SAR 251.2 billion, compared to SAR 139 billion in the same period last year, as a result of the increase in profits.<\/p>\n\n\n\n
In the first nine months of this year, the company's profits rose 121.6 percent to 291 billion riyals from 131.3 billion riyals in the same period last year. In the third quarter, profits rose 158.1 percent to 114.1 billion riyals from 44.2 billion riyals due to higher oil prices and increased sales.<\/p>\n\n\n\n
Saudi Aramco is subject to a 20 percent income tax rate on the exploration and production of non-associated natural gas, including gas condensate, as well as the gathering, processing, processing, fractionation and transportation of associated and non-associated natural gas, its liquids, gas condensate and other associated elements, and a 50 percent income tax rate on all other activities, in accordance with the Income Tax Law.<\/p>\n\n\n\n
As of January 1, 2020, the tax rate applicable to the company's downstream activities was reduced from the 50 percent tax rate applicable to qualified domestic oil and hydrocarbon production companies to the general corporate tax rate of 20 percent applicable to similar domestic refining and marketing companies, in accordance with the Income Tax Law.<\/p>\n\n\n\n
The new rate is conditional on the company separating its downstream activities under the control of one or more separate wholly owned subsidiaries before December 31, 2024, otherwise the company's downstream activities will be retroactively taxed at a rate of 50 percent, and the company expects to transfer all of its downstream activities to a separate regulated facility within the specified period.<\/p>\n\n\n\n
The corporate income tax has been modified, as the shares owned directly or indirectly by persons engaged in the production of oil and hydrocarbons in resident companies listed on the Saudi Stock Exchange (Tadawul) have been exempted from the application of the corporate income tax.<\/p>\n\n\n\n
As a result, the company's stakes in SABIC, PetroRabigh, Bahri, and Electricity are now subject to zakat, which is levied based on the higher of the adjusted zakatable income or the zakatable base, according to the Kingdom's regulations.<\/p>\n\n\n\n
Zakat is calculated using the zakat base and the zakat provision is charged to the condensed income statement. According to Aramco's statements, the income tax and zakat expense is primarily based on income generated in Saudi Arabia.<\/p>","protected":false},"excerpt":{"rendered":"
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