Riyadh – Mubasher: Saudi King Salman Bin Abdulaziz issued a royal decree concerning a range of income tax rates for producers of oil and hydrocarbons, according to Saudi Press Agency (SPA).

The rates will be in effective as of January 2017, as stated by SPA.

Under the new rates, hydrocarbon companies with capital of more than SAR 375 billion will pay a tax of 50%.

Firms with capital of from SAR 300 billion to SAR 375 billion will pay an income tax of 65%, while those with capital of from SAR 225 billion to SAR 300 billion will pay 75%.

The companies with capital below SAR 225 billion will pay a tax of 85%, according to SPA.