Riyadh – Mubasher: The latest Saudi Royal Order concerning the reduction of Saudi Aramco's tax rate to 50% after 85% will make the firm in line with the international benchmarks, Aramco CEO said.

Aramco would continue to make a critical contribution to the diversification and growth of the Saudi economy in line with Saudi Vision 2030, Amin H. Nasser added according to a statement published on the company’s website.

The company pinpointed that the tax cut order is “another positive step in the diversification of the Kingdom’s economy.”

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

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

Moreover, Saudi minister of finance, Mohammed Al-Jadaan, said that the decrease of taxes in oil and hydrocarbon producers will not have negative impacts on total government revenues or public services.