Saudi Arabia's cabinet has approved the National Transformation Program 2020. The program includes a number of changes meant to shift the country's reliance on oil revenue to non-oil revenue sources. According to the program, some of the main tax-related initiatives for 2016 include:
- Application of fees on registration of real estate and on profits from real estate;
- Preparation and implementation of a unified income tax;
- Preparation and implementation of an income tax on residents (reportedl…