Saudi Arabia and Netherlands sign Double taxation Accord

Riyadh, October 13, SPA -- Dr. Abdul Aziz Al-Khuweiter, Acting
Finance Minister and Netherlands' Minister of Economic Affairs Ms.
Maria Van Der Hoeven signed here today an agreement on avoidance of
double taxation and prevention of tax evasion on income taxes between
the Governments of the Kingdom of Saudi Arabia and the Kingdom of the
Netherlands.


The Acting Minister of Finance pointed out that the agreement is a
stable legal framework of relations between the two countries, and
said it ensures avoidance of double taxation on income for activities
of investors, and therefore the agreement reduces the tax burden on
investors, to achieve transparency and stability in the tax
treatment.

He pointed out that the volume of trade exchange between Saudi Arabia
and the Netherlands had been growing steadily, rising from SR 13,979
million in 2000 to SR 28,196 million in 2006.


He called on businessmen in both countries to take advantage of this
agreement which provides advantages and tax cuts for the
establishment of more joint investment projects.