Saudi Arabia and Switzerland have signed a convention on double taxation of income and capital gains between the two countries. The signing took place on February 18, 2018 at the Ministry's headquarters in Riyadh.

The convention was signed by His Excellency Minister of Finance, Mohammed Al-Jadaan, and Switzerland’s Head of the Federal Department of Finance, Ueli Maurer. The signing ceremony was attended by Dr. Ahmed bin Abdul Kareem Al-Kholifey, Governor of the Saudi Arabian Monetary Agency, Mr. Mohammed Bin Abdullah Al-Kuwaiz, Chairman of the Capital Market Authority, Dr. Hamad Bin Sulaiman Al-Bazai, Deputy Minister of Finance, HE Suhail Abanmi, Governor of the General Authority for Zakat & Tax, and Dr. Khalid Al Khudairi, Deputy Minister for International Financial Affairs.

His Excellency Minister of Finance Mohammed Al-Jadaan commented: “This convention provides a strong legal framework that will help improve tax relations between the Kingdom of Saudi Arabia and Switzerland.  It includes stipulations on the tax treatment of investors operating in both countries, including measures to prevent double taxation on income derived from investment activities, a move that will lead to reduced tax burden on investors and help prevent tax evasion.”

“The trade balance between the Kingdom and Switzerland amounted to SAR 10.3 billion in 2016. The double taxation convention will benefit investors and businessmen by encouraging additional joint commercial and investment projects that should result in increased economic co-operation between the two countries,” he added.

The convention is considered the 51st tax convention signed by the Kingdom with another country.