KUWAIT (March 27): Saudi Arabia slashed taxes by more than a third for state oil producer Saudi Aramco ahead of what could be the world’s biggest initial public offering. New rates reduce Aramco’s income tax rate to 50% from 85%, Chief Executive Officer Amin Nasser said in an emailed statement. The Saudi Arabian Oil Co, known as Saudi Aramco, plans to sell as much as 5% of the company in an IPO next year that the kingdom estimates could value the business at more than US$2 trillion. “The new tax rate will bring Saudi Aramco in line with international benchmarks,” Nasser said. Companies with capital of between 225 billion and 300 billion riyals will pay 75%, and those with capital below 225 billion riyals 85%, according to SPA.

Source: The Edge Markets March 27, 2017 14:48 UTC