The Senate voted on May 28, in identical form to that of the National Assembly, the bill authorizing the ratification of the tax treaty between the Kingdom of Saudi Arabia and the Gabonese Republic intended to avoid double taxation and to prevent tax evasion with respect to income tax.
Adopted on November 7, 2019, the bill authorizing the ratification of the tax treaty with Saudi Arabia, with a view to avoiding double taxation and preventing tax evasion with respect to income taxes, in accordance with international standards , was approved on May 28 by the senators in a form identical to that of the National Assembly.
According to the Committee on Foreign Affairs and International Cooperation of the Second Chamber of the Parliament, this text with certain economic implications, aims to eliminate double taxation for economic operators of the two countries, and to establish assistance rules reciprocal administrative. It aims to relaunch new prospects for reciprocal investments between the two countries, in sectors as varied as energy, education, housing, road infrastructure and services.
The foundations for this legal framework were laid on December 17, 2015 in Riyadh by the former Minister of Sustainable Development, Economy and Investment Promotion, Régis Immongault and his Saudi finance counterpart, Ibrahim Al-Assaf.
After the general cooperation agreement of 2013 and the memorandum of understanding on the diplomatic consultations of 2015, signed with Saudi Arabia, the tax treaty for the avoidance of double taxation and the prevention of tax evasion with regard to income tax will be the third legal instrument capable of intensifying cooperation between the two states and widening their partnership in the economic sector.
