Venezuela and Saudi Arabia negotiate tax advantages

The Venezuelan National Customs and Tax Administration Service (Seniat) completed the second round of negotiations between Venezuela and the Kingdom of Saudi Arabia to avoid double taxation and income tax evasion.

The agreement will benefit investors from both nations by increasing legal certainty. Consequently, it will foster mutual relations in a multipolar world, according to a press release issued by Seniat.

The negotiation was headed by officials of the Ministry of Finance, and the General Deputy Director of the Tithing and Income Authority for Programs and Policies of the Kingdom of Saudi Arabia, as well as representatives from the Venezuelan Ministry of Foreign Affairs and the Solicitor General's Office, among other officials.

Enforcement of the agreement requires completion of a number of constitutional procedures leading to the passage of the legal instrument by the Parliaments of both countries.