Explore Saudi Arabia's new initiative to boost the non-profit sector by introducing tax and expat fee exemptions. This move aims to attract more foreign talent and investments, fostering a thriving environment for non-profit organizations to contribute to the Kingdom's Vision 2030 goals.
Saudi Arabia is considering giving a range of incentives, including waiving labor fees, expat fees, zakat, and customs duties for organizations in the non-profit sector. This was announced by Ahmed Al-Rajhi, the Minister of Human Resources and Social Development.
During a virtual meeting with leaders from the non-profit sector, Al-Rajhi mentioned that a ministerial committee is examining 21 potential incentives to boost the non-profit sector. These incentives may include exemptions from various fees and taxes. The committee, which includes ministers from finance, economy, planning, commerce, and social development, is expected to make its recommendations by the end of October 2024.
The non-profit sector in Saudi Arabia has seen significant growth, with an 181% increase in the number of organizations, now totaling 5,000. These include 4,000 societies, 400 private firms, and 530 family funds. The sector’s contribution to the GDP has reached 0.87%.
Al-Rajhi also mentioned that through discussions with private organizations and charitable societies, the government has identified and resolved 50% of the challenges facing the non-profit sector. The National Center for the Development of the Non-Profit Sector is committed to finding solutions for the remaining issues within a year.
Over 1,000 leaders, workers, and stakeholders from across the Kingdom attended the meeting. Various challenges and recommendations were discussed to further develop the sector and align it with Saudi Arabia’s Vision 2030 goals.
Source: SaudiGazette
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