Amin H. Nasser, president and chief executive officer of Saudi Arabian Oil Company (Saudi Aramco), speaks at the China Development Forum in Beijing, China, March 19, 2017. REUTERS/Shu Zhang
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Saudi Arabia slashed the tax rate paid by state oil producer Saudi Aramco, a key milestone in preparing the company for what may be the world's biggest initial public offering. Aramco's income tax, paid on the company's profit, is being cut to 50 percent from 85 percent, Chief Executive Officer Amin Nasser said in an emailed statement. Under the new rates, hydrocarbon companies in Saudi Arabia with capital of more than 375 billion riyals ($100 billion) will pay a tax of 50 percent, according to the Saudi Press Agency.Companies with capital of between 225 billion and 300 billion riyals will pay 75 percent, and those with capital below 225 billion riyals 85 percent.
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