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FINANCIAL NEWS
Saudi’s Aramco to cut tax boosts its value by USD1tr
29 Mar 2017
(MENAFN) Saudi Arabia’s decision to reduce tax paid by national oil giant Aramco has increased its value by USD1tr, which is predicted to be the globe’s largest.
Accordingly, the government was cutting the tax rate for Aramco to 50 percent from 85 percent as part of preparations for next year’s IPO, which would sell 50 percent of the firm.
Moreover, assuming long-term oil prices averaging USD75 per barrel, the valuation of the firm grows from USD0.4tr to USD1.4tr.
Additionally, the whole value of Aramco’s income after costs is almost USD3.4tr, while the old tax system reached 88 percent of the value went to the government amid taxes and royalties.
MENAFN2903201700450000ID1095352401
MENAFN2903201700450000ID1095352401
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