Saudi Aramco expects to move all downstream operations into separate entity

Saudi Aramco said income tax rate for its downstream activities was reduced to 20% from 50% effective from Jan 1, 2020, according to the company’s 2019 full financials statement released on Monday.

The tax reduction was conditional on separating those activities under the control of one or more separate wholly owned subsidiaries before Dec 31, 2024, Aramco said, adding that it expects to transfer all its downstream activities into a separate legal entity or entities within the period specified.