As {News-2017-03-29/A/5- previously reported}, Saudi Arabia has cut the corporate tax for upstream oil and gas producers from 85% to 50%, primarily for the benefit of Saudi oil giant Aramco. The reduction is effected through Royal Decree No. A/135 of 22 March 2017, which provides for a reduction in the rate based on the amount of capital investment:

• less than SAR 225 billion - 85% (no reductio…