Saudi Arabia
Saudi Arabia’s development co-operation is guided by its foreign policy and its principles to assist developing countries. The Saudi Fund for Development provides soft loans, which are not geographically restricted, and deals directly with the governments of developing countries to finance priority development projects. Humanitarian assistance forms an important part of Saudi Arabia’s overall aid and is managed by the King Salman Humanitarian Aid and Relief Center (KSRelief).
This report analyses the implementation of the AEOI Standard in Saudi Arabia with respect to the requirements of the AEOI Terms of Reference. It assesses both the legal frameworks put in place to implement the AEOI Standard and the effectiveness of the implementation of the AEOI Standard in practice.
Compulsory education begins at the age of 6 and ends at the age of 14 in Saudi Arabia. The range of ages for which at least 90% of the population are enrolled is longer than the period of compulsory education and goes from the age of 7 to the age of 17. This is similar to most OECD countries, where more than 90% of the population are also enrolled for longer than the period of compulsory education.
Young people have demonstrated resilience to shocks and led positive change in their communities across the Middle East and North Africa (MENA) region. Young people (aged under 30) constitute more than half (55%) of the population across MENA, compared with 36% of the population across OECD countries. While challenges vary significantly across the region, youth unemployment rates are among the highest in the world, young people tend to express low trust in public institutions, and nearly four in ten live in fragile and conflicted-affected areas. The COVID-19 crisis has underscored the need to place the needs of young people at the centre of an inclusive and resilient recovery. To support this process, this report analyses current governance arrangements and practices across 10 MENA governments in three areas: 1) uniting all government stakeholders to implement a shared, integrated youth policy and deliver services to young people; 2) building administrative and institutional capacities to mainstream the perspectives of young people in policy making; and 3) encouraging the participation and representation of young people and youth stakeholders in public and political life.
Saudi Arabia’s legal framework implementing the AEOI Standard is in place and is consistent with the requirements of the AEOI Terms of Reference. This includes Saudi Arabia’s domestic legislative framework requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures (CR1) and its international legal framework to exchange the information with all of Saudi Arabia’s Interested Appropriate Partners (CR2).
Under Action 14, countries have committed to implement a minimum standard to strengthen the effectiveness and efficiency of the mutual agreement procedure (MAP). The MAP is included in Article 25 of the OECD Model Tax Convention and commits countries to endeavour to resolve disputes related to the interpretation and application of tax treaties. The Action 14 Minimum Standard has been translated into specific terms of reference and a methodology for the peer review and monitoring process. The peer review process is conducted in two stages. Stage 1 assesses countries against the terms of reference of the minimum standard according to an agreed schedule of review. Stage 2 focuses on monitoring the follow-up of any recommendations resulting from jurisdictions' stage 1 peer review report. This report reflects the outcome of the stage 2 peer monitoring of the implementation of the Action 14 Minimum Standard by Saudi Arabia.