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In this respect, the act authorizes the Public Treasury to issue “sovereign sukuk,” enabling both individuals and legal entities to participate in financing infrastructure and/or state commercial public equipment, with a five-year exemption from global income tax (IRG) and corporate tax (IBS) on the proceeds of these Sukuk, whether issued by the Treasury or traded in an organized market.

It further extends a five-year exemption from registration and property publicity fees for sovereign sukuk throughout their maturity period.

The act also provides for the renewal of a 50% deduction in IRG and IBS for revenues generated in the southern provinces for a five-year period.

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