Remittances

Shoura Rejects Expatriate Remittance Tax Proposal

The Shoura Council of Saudi Arabia has rejected the proposal of a tax on expatriate remittances after the statement of the Finance ministry, 73% percent of Shoura council members refused the proposal of a tax on expatriate remittances without discussing.

Earlier, a finance ministry official said the Kingdom would not agree to any tax plan on money flow for transfers from Saudi Arabia to any country, and the KSA provided full freedom to move the money, reported the Saudi Gazette.

Out of 119 Shoura members, 86 members rejected the plan without discussion, saying it may affect the Saudi economy, while 33 Shoura council members voted to support the tax plan on expat remittances.

As per the majority of votes, the proposal of a 6% tax on remittances of expats is withdrawn by the financial committee. Earlier it was also rejected and proposed to study later.

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