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Tuesday, 26 April 2016

Saudi Shoura Council looks into taxing remittances

Saudi Arabia’s Shoura Council reportedly tabled on Sunday deliberations into imposing taxes on remittances by foreign workers, Al Masry Al Youm reports. The proposal was presented by council member Hussam Al Ankary based on a report by the council’s finance committee. According to a report by the Saudi Arabian Monetary Agency, remittances in 2015 from around 11 mn foreign workers grew 4% to SAR 157 bn. The proposed tax is part of a number of Saudi policies that hope to cut remittances including implementing a US-style green card system for immigrants. The discussion comes as Deputy Crown Prince Mohamed bin Salman outlined in a nationally televised interview yesterday Saudi Arabia’s “Vision 2030” document, which envisions a post-oil future. Our GCC edition has more on that topic this morning, or see The Macro Picture, below.

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