Unofficially taxing ex-pats

Posted: June 3, 2016 in Still Saudi Arabia

The major reason so many expatriates work in KSA is to earn decent money – tax free – to save/send home to family in their Native countries. Owing to the enormous financial liquidity crisis currently being experienced by oil producers, they are desperately clamouring to remedy the situation by finding *extorting* alternative sources of revenue

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The latest suggestion to be discussed by the shoura council – Saudi Arabia’s government assembly chamber – is to slap a 6% tax on remittances leaving foreign nationals bank accounts – this is on top of currently administration charges levied by the banks. Thus the notion of a ‘tax free income’ somewhat undermined

Saudi Arabia was sat on a 950,000,000 – almost 1 trillion US dollar – nest egg before oil dropped from well over $100 a barrel to $30. Over the last 18 months thus figure has been decimated and currently is estimated to be around 500,000,000!

Also up for debate are stricter capital controls on physical hard currency literally being carried out in people’s luggage/on their person

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Comments
  1. Sandy says:

    Obama is destroying America. I hope and pray we get good Christian politicians through out all government position, state and national. Praying for your safety. .

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