Saudi Arabia’s Shoura Council will next week debate a proposal to tax expat remittances, Saudi Gazette reported on Thursday. The proposal, reportedly put forward by Hussam Al Anqari, former CEO of the kingdom’s General Auditing Bureau (GAB), suggests placing a 6 percent fee on remittances in the first year of the proposal being passed, reducing over time.
Al-Anqari has also proposed limiting the amount of cash a foreigner can carry on them when they finally leave the country. The move comes in response to the increasing amount of money leaving the country. Al Anqari said his proposal was meant to encourage expatriates to spend in the Kingdom. Funds collected from the levy would be deposited at the Saudi Arabian Monetary Authority (SAMA), the newspaper said.
Source: Arabian Business