Saudi Arabia mulls 6% tax on expat remittances

Saudi Arabia’s Shura Council will discuss on Tuesday imposing a tax of up to 6 percent tax on expatriate remittances, Al-Hayat newspaper reported.

The new tax, which was earlier drafted by former member of the advisory body Hossam Al-Anqari, was proposed to start from 6 percent in the first year and gradually decrease to 2 percent from the fifth year onward.

Remittance outflows from expats in Saudi Arabia hit SAR 113.4 billion in the first nine months of 2016, declining 4 percent year-on-year, Argaam previously reported.