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6:27 AM
In Saudi Arabia, the Shura Council has rejected a move to tax the income of expatriate workers in public and private sectors. The Secretary General of the Council disclosed the outcome after the meeting on Sunday.
The move has been welcomed by the expatriate community in Saudi Arabia. Those in favour of taxing the foreigners said, the move would have brought a parity in wages of Saudi and Non-Saudi workers and opened up more jobs for the local peole.
There are nearly eight million foreigners in Saudi Arabia and an overwhelming majority is in the private sector. At present, only Saudi citizens and Saudi companies need to pay Zakat of 2.5 percent annually on profits and on the assessable amounts of the individuals, in addition to a tax on foreign investors.
In a bid to attract foreign investment, the Saudi Government had slashed the tax rate imposed on foreign investors from 45 to 20 percent in 2004.
The move has been welcomed by the expatriate community in Saudi Arabia. Those in favour of taxing the foreigners said, the move would have brought a parity in wages of Saudi and Non-Saudi workers and opened up more jobs for the local peole.
There are nearly eight million foreigners in Saudi Arabia and an overwhelming majority is in the private sector. At present, only Saudi citizens and Saudi companies need to pay Zakat of 2.5 percent annually on profits and on the assessable amounts of the individuals, in addition to a tax on foreign investors.
In a bid to attract foreign investment, the Saudi Government had slashed the tax rate imposed on foreign investors from 45 to 20 percent in 2004.
Labels: immigration, Saudi Arabia
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