Breaking News, VAT

Remittance Tax In Saudi Arabia? Is It True?

About 10 Millions expat work in Saudi Arabia and sent $38 billion in 2017, there is not tax on remittance although bank may charge you fee for sending money to your home country.

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There were some news circulating on media about Remittance Tax in Saudi Arabia, every one wants to know if this is true?

According to Ministry of Finance the Remittance Tax news which is not true.

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“Referring to what has been circulated by some media about the proposal to impose fees on remittance by foreign workers, the Ministry of Finance categorically denies this and affirms the commitment to support the free movement of capital through official channels in accordance with the best international standards and practices,” the ministry said in a statement carried by the Saudi Press Agency.

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The news was initially published on:

Arab News

Saudi Gazette

 

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Breaking, Breaking News, VAT

Bahrain is Next State to Implement VAT In GCC

VAT was implement on 1 January 2018 in Saudi Arabia and UAE as a part of GCC Framework agreement between 6 GCC states and Now Bahrain is expected to be next state to implement VAT as reported by UAE daily Khaleej Times.

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It is expected that Bahrain, Qatar and Omar to implement VAT as early as Jan 2019, although there is no final date set to implement VAT. It is likely Kuwait will be last state to implement VAT.

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5% VAT is expected to generate over $25 billion annually for six GCC countries. VAT is to implement by Bahrain first and then by Oman followed by Kuwait at the end. The Sultanate of Oman has announced to implement VAT in 2019, although it is expected to be in mid 2019. It is also need to be noted that Kuwaiti parliament is yet to vote on VAT bill.

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It is also mentioned in the Report that because of GCC unified commerce zone, it is expected that the proposed laws may be similar to what KSA and UAE have with respect to taxing international transactions.

Source: UAE daily Khaleej Times

Source: Arab News