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English news

19-Jan-2017

Shoura Council will study proposal on imposing fees on expat remittances

The Shoura Council will next week study a proposal to impose 6% fees on financial remittances by expatriates in the first year, to be reduced gradually. The collected funds to be deposited at the Central Bank (SAMA). It also recommended putting a ceiling on cash an expatriate may carry when finally leaving the Kingdom. The proposal, made by Hussam Al-Anqari, former Chief of the General Auditing Bureau (GAB), and approved by the Shoura’s Financial Committee, will be put before the General Assembly for discussion. Anqari said his proposal was meant to encourage expatriates to spend in the Kingdom. (The Saudi Gazette)

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