RIYADH: The Saudi finance ministry said yesterday there would be no fees applied on remittances out of the country, days after the kingdom’s advisory Shura Council said it was looking at a proposal to impose a 6 percent levy on expatriate remittances. Saudi Arabia is “committed to the principle of free movement of capital in and out of the kingdom, in line with international standards,” the ministry’s said on its official Twitter account.
Around a third of Saudi Arabia’s 30 million inhabitants are foreigners, many of them attracted by the absence of tax and higher pay than they can get at home. Proposals endorsed by the Shura Council are not always adopted and the kingdom’s central bank governor and finance minister said in the autumn that there were no plans to tax remittances or income. – Reuters