Riyadh: The Advisory Council of Saudi Arabia has endorsed levying 6% tax on remittances from Saudi Arabia to other countries. The rate of tax would be 6% for the first year and it will be reduced gradually and after 5 years, there will only be 2% tax.
Mr. Hussam-al-Anqari, former Member of the Advisory Committee and General Auditing Bureau has prepared the draft proposal. He said that the foreigners in Saudi Arabia would be forced to spend their income in the country. There will also be a limit for one time remittance.