ECONOMY

Saudi Finance Minister: No income taxes for Saudi citizens and residents

Speaking at a press conference in Riyadh on Thursday, Jadaan detailed the Saudi budget for 2017. (SPA)

Saudi Finance Minister, Mohammad Jadaan, announced that – for the first time in the past 10 years – the kingdom had been able to spend less than the estimated budget, and achieve higher than expected non-oil revenues.

Speaking at a press conference in Riyadh on Thursday, Jadaan detailed the Saudi budget for 2017, and spoke of the government’s promise of transparency.

He also completely removed the need for income taxes on Saudi citizens and residents.

However, the new budget imposed new fees on expatriates - domestic help (drivers, maids, nannies) excluded - as follows:

2017

Monthly payment of 100 riyals on every person sponsored by any foreign employee.

The amount of revenues from these fees are estimated at one billion riyals.
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2018

Monthly fee of 400 riyals on every employee in a company whose number of foreign employees exceed the number of Saudis.

300 riyals fee on every employee in a company whose number of foreign employees is less than the number of Saudis and 200 riyals on every person he sponsors.

The amount of revenues from these fees are estimated at 24 billion riyals.
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2019

Monthly fee of 600 riyals on every employee in a company whose number of foreign employees exceed the number of Saudis.

500 riyals fee on every employee in a company whose number of foreign employees is less than the number of Saudis and 300 riyals on every person he sponsors.

The amount of revenues from these fees are estimated at 44 billion riyals.
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2020

Monthly fee of 800 riyals on every employee in a company whose number of foreign employees exceed the number of Saudis

700 riyals fee on every employee in a company whose number of foreign employees is less than the number of Saudis and 400 riyals on every person he sponsors.

The amount of revenues from these fees are estimated at 65 billion riyals.

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Last Update: Saturday, 24 December 2016 KSA 16:43 - GMT 13:43
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Saudi Finance Minister: No income taxes for Saudi citizens and residents
Speaking at a press conference in Riyadh on Thursday, Jadaan detailed the Saudi budget for 2017
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