By Faris Al-Qahtani RIYADH – The Shoura Council will next week study a proposal by one of its members to impose fees on financial remittances by expatriates.
By Faris Al-Qahtani
RIYADH — The Shoura Council will next week study a proposal by one of its members to impose fees on financial remittances by expatriates. 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. Under the proposal, 6% percent fees will be charged on the amount of remittance in the first year. But gradually the fees will be reduced.
Anqari said his proposal was meant to encourage expatriates to spend in the Kingdom.
Under the proposal, the funds to be collected from the fees will be deposited at the Saudi Arabian Monetary Authority (SAMA).
The proposal also recommended putting a ceiling on cash an expatriate may carry with him when finally leaving the Kingdom.
The Shoura noted that expat remittances have gone up from SR57 billion in 2004 to SR135 billion in 2013.