Currency rates Saudi Riyal

Saudi Arabia rejects a move to tax the incomes of expat workers

The Saudi Shoura Council of Saudi Arabia have rejected a move to tax the incomes of individual expat workers in the public and private sectors at its 18th regular session.

Secretary General of the Shoura Council Dr. Mohammed Al-Ghamdi said the council made the decision after hearing the arguments for and against the proposal.

He added that since proponents of the move could not attain the requisite majority in the house to secure approval, it was rejected. He said the Kingdom of Saudi Arabia (KSA) is implementing a number of developmental projects in various sectors that need professional skills.

Supporters felt if approved, the proposal would have helped bridge the gap between the wages of Saudis and non-Saudis and increased the chances for locals to work in the private sector. Al-Ghamdi clarified the proposal had been submitted some time ago.

News that the debate on the issue had been revived had drawn criticism from the expatriate community, especially low-paid workers.

The finance committee of the Shoura Council has recommended carrying out fresh studies on the possibility of imposing tax on all foreigners working in both the public and private sectors in the Kingdom.

The source said the new proposal was made by council member Muhammad Al-Quwaihes, who presented it as an additional recommendation attached to the annual report of the Department of Zakat and Income Tax that had already been discussed by the house.

Source: Saudi Riyal Foreign Exchange Rates and SAR Money Transfer Services


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In a sad truth...

2009-04-28 01:09:11 by KennedyBAJ

I would avoid standard savings for a while all together... at least with any United States based vestment. Half of all the banks in the US are being subsidised by the general fund.
This process lowers the interest rates as the vested money loses it's porfitability while the value of the dollar itself lowers as it is recycled through less hands (i.e. banks pay taxes, taxes pay back, repeat).
Your best bet is to exchange your long term savings into a different currency than the US'. People often forget that the most valuable currencies are often the most fragile. Like wise the lowest are the almost always tied to the most inflated of economies.
You should consider googling the 'CIA World Fact Book' and study up on a few potentials based on the GDP:public debt:public...

Here read this

2011-04-26 13:30:42 by Nat-A-Cat

IMF Bombshell: Age of America Nears End
This column has been updated to include a reaction from the IMF.
The International Monetary Fund has just dropped a bombshell, and nobody noticed.
For the first time, the international organization has set a date for the moment when the "Age of America" will end and the U.S. economy will be overtaken by that of China.
And it's a lot closer than you may think.
According to the latest IMF official forecasts, China's economy will surpass that of America in real terms in 2016 — just five years from now.
Put that in your calendar.
It provides a painful context for the budget wrangling taking place in Washington right now. It raises enormous questions about what the international security system is going to look...

Decaying dollar at the door: last Thanksgiving?

2004-11-23 09:45:42 by puro

If you don't see the significance of this for the dollar,
the fate of the Middle-Class and price of food, then you're blind.
"But exports will go up! Good for our economy!" polyannas aside...
When bonds aren't (re)purchased, you'll see interest rates
skyrocketing, imports 30% higher,
bread at 6.00 a loaf as you compete with Chinese Central Banks
on world grain market...Thank W.
William Rees-Mogg
November 22, 2004
The avalanche is coming
William Rees-Mogg
It happened before; it might happen again. The dollar could pitch the world into financial catastrophe
ARE WE going to be drowned in an avalanche of cheap dollars? On Friday the dollar closed at €1.303, almost exactly the lowest level in the lifetime of the...

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