Shoura member urges 20% tax on Saudi investments abroad

Arab News
August 2, 2017

Riyadh, Aug 2: A Shoura Council member has called for a 20 percent tax on Saudi investments abroad, as is the case with foreign investments in the Kingdom, local media reported.

The proposed tax will generate billions of riyals in state income and contribute to the national economy by offsetting the exit of Saudi capital investments, Fahd bin Jumaa, deputy chairman of the Financial Committee at the Shoura Council, told Al-Hayat daily.

Based on the latest data released by the Arab Investment and Export Credit Guarantee Corp. (Dhaman), direct Saudi investments in foreign countries amounted to nearly SR155.3 billion ($41.4 billion) between 2003 and 2015, he said.

There were 526 Saudi projects abroad owned by 240 companies in more than 30 foreign and Arab countries, creating more than 96,000 jobs, he said, adding that this was a loss to the Saudi economy.

Tax evasion could be avoided by signing tax-evasion agreements with countries, and the proposal will help achieve the objectives of Vision 2030, he said.

According to UN Conference on Trade and Development estimates, the cost of Saudi foreign direct investment projects is close to SR155.25 billion.

China, Turkey, the UAE, Jordan, South Korea, Egypt, Lebanon, South Africa, Pakistan and the US are reportedly on the list of countries with Saudi investments.

The Saudi Basic Industries Corp. (SABIC) topped the list of Saudi companies investing abroad, implementing 81 projects with investments estimated at SR37.5 billion.

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Agencies
May 2,2020

Doha, May 2: Twenty-three staff at a hospital in Qatar were injured when tents being used to boost capacity in response to coronavirus collapsed in a fierce storm, local media reported Friday.

Winds of up to 72 kilometres per hour (45 miles per hour) caused two temporary tent annexes at Hazm Mebaireek General Hospital in Qatar's Industrial Area to collapse on Thursday, the Gulf Times reported.

No patients were hurt and most injuries to staff at the facility, 20 kilometres south west of central Doha, were minor, the daily added, citing the health ministry.

During the gale-force winds on Thursday, a Qatar Airways Boeing 787 on the ground was blown into a nearby Airbus A350 at Doha's Hamad airport causing minor damage but no injuries, the airline said in a statement.

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The Industrial Area is a gritty, densely-populated district that is home to mostly migrant labourers and has been the epicentre of Qatar's outbreak. 

Tens of thousands of residents were quarantined in the area after cases of the novel coronavirus were confirmed among the community in mid-March.

Qatar -- home to hundreds of thousands of foreign labourers working on projects linked to the 2022 World Cup -- has reported 12 deaths and 14,096 cases of the Covid-19 respiratory disease.

The hospital's executive director Hussein Ishaq said the incident was being treated "very seriously" and that an investigation had been launched.

Hospital staff had "helped ensure that no patients were injured and were safely transferred to other hospitals", he said, quoted in the Gulf Times.

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News Network
May 20,2020

Cairo, May 20: A senior Kuwaiti lawmaker has called for imposing a tax on expatriates’ remittances to shore up the country’s finances.

MP Khalil Al Saleh, the head of the parliament’s Human Resources Committee, has presented a draft law on the proposed tax to the legislature.

“Imposing fees on expatriates’ transfers will have a role in improving the state's revenues and diversify sources of income,” he told Al Rai newspaper.

Migrant workers transfer about 4.2 billion dinars annually from Kuwait, he added, citing figures from Kuwait’s Central Bank.

“This system is in effect in most countries of the world and in more than one Gulf country. Expats there have not objected to it. Allowing this money to exit the country is very dangerous and has a direct effect on economy,” MP Al Saleh said.

“We do not target brotherly expats because imposing symbolic fees on financial transfers will not affect their money, but will have a positive effect on the state’s sources,” he said. “This has become a necessity after the money transferred outside Kuwait has reached 4.2 billion dinars annually without the state [Kuwait] making any benefit from this.”

Foreign workers make up 3.3 million of Kuwait’s 4.6 million population.

Several Kuwaiti public figures have recently pushed for redrawing the demographic imbalance in the country, accusing expatriates of straining health facilities and increasing the Covid-19 threat.

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News Network
April 30,2020

Riyadh, Apr 30: Saudi Arabia on Thursday recorded 1,351 new coronavirus cases in the last 24 hours, bringing the total number of infections in the country to 22,753, the Ministry of Health said in a statement.

The ministry also announced 5 more deaths and 210 new recoveries, raising the total number of fatalities and recoveries to 162 and 3,163 respectively.

Riyadh with 440 cases topped the list, followed by 392 cases in Makkah, 120 in Jeddah and 119 in Madinah.

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