Foreigners may be allowed to invest in taxed jobs

Minister of Commerce Majid Al-Qassabi. (SPA)
Updated 20 March 2017
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Foreigners may be allowed to invest in taxed jobs

RIYADH: Saudi Arabia may allow foreigners to invest in self-employed professions in return for paying taxes at an estimated annual rate of 20 percent in a bid to curb commercial cover-up, Al-Eqtisadiah daily reported.
Saudi authorities are reportedly studying procedures of imposing taxes of two types. One would be in the form of financial statements provided by a foreigner in terms of revenues, expenses and profits, the daily said. The second form of tax will be imposed on estimated profits for certain professions in which profits cannot be easily verified such as the contracting sector, which will run to 15 percent, while the rate of tax on consulting professions may go to 25 percent, the daily said.
The new procedures will treat foreigners as investors in self-employed professions without the need to have sponsors after having obtained the required licenses in areas such as workshops, groceries and contracting.
The new drive comes in conformity with statements made by Minister of Commerce Majid Al-Qassabi on the sidelines of the opening of the parallel market (Nomu) last month where he said commercial cover-up is an unhealthy phenomenon and harmful to the nation’s economy.
He said his ministry has developed a study on the causes and solutions for commercial cover-up, including allowing foreigners to invest within certain regulations, and payment of tax without need to conceal their activities.
Last month, the commerce minister called for the elimination of commercial cover-up to improve the national economy and create new jobs for Saudis.
Addressing a workshop, the minister emphasized that anti-commercial concealment is an important and vital issue to improve the economy and to create new jobs. Consequently, he said, it was one of the most important initiatives of the ministry in the National Transformation Program (NTP) 2020.


KSA intercepts Houthi missile over Khamis Mushayt

Updated 20 min 41 sec ago
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KSA intercepts Houthi missile over Khamis Mushayt

  • The missile was intercepted at 5:43 p.m over the city of Khamis Mushayt

JEDDAH: The Saudi Air Defense Force intercepted a ballistic missile fired by the Iran-backed Houthi militias from Saada province, Yemen, toward Saudi territories, the Saudi Press Agency reported on Tuesday.

The official spokesman for the coalition to restore legitimacy in Yemen, Col. Turki Al-Maliki, stated that at 5:43 p.m., the air force intercepted a missile launched by the Houthi militias over the city of Khamis Mushayt. No one was injured, and no property was damaged.

Al-Maliki said: “This hostile act… proves that the Iranian regime is still providing the terrorist Houthi armed militia with qualitative capabilities, in flagrant defiance of UN Security Council resolutions 2216 and 2231, with the main objective of threatening Saudi, regional and international security.”

“Launching ballistic missiles at densely populated civilian areas is a direct breach of the principles of international humanitarian law,” he added.