Shoura member urges 20% tax on Saudi investments abroad

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.

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. There were 526 Saudi projects abroad owned by 240 companies in more than 30 foreign and Arab countries, creating more than 96,000 jobs, Fahd bin Jumaa, deputy chairman of the Financial Committee at the Shoura Council said, adding that this was a loss to the Saudi economy.

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, bin Jumaa added.

Source Credit: Arab News
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