The deduction of allowances for remittances from foreigners by voting

Wednesday, September 19, 2018 An official source in the Shura Council proposed that the Council vote on the proposal to impose fees on foreign transfers at the next session of the Shura Council.

He confirmed in a statement to Okaz that the Financial Committee in the Council will present its position, which it has already presented, and has considered the recommendation. The Council did indeed approve it and pointed out that the recommendation had already been discussed and found opposition by representatives of the Ministry of Finance and some members of the Shura Council.

He said that the voting session will see the presence of all members, and approval by a majority, pointing out that it is up to the Shura Council, the master of his decision.

Sources told "Okaz" that if the Council adopts the recommendation based on the result of the vote, it will be submitted for consideration to the Supreme Court and the public interest will be assessed, and will see what is appropriate.

The member of the Shura Council, member of the Financial Committee of the Council, Dr. Mohammed Al-Abbas, said to "Okaz" that "Shura" is still busy discussing the work done by the former member Dr. Hossam Al-Ankari proposed concept of remunerations for remittances of foreign workers, stressing that what the Council discussed is his specialty And the nature of his work, which is an independent body.The Ministry of Finance has decided not to charge to take account of foreign remittances for foreigners. If the proposal is withdrawn from the Council agenda, the Council Secretariat will be the same as the Council. .

The proposed 12-point system, which was withdrawn by the Council after discussion on 25/1/2017, provides for compensation of 6% of the value of transfers of funds in Saudi Arabia during the first year of operation. Every foreigner, annually reduce to 2% on the fifth and following year.

The adoption of the bill requires a majority of at least 76 votes.

The proposed system is intended to encourage foreign workers to spend their savings or investments in the Kingdom, and to upgrade the level of benefits and services provided by the state to foreign workers living in the Kingdom and their associates and to foreign workers. to prevent extra work and income.

The reasons for the proposal, according to the report of the Financial Committee, are, as stated by Al-Anqari, to take advantage of the economic opportunity that is lost in cash that flows abroad in a growing and continuous way. SR 135 billion in 1435. The value of these transfers is one of the most important items of payments on the current account in the balance of payments of the Kingdom. This proposal is based on the provisions of the Basic Law on Governance, namely Article 20, which stipulates that taxes and fees are only imposed when necessary and on a just basis and can not be imposed, modified, revoked or exempted by law.

Concept system of foreign money transfer costs

Presented by former Shura member Dr. Hossam Al-Ankari

Seeks to encourage foreigners to spend their savings or to invest in the Kingdom

Loads 6% of the value of the transfer

The fees are reduced annually to 2% in the fifth year

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Source: Okaz Newspaper

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