Dear Senior’s, Kindly advice me, Why not Tax Dedcution at Saudi Araiba Country. Regards, Saravanan K.
From Switzerland, Saint Gallen
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From Switzerland, Saint Gallen
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As per the existing labor law in Saudi Arabia, tax is not applicable on individual earnings, i.e., salary earned by any employee sponsored by any employer registered in the Kingdom.
Regards,
Prabhat
From India, Mumbai
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45Regards,
Prabhat
From India, Mumbai
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As far as I can recollect, the taxation requirements for an individual in Saudi Arabia are detailed below:
Personal Income Tax
There is no personal income tax in Saudi Arabia. However, individuals carrying on a business or a profession are taxed at 20%, which is the same rate applicable for companies.
Capital Gains Tax
A 20% capital gains tax is applicable on the disposal of shares in a resident company. However, capital gains on the disposal of shares traded on the Saudi Stock Exchange are exempt, provided the shares were purchased after 2004.
A Brief Summary of Other Taxes Applicable on Individuals
- Capital Duty: Nil
- Stamp Duty: Nil
- Capital Acquisition Tax: Nil
- Real Estate Tax: Nil
- Estate Duty: Nil
- Net Wealth Tax: Zakat is levied on registered businesses of Saudis
Social Security
Saudi employees contribute 9% of their salary to The General Organization for Social Insurance (GOSI), and the employer also contributes a like amount.
Regards,
Raju Bhatnagar
From India, Bangalore
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Personal Income Tax
There is no personal income tax in Saudi Arabia. However, individuals carrying on a business or a profession are taxed at 20%, which is the same rate applicable for companies.
Capital Gains Tax
A 20% capital gains tax is applicable on the disposal of shares in a resident company. However, capital gains on the disposal of shares traded on the Saudi Stock Exchange are exempt, provided the shares were purchased after 2004.
A Brief Summary of Other Taxes Applicable on Individuals
- Capital Duty: Nil
- Stamp Duty: Nil
- Capital Acquisition Tax: Nil
- Real Estate Tax: Nil
- Estate Duty: Nil
- Net Wealth Tax: Zakat is levied on registered businesses of Saudis
Social Security
Saudi employees contribute 9% of their salary to The General Organization for Social Insurance (GOSI), and the employer also contributes a like amount.
Regards,
Raju Bhatnagar
From India, Bangalore
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Even the UAE has no tax deductions. Please appreciate that the country's economy is not based on tax income. God has been kind to provide abundant oil resources and other resources which they sell all over the world to boost their economy.
It is also important to note that they do not have enough technically skilled personnel for their work and depend on expatriates for the workforce. They have to provide attractive terms to attract labor/workforce at all levels.
Regards,
Dr. Ram
From India, Indore
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It is also important to note that they do not have enough technically skilled personnel for their work and depend on expatriates for the workforce. They have to provide attractive terms to attract labor/workforce at all levels.
Regards,
Dr. Ram
From India, Indore
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