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FinancialNews
09-11-17
Money transfer fees to increase 5pc in Saudi Arabia
(MENAFN) As Saudi Arabia applies a 5 percent value added tax (VAT) transaction fees, the cost of transferring money in the kingdom will increase from next year.
The General Authority of Zakat and Tax confirmed VAT would apply to the transfer fee and not the transfer amount and this would be collected from the person doing the transfer.
Zakat has mentioned that the following services of interest on loans or lending charges from credit cards, life insurance, mortgages, leasing finance, banknotes, security transactions, current accounts, deposits and savings account will be exempt along with other financial services.
MENAFN0911201700450000ID1096060920
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