Dear Senior’s, Kindly advice me, Why not Tax Dedcution at Saudi Araiba Country. Regards, Saravanan K.
From Switzerland, Saint Gallen
From Switzerland, Saint Gallen
Dear Saravan,
As per the Existing Labor Law in Saudi Arabia, tax is not applicable on individual earning i.e. salary earned by any employee sponsered by any employer registered in the Kingdom.
Regards,
Prabhat
From India, Mumbai
45As per the Existing Labor Law in Saudi Arabia, tax is not applicable on individual earning i.e. salary earned by any employee sponsered by any employer registered in the Kingdom.
Regards,
Prabhat
From India, Mumbai
Exactly..as it is the law of the country. Please share the query clearly. regards, Kanika
From India, Delhi
From India, Delhi
Dear Mr. Sarvanan.
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 as applicable for companies.
Capital Gains Tax: A 20% capital gains tax is applicable on disposal of shares in a resident company. However, capital gains on disposal of shares which are 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 salary to The General Organisation for Social Insurance (GOSI) and the employer also contributes a like amount.
Regards
Raju Bhatnagar
From India, Bangalore
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 as applicable for companies.
Capital Gains Tax: A 20% capital gains tax is applicable on disposal of shares in a resident company. However, capital gains on disposal of shares which are 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 salary to The General Organisation for Social Insurance (GOSI) and the employer also contributes a like amount.
Regards
Raju Bhatnagar
From India, Bangalore
DEAR SIR
Even UAE has no Tax deduction .
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 make their economy .
it is also for your information that they do not have technical skilled personnel for their work and depend on expatriates for the work force . they have to provide attractive terms to get the labour./ work force at all levels.
blessings
dr ram
From India, Indore
Even UAE has no Tax deduction .
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 make their economy .
it is also for your information that they do not have technical skilled personnel for their work and depend on expatriates for the work force . they have to provide attractive terms to get the labour./ work force at all levels.
blessings
dr ram
From India, Indore
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