SAUDI ARABIA

Finance Ministry denies move to impose fee on remittance

September 03, 2018

RIYADH - The Ministry of Finance has denied rumors with regard to imposition of fees on remittance by foreign workers.

“Referring to what has been circulated by some media about the proposal to impose fees on remittance by foreign workers, the Ministry of Finance categorically denies this and affirms the commitment to support the free movement of capital through official channels in accordance with the best international standards and practices,” the ministry said in a statement carried by the Saudi Press Agency.

The statement noted that the ministry aims by this to boost investor confidence in the economy and achieve further growth of the economy within the framework of the Kingdom’s Vision 2030 so as to enhance the competitiveness of the economy and its attractiveness to foreign investments.

It is to be noted that the ministry spokesman had denied in January 2017 a similar report about the move to impose fee on foreign remittance. -- SG/SPA


September 03, 2018
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