Saudi crown prince seeks solution to banks' tax row
Bankers say the way the tax is calculated is opaque; heavy financial demands on banks threaten sector's stability
Riyadh
CROWN Prince Mohammed bin Salman has directed the Saudi government to resolve a dispute with banks facing higher Islamic tax liabilities, banking sources said, in an attempt to avoid any damage to his push to diversify the economy.
It follows disclosures by major Saudi banks in recent weeks that the government's General Authority of Zakat and Tax (GAZT) is asking them for additional payments of zakat - the name of the tax - for years going back as far as 2002. In some cases, the demands exceed half of a bank's annual net profit.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons