Saudi Arabia is considering a plan to tax millions of foreign residents as the kingdom seeks to reduce its reliance on oil revenue after the plunge in crude prices.
The proposal was included in the country’s National Transformation Plan, an ambitious multi-year program released this week. But the tax element is only “an initiative that will be discussed,” Finance Minister Ibrahim al-Assaf said on Tuesday at a news conference in Jeddah. "It is in reality an old proposal, and it was presented in the past, but it is one of the initiatives that will be raised by the finance ministry."
Economists said the proposal is unlikely to see the light soon because it could hamper the kingdom’s ability to attract the foreign investment it needs to revive growth hit by the oil slump .... http://www.bloomberg.com
