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Global minimum corporate tax of 15 percent seeks to end downward spiral of corporate tax rates For Saudi and other GCC policymakers, the devil will be in the detail of the new tax proposals Updated 42 min 23 sec ago Frank Kane June 12, 2021 19:43 DUBAI: The threat seemed clear. The low-tax countries of the Middle East would have to fall in line with the high tax-and-spend economies of Europe and North America, and impose big tax increases that would threaten their global competitiveness. But although initially hailed as “historic,” when the experts and policymakers got down to the nitty-...

RIYADH: The open banking policy approved by the Saudi Central Bank (SAMA) on Sunday is expected to benefit the Kingdom’s financial technology (fintech) companies due to its advanced and varied services, experts said. SAMA said in a statement that the policy would enable bank customers to securely manage their bank accounts and share their data with third parties. Customers will also have access to bespoke financial products and services from the same platform and enjoy smoother daily banking activities. Fadhel Al-Buainain, a former Saudi banker, said that it is a known fact that only the cu...

RIYADH: Headed by King Salman, Saudi Arabia’s Council of Ministers on Tuesday approved the Kingdom’s general budget for 2021. It includes spending of SR990 billion ($264 billion) and, with revenues expected to be SR849 billion, an estimated deficit of SR141 billion, which represents 4.9 percent of gross domestic product (GDP). “Our directives have been issued to give in this budget priority to protecting the health and safety of citizens and residents, to continue efforts to mitigate the effects of this pandemic on our economy, and to continue the work to stimulate economic growth, deve...