Saudi Arabia is considering plans to increase an Islamic tax paid by local banks to as much as 20 percent, or double the current rate, according to people with knowledge of the matter, as the world's biggest oil exporter seeks to bolster alternative sources of revenue. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos
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00:00Hello and welcome to Gulf News Daily Business Wrap-Up.
00:04Saudi Arabia is planning to double the irreligious tax or also called as Zakat on local banks
00:10to 20% according to reports.
00:13Now this 20% tax will bring the taxation system in line to what is being paid by foreign banks
00:21in Saudi Arabia.
00:23There would be an impact of this Zakat on the equity, but there won't be any impact
00:28on profit and loss of banks according to analysts.
00:32The Tataul Banking Index fell to its lowest level in three months whereas the Tataul Index
00:38was down 0.6% after the news.
00:41In other good news that we are following is from NMC Health.
00:45NMC Health, the Abu Dhabi based healthcare company has posted record revenues and its
00:51profit for 2018.
00:54The net profit grew by more than 20% to a record of $250 million whereas on the other
01:02hand revenues rose by 28% to more than $2 billion.
01:07Remember that NMC Health is on an expansion spree and they are setting its eyes on Saudi
01:14Arabia.
01:15Well, that's it from me and thanks for watching.
01:16For more you can log on to gulfnews.com slash business.
01:24Transcribed by https://otter.ai