#SaudiArabia's New Rules Set to Raise Islamic Tax for Some Banks - Bloomberg

Saudi Arabia's New Rules Set to Raise Islamic Tax for Some Banks - Bloomberg:

Saudi Arabia set out new rules for the calculation of an Islamic tax on banks that’ll result in them paying between 10 percent to 20 percent of net profit.

The General Authority of Zakat & Tax set limits for the taxable asset base of between four times and eight times net profit, according to a statement on its website. That’s equivalent to a corridor of between 10 percent and 20 percent of net income, Bloomberg Intelligence analyst Edmond Christou said.

Most of the kingdom’s major banks will end up paying the lower limit, he wrote in a note.