NO. 18


Financial and Banking News

Regional Banking

Joint Venture Partners in Saudi Banks Blanch at Tax Liability

Foreign joint venture partners in Saudi Arabia's commercial banks areexpressing concern at the tax which will be levied on their profits followingnew directives from the Ministry of Finance and National Economy which wereissued at the beginning of January. Banks will now have to start paying tax onprofits transferred to reserves during the eight-year tax...