Financial and Banking News
REGIONAL BANKING
Saudi Arabia Introduces Regulatory Changes to Banking Sector
A number of recent developments in Saudi Arabia have modified the regulatory system affecting commercial banks in a significant way. Withholding tax on foreign borrowing has been abolished, mortgage-backed local lending is again permitted, and a special committee has been set up to hear banking disputes. The withholding tax was applied to the imputed profit (equivalent to about 15% of...
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