Financing and Banking News


Saudi Loan Loss Provisions Made Tax Exempt 

The Ministry of Finance and National Economy in Saudi Arabia has ruled that provisions for loan losses which have been made by the banks in the Kingdom will be treated as tax-deductible losses. The ruling was announced to banks at the end of April, and affects both the corporate tax on profits which is paid by foreign partners in joint venture banks and the 2.5% zakat which is paid by all banks on...