Saudi Arabia Exempts Educating Soldiers, Citzens From Loans
MEP: In the line of the eagerness of His Royal Highness King Salman bin Abdulaziz, to provide social stability for the Saudi citizens in this holy month, and out of keenness to continue the march of our country towards development and constant progress and in conjunction with ‘Saudi Vision 2030’ ; His Highness King Salman issued a royal decree stipulating that all military personnel who participated in Operation Decisive Storm, in recognition of their sacrifices, shall be exempted from all bank loans due to the heroic role which our soldiers play in serving the security of fatherland , Islamic and Arabic Ummah.
This generous exemption includes all mortgagors of Saudi Credit and Savings Bank (SCSB); provided that the installment payment plans being observed meticulously and if the mortgagor repaid %50 of total loan amount. This munificent exemption is a token of His Highness King’s care for all Saudi citizens and their needing in all aspects of life.
His Highness King ordered the Minister of Labor and Social Development Dr. Moufarrej al-Haqbani to pay salaries for the holders of university degrees according to their academic levels until they find suitable occupations.
His Highness King also ordered the Ministry of Finance to levy income tax on non-Saudi people working in public and private sectors and the value of tax shall be %35 of total revenues and profits and those seeking to escape income tax shall be deported to their countries.
