{"id":556273,"date":"2021-10-18T04:04:57","date_gmt":"2021-10-18T04:04:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/the-taxman-is-coming-for-ride-hailing-apps-in-saudi\/"},"modified":"2021-10-18T04:04:57","modified_gmt":"2021-10-18T04:04:57","slug":"the-taxman-is-coming-for-ride-hailing-apps-in-saudi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/the-taxman-is-coming-for-ride-hailing-apps-in-saudi\/","title":{"rendered":"The taxman is coming for ride-hailing apps in Saudi"},"content":{"rendered":"

<\/a> Uber + Careem just got hit with a massive tax bill in KSA.<\/strong> The ride-hailing companies will be charged a combined USD 100 mn in taxes in Saudi Arabia as the kingdom resolves disputes on how to calculate VAT by gig economy firms over the past few years, Bloomberg<\/a> reports, citing sources in the know. The additional taxes, which \u201cinclude hefty penalties for late payment,\u201d may scare off investors at a time when Saudi authorities are looking to attract foreign investment. Earlier this month, a top Dubai investor in courier app Fetchr announced that it was considering filing for liquidation due to a USD 100 mn tax bill in Saudi Arabia, according to the business information service.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11155.57<\/p>\n<\/td>\n

\n

+1.5% (YTD: 2.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,773.4<\/p>\n<\/td>\n

\n

+0.6% (YTD: 35.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

7,834.7<\/p>\n<\/td>\n

\n

+0.3% (YTD: 55.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,802.1<\/p>\n<\/td>\n

\n

+0.5% (YTD: 12.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,471.4<\/p>\n<\/td>\n

\n

+0.8% (YTD: 19%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,234.0<\/p>\n<\/td>\n

\n

+0.4% (YTD: 12%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 84.86<\/p>\n<\/td>\n

\n

+1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 5.41<\/p>\n<\/td>\n

\n

-4.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,768.30<\/p>\n<\/td>\n

\n

-1.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 60,814.31<\/p>\n<\/td>\n

\n

+0.3% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 1.5% at yesterday\u2019s close<\/strong> on turnover of EGP 1.3 bn (13.1% below the 90-day average). Local investors were net buyers. The index is up 2.9% YTD.<\/p>\n

In the green: <\/strong>Ezz Steel (+10.3%), Qalaa Holding (+6.4%) and Raya (+4.0%).<\/p>\n

In the red: <\/strong>CIRA (-2.1%), Aspire Capital (-1.8%) and Eastern Company (-1.8%).<\/p>\n

Asian markets are starting the trading week in the red<\/strong>, with everything from the Kopsi to the Nikkei, Hang Seng and Shanghai down by less than 1%. Futures suggest a mixed open for major benchmarks in Europe later this morning. The outlook for Wall Street is similarly mixed, suggesting the Dow will open (barely) in the green while the S&P and Nasdaq will open (just barely) in the red.<\/p>\n","protected":false},"excerpt":{"rendered":"

Uber + Careem just got hit with a massive tax bill in KSA. The ride-hailing companies will be charged a combined USD 100 mn in taxes in Saudi Arabia as the kingdom resolves disputes on how to calculate VAT by gig economy firms over the past few years, Bloomberg reports, citing sources in the know. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[442,72,119,122,219,69,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556273","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-careem","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-saudi-arabia","tag-tax","tag-uber","wpautop","entry"],"acf":{"mongo_id":"617d579b-a58b-4b87-9ba3-0d1ced582443","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[556251],"teaser":"","voice_url":""},"yoast_head":"\nThe taxman is coming for ride-hailing apps in Saudi - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/the-taxman-is-coming-for-ride-hailing-apps-in-saudi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The taxman is coming for ride-hailing apps in Saudi\" \/>\n<meta property=\"og:description\" content=\"Uber + Careem just got hit with a massive tax bill in KSA. 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The report comes only weeks after the ride-hailing app launched bus services in the Egyptian capital and delivery services in Saudi Arabia and the UAE, and announced its intention to invest between\u2026","rel":"","context":"In "Automotive + Transportation"","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566957,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/08\/uber-careem-merger-official-in-egypt-saudi-uae-jordan\/","url_meta":{"origin":556273,"position":1},"title":"Uber-Careem merger official in Egypt, Saudi, UAE, Jordan","author":"enterpriseam admin","date":"8 January 2020","format":false,"excerpt":"M&A WATCH- Uber-Careem merger done in Egypt, Saudi, UAE, Jordan: Uber has formally closed its acquisition of Careem in most major markets, including Egypt. The transaction is still pending regulatory approvals to close in Qatar, Pakistan, and Morocco, Uber said in a statement. For now, Careem will become a wholly-owned\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/540.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626792,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/11\/women-in-saudi-arabia-begin-driving-as-captainahs-for-careem\/","url_meta":{"origin":556273,"position":2},"title":"Women in Saudi Arabia begin driving as \u201ccaptainahs\u201d for Careem","author":"enterpriseam admin","date":"11 July 2018","format":false,"excerpt":"Women in Saudi Arabia have begun driving for ride-hailing app Careem just weeks after the kingdom began issuing driving licenses to women, according to the Wall Street Journal. The benefits of incorporating women into Careem\u2019s workforce is not lost on the company or its clientele \u2014 Careem anticipates a surge\u2026","rel":"","context":"In "Worth watching"","block_context":{"text":"Worth watching","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-watching\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/7\/1259.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572591,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/careem-and-visa-partnering-in-new-financial-payment-services-for-drivers\/","url_meta":{"origin":556273,"position":3},"title":"Careem and Visa partnering in new financial payment services for drivers","author":"enterpriseam admin","date":"30 June 2020","format":false,"excerpt":"Uber subsidiary Careem is planning to roll out new financial payment services in partnership with Visa to provide its drivers with quicker access to their payments for completed trips, according to Menabytes. The new system will also offer a new reduced-fee remittance platform. The program will be rolled out in\u2026","rel":"","context":"In "Automotive + Transportation"","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621275,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/uber-careem-to-pay-22-5-corporate-tax-drivers-to-pay-3\/","url_meta":{"origin":556273,"position":4},"title":"Uber, Careem to pay 22.5% corporate tax; drivers to pay 3%","author":"enterpriseam admin","date":"5 November 2018","format":false,"excerpt":"** #5 EXCLUSIVE- Uber, Careem to pay 22.5% corporate tax; drivers to pay 3%: Ride-hailing apps Uber and Careem have reached a tax agreement with the government that would see them pay 22.5% in corporate taxes, a government source told Enterprise. Drivers for the apps will have to pay 3%\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571245,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/05\/ubereats-exits-middle-east-as-subsidiary-careem-announces-layoffs-closes-bus-service\/","url_meta":{"origin":556273,"position":5},"title":"UberEats exits Middle East as subsidiary Careem announces layoffs, closes bus service","author":"enterpriseam admin","date":"5 May 2020","format":false,"excerpt":"UberEats exits Middle East as subsidiary Careem announces layoffs, closes bus service: Ride-hailing giant Uber\u2019s plans for expansion in the MENA region took a hit yesterday after the company announced that it would discontinue its food delivery platform UberEats regionwide. The company has struggled to gain a foothold in the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/32.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=556273"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556273\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556251"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556273"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556273"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}