{"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 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":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":1},"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":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":2},"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":[]},{"id":597103,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/16\/mena-startups-raised-usd-471-mn-in-1h2019-egypt-second-largest-recipient\/","url_meta":{"origin":556273,"position":3},"title":"MENA startups raised USD 471 mn in 1H2019, Egypt second largest recipient","author":"enterpriseam admin","date":"16 July 2019","format":false,"excerpt":"MENA startups have raised USD 471 mn during the first half of the year, surging 66% y-o-y, according to Magnitt\u2019s MENA Venture Investment Report 1H2019 update. A record of 238 funding agreements were inked, up 28% from 1H2018. The top two funding rounds were UAE-based Emerging Markets Property Group (EMPG)\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\/2019\/7\/870.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544384,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/careem-taps-into-food-delivery-services-with-investment-in-elmenus\/","url_meta":{"origin":556273,"position":4},"title":"Careem taps into food delivery services with investment in Elmenus","author":"enterpriseam admin","date":"1 March 2022","format":false,"excerpt":"Uber subsidiary Careem is making an investment in homegrown Egyptian food ordering platform Elmenus, the Dubai-based company said in a statement cited by Bloomberg. The investment will \u201cextend our reach in one of our largest ride-hailing markets,\u201d Careem co-founder and CEO Mudassir Sheikha was quoted as saying in the statement,\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/4.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544587,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/btc-surges-after-biden-signs-crypto-executive-order\/","url_meta":{"origin":556273,"position":5},"title":"BTC surges after Biden signs crypto executive order","author":"enterpriseam admin","date":"10 March 2022","format":false,"excerpt":"BTC jumps after Biden takes first step to regulation: BTC surged as much as 9% to almost USD 42k last night, after US President Joe Biden signed an executive order outlining a \u201cnational policy for digital assets.\u201d The order requires the government to look into the potential benefits and risks\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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}]}}