JEDDAH, Saudi Arabia, June 7 (Reuters) - Saudi Arabia will not impose a tax on the money which foreign workers in the kingdom send back to their home countries, finance minister Ibrahim Alassaf told reporters on Tuesday.

Some countries in the Gulf have been considering such a step to raise money and curb outflows of funds as low oil prices strain their finances.

But Alassaf said the Saudi government's economic reform plan, announced on Monday, had approved two taxes: a value-added sales tax, which is expected to be introduced in 2018, and a tax on harmful substances such as tobacco or sugary drinks.

The VAT rate has been approved at 5 percent but a study has been undertaken on possibly raising that rate gradually, he said.

(Reporting by Rania El Gamal and Reem Shamseddine; Writing by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))