Saudi Arabia increases VAT from 5% to 15%

Mayank SahwneyMayank Sahwney    11 May 2020
 Saudi Arabia increases VAT from 5% to 15%

Saudi Arabia's Minister of Finance Mohammed Al-Jadaan has announced an  increase in the value-added tax rate (VAT) and suspension of cost-of-living allowances as key fiscal measures to bolster the economy which is facing an unprecedented challenge in the face of global coronavirus pandemic. The hike in the VAT from 5 percent to 15 percent will be effective from 1st July 2020 and a halt to the social allowance will begin from June this year.

This announcement by Saudi Arabia can have a rippling effect on the other GCC countries like UAE and Bahrain and may prompt a discussion amongst the Decision Makers in these countries of they also contemplating similar moves. 

Source : https://saudigazette.com.sa/article/592949/SAUDI-ARABIA/Saudi-Arabia-hikes-VAT-to-15-halts-cost-of-living-allowances

You can access Law including Guidelines, Cabinet & FTA Decisions, Public Clarifications, Forms, Business Bulletins for all taxes (Vat, Excise, Customs, Corporate Tax, Transfer Pricing) for all GCC Countries in the Law Section of GCC FinTax. 



like   Like
views 127


More From News




close x