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VAT Update by General Authority of Zakat and Tax

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VAT Update by General Authority of Zakat and Tax provided to the Saudi Press Agency in a statement. Firstly, the authority has confirmed that the value-added tax or VAT to be increased for all goods and services from 5% to 15%. Saudi Arabia has taken financial measures and announced these changes this week. More details below.

VAT Update

The changes take effect from 1st July 2020, no changes approved before this date. Citizens and Residents urged to report any violation and increase in VAT by suppliers before the date mentioned. To report any violation, individuals can call 19993 or the VAT application available on smartphones.

Any business implementing these changes before will be dealt with as a violation. Another report by Al Arabiya, Saudi Arabia is still at number 33 when compared with other economies of the world. In the database of OECD, when Saudi Arabia compared with other countries. The highest VAT is 27% in Hungary and the lowest in Canada with 5%. (Source: Al Arabiya)

Riyadh Xpress

Finally, follow Riyadh Xpress’s:

In addition, check out the latest articles by Riyadh Xpress.

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