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)
Finally, follow Riyadh Xpress’s:
- Facebook: Click Here
- Twitter: Click Here
- Instagram: Click Here
In addition, check out the latest articles by Riyadh Xpress.
- Firstly, King Salman urged the world to respond to the human crises causes by Covid-19: Click Here.
- Secondly, Social Distancing Measures implemented in supermarkets: Click Here.
- Thirdly, the latest penalties on Iqama: Click Here.
- Fourthly, Disabled parking violation/fine in Saudi Arabia: Click Here.
- Lastly, hackers attack again to get your personal data: Click Here.
Check out the most viewed articles
- Firstly, one riyal shop in Riyadh: Click Here.
- Secondly, 5 Riyals Mall in Riyadh: Click Here.
- Thirdly, Riyal al Barakah: Click Here.
- Lastly, 20 new changes in Saudi Arabia in 2020: Click Here.