Saudi Arabia gives final approval to VAT

AFP, RIYADH: Saudi Arabia is ready to implement a region-wide value added tax, the cabinet said yesterday, giving final approval to the measure which will take effect next year.
Cabinet “decided to approve the Unified Agreement for Value Added Tax” to be implemented throughout the six-member Gulf Cooperation Council, the official Saudi Press Agency said.
“A Royal Decree has been prepared,” it said.
A five-percent levy will apply to certain goods following a GCC agreement last June.

Saudi Arabia gives final approval to VAT

AFP, RIYADH: Saudi Arabia is ready to implement a region-wide value added tax, the cabinet said yesterday, giving final approval to the measure which will take effect next year. Cabinet decided to approve the Unified Agreement for Value Added Tax to be implemented throughout the six-member Gulf Cooperation Council, the official Saudi Press Agency said. A Royal Decree has been prepared, it said. A five-percent levy will apply to certain goods following a GCC agreement last June.