VAT News & Community
The International Monetary Fund (IMF) has suggested that the value-added tax (VAT) should be doubled from five per cent to 10 per cent in Saudi Arabia in consultation with the other Gulf countries. Analysts expect the hike in VAT rate will come only after 2021 once Kuwait and Oman will also be ready to implement […]
Saudi Arabian VAT refunds 2019- what you need to know! Categorised in : VAT Updates VAT Refunds in Saudi Arabia may be applied on a quarterly basis in a calendar year, with a final single annual claim by June 30th of the following year. The minimum claim amount for Saudi Arabian refunds is Riyals 1,000. Now, […]
In June 2019, the General Authority of Zakat and Tax (‘GAZT’) issued a guide explaining the VAT implications associated with the retail business as well as requirements for a business having multiple Commercial registrations, retail price printing requirements and input VAT deduction. At this time, the guide is only issued in Arabic and can be […]
Saudi Arabian VAT rates The standard VAT rate for Saudi Arabia is 5%, with a nil VAT rate for some goods. Saudi Arabia VAT rates Rate Type Which goods or services 5% Standard All other taxable goods and services 0% Zero Exports of goods or services outside the Council Territory backed by evidence of the […]
Saudi Arabia amends VAT regulations Executive summary On 18 July 2019, amendments to the Kingdom of Saudi Arabia (Saudi Arabia) Value Added Tax (VAT) Implementing Regulations (the Regulations) were published in the Official Gazette. The amendments are effective from the date of publication. Detailed discussion The amendments have both technical and administrative implications with respect to […]
19 Sep 2019 Manama, Sept. 19 (BNA): HM King Hamad bin Isa Al Khalifa issued Decree 72/2019 appointing Rana Ibrahim Faqeehi as Chief Executive of the National Bureau for Revenue, with the rank of ministry undersecretary. The decree will be implemented by the Minister of Finance and National Economy from its issuance date and will […]
