PREVIOUS
✖
Saudi Arabia, UAE introduce VAT
January 1 , 2018
2391 days
967
0
- Saudi Arabia and the United Arab Emirates (UAE) have introduced the Value Added Tax (VAT) for the first time.
- It is a five per cent tax on most goods and services to boost revenue.
- Some outgoings were exempt from the tax or given a zero-tax rating, including medical treatment, financial services and public transport.
- The other members of the Gulf Cooperation Council - Bahrain, Kuwait, Oman and Qatar have also committed to introduce VAT.
- It is notable that none of the Gulf states levy any personal income tax.
Leave a Reply
Your Comment is awaiting moderation.