Saudi Arabia to increase its VAT rate to 15%
Saudi Arabia announced on Monday its value-added tax (vat) will be raised from 5 to 15 percentage points.
The decision to raise the consumption tax comes after the low oil demand and prices pressured state finances, with the COVID-19 pandemic also causing unplanned expenditure on the health sector, the country explained.
The increased tax is set to take effect starting July 1.
Get involved!
Comments