Posted on: 09/02/2017
Early in February 2017 the Saudi Arabian government approved the introduction of VAT from 1 January 2018. The country is anxious to diversify itself from unreliable oil duty revenues, which have fallen sharply over the past three years. The likely standard rate will be 5%. VAT is being introduced in the five other Gulf Co-operation Council countries at the same time, ie Bahrain, Kuwait, Sultanate of Oman, Qatar and UAE - United Arab Emirates.
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