VAT News

Saudi Arabia-GCC VAT framework approved

On 30 January 2017, the Saudi Arabian government announced their approval of the GCC VAT framework, become the first council member to do so. This is an official announcement that VAT will be introduced to Saudi Arabia, most likely from 1 January 2018 (to be confirmed).

Once implemented, the rate of VAT is expected to be 5%, and there be a number of zero rated goods and services, together with a number of exemptions.

Under the framework, businesses with an annual revenue exceeding SAR375,000 will be required to register for VAT, and businesses with an annual revenue between SAR187,500 and SAR 375,000 will have the option to register.

Affected businesses should consider how this implementation will affect them. Contact us for a full impact assessment.

Related articles

Australia-Uber drivers must now charge GST

The Australian courts have confirmed that the services of Uber drivers match those of taxi and limousine services

Read more
Switzerland-registration reminder

The Swiss VAT law changed with effect from 1.1.17 concerning the VAT registration threshold

Read more
Taiwan-E-services VAT registration

Taiwan is the latest country to introduce new rules around sales of e-services

Read more