Saudi Arabia Readies For Value-Added Tax
by Lorys Charalambous, Tax-News.com, Cyprus
26 July 2017
Saudi Arabia has released draft regulations for the introduction of value-added tax for consultation, following recent approval of the tax framework from lawmakers.
The passage of the framework by Saudi's unicameral legislature and the launch of the consultation on the regulations, released in Arabic, hint that Saudi Arabia will likely proceed on schedule with the introduction of GST alongside the other Gulf states from January 1, 2018.
The GCC is comprised of Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Qatar, and Oman. The value-added tax will be introduced simultaneously at a five percent rate.
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