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Saudi Arabia approves VAT implementation

  • VAT
  • 30 January 2017 | Richard Asquith

Saudi Arabia approves VAT implementation

The Saudi Arabian government has approved this week 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.

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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.