Saudi Arabia approves VAT implementation
- Feb 1, 2017 | Richard Asquith
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.