Saudi Arabia preparing price list for selective taxable goods

Saudi Arabia is preparing a standard reference price list for goods that will be subject to selective tax, Al-Riyadh newspaper has reported, citing Khalid Khurais, director of the selective tax unit of the General Authority of Zakat and Tax.

The prices are currently determined in accordance with the producers and importers of the goods and commodities. 

The Saudi cabinet agreed in February to implement the unified selective tax agreement that was previously approved by the six member states of the Gulf Cooperation Council (GCC).

A tax of 100 percent will be levied on tobacco and byproducts, as well as energy beverages, while a 50 percent tax will be applied to soft drinks, data compiled by Argaam showed.