Saudi Shura Council approves VAT draft law

13/07/2017 Argaam

The Shura Council on Wednesday approved the draft Value Added Tax (VAT) law, which is expected to be implemented in the kingdom by January 1, 2018.

 

The Shura Council also recommended that the Citizens Account Program, which is a cash-transfer scheme to help low- and middle-income Saudis, should be applied before VAT is implemented. 

 

The VAT draft law are in line with with the uniform agreement signed by the Secretariat General of the Gulf Cooperation Council (GCC) to implement VAT. 

 

The kingdom began last month levying a 100 per cent tax on tobacco products and energy drinks and a 50 percent tax on carbonated soft drinks, data compiled by Argaam showed.

 

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