GAZT says no tax on non-network ATM cash withdrawals

Saudi Arabia’s General Authority for Zakat and Income Tax (GAZT) today denied that the upcoming 5 percent value-added tax (VAT) will be imposed on cash withdrawals using a non-network ATM card.

Earlier this month, the GAZT specified financial services that will be exempt from VAT, including several transactions and services such as interest on loans, lending fees charged with an implicit margin such as loans and credit cards, mortgages, financial leasing, transactions involving money and securities, as well as current, deposit and savings accounts.