Posted by : Aahil Shaik Monday, October 16, 2017
SAUDI CLEARS NO 5% VAT ON HOUSING RENTS, GOVERNMENT SERVICES & EMPLOYEES SALARIES
As VAT (Value Added Tax) of 5% is about to effect in the Kingdom of Saudi Arabia from 1st January 2018, Things are becoming more clear now for the confused expats and citizens on which services is going to effect. Trending : No VAT on salaries of employees
Saudi authorities said in the last week that there will be no Value Added Tax (VAT) on employees salaries as it is effecting only on the goods and services and Import and Export of the products. Recommend : India introduces new Hajj policy
- Housing rents and government funded services are also exempted from 5% VAT cleared the in charge officials of the VAT portal in their official twitter account reported AlRiyadh local newspaper of Saudi Arabia.
- Saudi Arabia is in leading place in GCC countries to implement VAT tax first by 1st January 2018 then the other GCC states of United Arab Emirates, Kuwait, Bahrain, Qatar and Oman will follow it according to their own norms. Related : 100% tax on tobacco products and energy drinks
- The standard rate of VAT tax will be five percent for all goods excluding few items, The excluded products will have a VAT rate of 0%.