Saudi Arabia General Secretary of the the Committee of Information and Bank Awareness Talat Hafiz informed that there will be No VAT (Value added Tax) on ATM Cash Withdrawals.
Good News for Expatriates who were worried of ATM transacations, So VAT will not be chargd on ATM withdrawals.
Earlier there were many rumours on Social media and on fake websites that VAT will be charged if a customer of a particular bank withdraws money from an ATM of another bank.
This has been denied and there will be no VAT on ATM withdrawals of customers bank or any other bank.
All Financial transactions such as loans, lending Fees, Credit Card, deposit & Savings transactions will be exempted from VAT.