Minister of Finance in Saudi Arabia Mohammad Al-Jadaan has informed that there will be no change in VAT (Value Added Tax) in present situation in the kingdom. Residents are worried about 15% VAT and if there will be any change or decrease in VAT % in future.
Mohammad Al-Jadaan has clearly stated that there is no plan at present to reconsider VAT in short or medium term.
No Plan to Review or Change VAT in KSA (Saudi Arabia)
15% VAT was initiated from July 2020 in Saudi Arabia as a part of additional measures taken to offset the economic impact of the coronavirus crisis due to the decline in government revenues resulting from low oil prices, reduced economic activities and increased cost of healthcare services.
The G20, under the presidency of Saudi Arabia, has launched several initiatives that will help fight corruption in the economy.
“The group has framed a number of principles to review the foundations of global trade, and three meetings of G20 commerce ministers were held in the current year itself,” he added.