Category: Saudi Arabia

The Saudi Arabian crown prince has stated that the 1 July 2020 VAT rise from 5% to 15% may be reversed in the future. Saudi VAT trebling to 15% July 2020 The trebling of VAT was brought in to shore-up government revenues at the height

Saudi Arabia has increased its standard VAT rate from 5% to 15% from 1 July 2020. The aim is to sure up government revenues as the COVID-19 crisis has led to a fall in global oil prices and oil duties for the Arab Gulf state.