New VAT rate comes into effect in Saudi Arabia – Saudi Gazette

New VAT rate comes into effect in Saudi Arabia – Saudi Gazette

Saudi Gazette reportRIYADH “” Saudi Arabia's decision to raise value-added tax (VAT) from 5 percent to 15 percent has come into effect starting from Wednesday (July 1).The new VAT rate will apply to all goods and services subject to it in commercial markets after the announcement of royal order on May 11 to amend Article (II) of the value-added tax regulation, which included raising the tax rate from 5 percent to 15 percent.The General Authority of Zakat and Tax (GAZT) calls on all taxpayers who are registered in the value-added tax to verify the readiness of their facilities, and learn about all transitional provisions related to raising the tax rate, by reviewing the guidelines for transitional provisions related to raising the value-added tax rate, as all taxpayers can access it through the following link: (https://bit.ly/3icij2i).The Authority urges people to check the elements of the tax invoice, which are: the store name, the date of purchase, the tax number, and the value-added tax cell, calling on them to cooperate with it and report any violating facility in the event that these elements are not available, through the website of the authority (gazt.gov.sa), and through the application (tax added) for smartphones.The GAZT