Saudi to levy 15% VAT on goods imported via online platforms

SourceKhaleej Times
SectorEconomy
CountrySaudi Arabia

On May 11, Riyadh had announced increasing VAT three-fold from five per cent to 15 per cent with effect from Wednesday, July 1. Saudi Arabia on Sunday said it will levy 15 per cent value-added tax (VAT) on products bought through online platforms outside the kingdom. The Saudi customs authority said in a tweet that this new rule will be applicable to all those products shipped on or after July 1, 2020. On May 11, Riyadh had announced increasing VAT three-fold from five per cent to 15 per cent with effect from Wednesday, July 1. The kingdom would also suspend cost of living allowance from next month in order to shore up state finances, which have been battered by low oil prices and the coronavirus. The revised higher VAT rates...read more...

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