The Kingdom of Saudi Arabia is significantly increasing VAT

Expat Academy The Kingdom of Saudi Arabia is significantly increasing VAT

VAT (Value-Added Tax) will increase on July 1, 2020

The Kingdom of Saudi Arabia recently announced that effective July 1, 2020 the current 5% VAT (Value-Added Tax) rate on almost all goods and services bought and sold by businesses within the Kingdom will increase to 15%. There are no changes to the list of goods and services to which VAT applies.

With the Kingdom’s economy battered by the impacts of both COVID-19 and reduction in oil prices, It’s widely anticipated that businesses will pass on at least some of their increased costs to consumers within the Kingdom.

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