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A view of Riyadh, Saudi Arabia.

PHOTO BY ARCHIVE


No VAT cut planned this year, says Saudi Arabia

 

DUBAI – Saudi Arabia has no plans to cut the Value Added Tax (VAT) rate this year, the Saudi finance minister confirmed.

Saudi Finance Minister Mohammed Al Jadaan said that there will be no VAT cut anytime soon, and that any decision on the VAT rate will be reviewed after several years.

Last year, Saudi Arabia raised its VAT rate from 5 percent to 15 percent as part of measures to support the economy amid the Covid-19 pandemic.

Saudi Arabia has the highest VAT rate in the GCC. In the UAE, the VAT rate remains at 5 percent. ICA/Expat Media


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