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Increase in VAT rate announced to address the Kingdom’s medium and long term fiscal position

  • SA
  • May 11th 2020
  • By Jeanine Daou

The Government of the Kingdom of Saudi Arabia (‘KSA’) has announced several measures to counter the financial and economic impact of COVID-19 on the government budget. Such measures include a reduction in capital expenditures, discontinuation of the cost of living allowance and an increase in the VAT rate to 15%. The announced increase in VAT rate would be applicable from July 1, 2020 onwards.The necessary legislative changes and details of the VAT rate increase have yet to be announced.

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