Tax

The transitional period for VAT increase across KSA

According to the decision issued by the Government of the Kingdom of Saudi Arabia Ministry of Finance on 11 May 2020 announced several measures, one of them was to increase the Value Added Tax (VAT) rate from 5% to 15% effective from 1 July 2020.

In this regard, General Authority of Zakat and Tax (GAZT) has issued Guidance on the transitional provisions that would need to be considered for supplies that are made during the transitional period.

We provide a summarised overview.

Contact our team to discuss this update further.