The Saudi Press Agency has issued a release announcing that Saudi Arabia will increase its VAT rate from 5% to 15% with effect from 1 July 2020. The General Authority of Zakat and Tax (GAZT) has also issued a release (Arabic language) confirming the increase to 15%. The release notes that increase is being implemented to help Saudi Arabi overcome the impact of the COVID-19 crisis, which has resulted in a large drop in revenue.
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Riyadh, May 11, 2020, SPA -- The General Authority of Zakat…