KSA: VAT rate triples to 15% as from July 1, 2020

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

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%.

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Saudi Arabia – Temporary relief of some penalties

Further to the announced plan by the Saudi Cabinet, which has amounted to more than SAR 120 Billion in an effort to mitigate the implication of COVID-19 pandemic on the economic activities and private sector, the Ministry of Finance “MOF” has offered a temporary relief for some tax related penalties.

Find more information on the topic in the PDF below.