EconomySaudi Arabia

No plan to review VAT: Finance Minister

Saudi Arabia’s Finance Minister Mohammad Al-Jadaan said that there is no plan at present to reconsider the Kingdom’s value-added tax (VAT) policy in the short and medium term.

The Saudi government raised the VAT rate from 5% to 15% effective 1 July 2020 as part of the additional steps taken to mitigate the economic impact of the coronavirus crisis.

The minister said at a press conference at the end of the G20 Summit on Sunday that the Kingdom has presented initiatives worth more than SR 200 million to confront the repercussions of the pandemic.