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  • 13-12-21

    Saudi Arabia to reassess value-added tax rate when its financial rank recovers

    (MENAFN) According to Finance Minister Mohammed Al-Jadaan statement to a press conference in the capital after the approval of the fiscal budget for the upcoming year, the country is going to reassess its present value-added tax rate once the government’s financial rank gets better.

    When inquired about the matter of taxation and its effect on stockholders, the minister stated that the Zakat, Tax and Customs Authority implements the law and the rule comes from the government.

    He also mentioned, “if investors are unhappy with their taxation level, the system gives them the right to file a complaint or objection.”

    VAT increased in July last year, a month following the halting of the living allowance cost. The step was intended at support state finances, which were damaged by the twin effects of low crude prices and the coronavirus.

    MENAFN13122021000045013568ID1103349052

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