Value Added Tax (or VAT) is an indirect tax which is imposed on selected goods and services that are bought and sold by businesses.
VAT is used in more than 140 countries around the world as a reliable source of revenue for state budgets, supporting spending on important areas like Healthcare, Infrastructure, Education and Defense
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Reasons for Introduction of VAT in GCC VAT
Saudi Arabia's ambitious economic transformation strategy will be supported by the introduction of VAT, by helping to build an economy and state budget with a reduced dependency on oil and gas revenues.
In addition, the GCC Unified Agreement for Value Added Tax is part of efforts across the region to support the diversification of government revenues. The introduction of VAT will create a new source of stable and predictable revenue for governments which can then be used to finance important public services.
VAT Calculation Process
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