Saudi cabinet approves VAT, selective taxes

The Council of Ministers approved on Monday the unified agreement on Value Added Tax (VAT) and selective taxes in the Gulf Cooperation Council (GCC) states.

Saudi Arabia?s 2017 state budget recommended a 5 percent Value Added Tax (VAT) from 2018, without any change in the prices.

Other Gulf countries are also expected to implement VAT system by the beginning of next year.

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