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Sunday, May 28, 2017

Don't Be Surprised, Saudi Arabia To Impose Tax Starting June 10

Starting June 10, the Kingdom of Saudi Arabia will start imposing a selective tax on cigarettes, energy drinks, and carbonated drinks.  The introduction of taxes is to boost government revenues which have reduced as a result of falling oil prices.  Saudi Gazette reported that the Kingdom will be the first country in the Gulf Cooperation Council (GCC) to have a specific date of implementation.



Starting June 10, the Kingdom of Saudi Arabia will start imposing a selective tax on cigarettes, energy drinks, and carbonated drinks.

The introduction of taxes is to boost government revenues which have reduced as a result of falling oil prices.

Saudi Gazette reported that the Kingdom will be the first country in the Gulf Cooperation Council (GCC) to have a specific date of implementation.







The selective tax will impose 100 percent on cigarettes and energy drinks while 50 percent for the carbonated drinks.

Aside from the Selective Tax, the Kingdom will also implement Value-Added Tax (VAT) from January 1, 2017.





The Zakat Authority who is responsible for collecting VAT and ST will ensure that all taxpayers will comply with laws and no one evades taxes and whoever violates the regulation will be fined up to SR50,000.

Although the VAT will apply to most products, many food items, health, social services and education will all be exempt.

Since 2014 Saudi as the largest oil exporter in the world has suffered from a sharp decline in financial revenues due to oil slumps.

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