What is VAT?
Value Added Tax (or VAT) is an indirect tax imposed on all goods and services that are bought and sold by businesses, with a few exceptions.
VAT of 5% will be charged at the applicable rate on the following Fees and Charges that are mentioned in the agreements effective from 1 January 2018.
The General Authority of Zakat and Tax (GAZT) is responsible for managing the implementation, administration and enforcement of VAT in Saudi Arabia. It does so in close coordination with other relevant entities.
For more information, please visit The General Authority of Zakat and Tax website: https://www.vat.gov.sa/en
For the new Banking Fees and Charges, click here