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Home » VAT in Saudi Arabia triples amidst low oil prices

VAT in Saudi Arabia triples amidst low oil prices

May 11, 2020 By VATCalculator

Value added tax (VAT) in Saudi Arabia is tripling to 15% as an effort to support its economy as the coronavirus has crumbled oil prices.

Riyadh will also put a halt to its cost of living allowance – about £250 per month for state employees – to support state finances.

A large portion of the kingdom’s income is from oil sales and the unprecedented pandemic has forced down oil prices, reducing its income dramatically.

VAT was first introduced two years ago to as part of a range of measures to help the kingdom wean itself off oil revenues.

VAT in Saudi Arabia will increase from 5%, as it is now, to 15% as of 1st July 2020.

Saudi Arabia VAT calculator

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