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| Arabia |
| Saudi Arabia steps into a new era with VAT |
| 2018-01-01 |
| [ARABNEWS] It is hoped that the levying of a value-added tax (VAT) from Monday will power the Kingdom’s march toward progress and prosperity. The tax is imposed by Soddy Arabia ...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... and the UAE within the framework of a unified agreement endorsed by the member states of the Gulf Cooperation Council (GCC). "The imposition of VAT will help to raise tax revenues of the Saudi government to be utilized for infrastructure and developmental works," said Mohammed al-Khunaizi, a member of the Shoura Council, here on Sunday, while calling VAT "a major move that will contribute to address challenges and sustain growth." While referring to the compliance of Saudi businesses with VAT regulations, he pointed out that VAT or sales taxes are key revenue sources for more than 166 countries across the world today. Al-Khunaizi also called for "punitive measures" to be adopted strictly for those who have not registered so far, or who violate the laws. The Ministry of Commerce and Investment has announced that in cooperation with the General Authority for Zakat and Tax (GAZT), it will intensify inspection tours in markets and commercial firms across the Kingdom to track down irregularities before and during application of the VAT. |
| Posted by:Fred |
| #4 VAT on what, exactly? They export petroleum and import tourists -- both government enterprises. Is the government going to tax itself? |
| Posted by: magpie 2018-01-01 17:41 |
| #3 Here I thought The Sauds were modern enough to not have a VAT. |
| Posted by: swksvolFF 2018-01-01 14:25 |
| #2 VAT is the worst tax. |
| Posted by: Bright Pebbles 2018-01-01 09:30 |
| #1 Countdown to coup 5..4..3 |
| Posted by: g(r)omgoru 2018-01-01 02:32 |