Saudi Arabia expects to raise SR 35 billion ($9.35 billion) in revenue from the implementation of value-added tax (VAT) in 2018, according to Hamoud Al-Harbi, VAT project manager at the kingdom’s General Authority of Zakat and Tax (GAZT).
Speaking to the Emirates News Agency (WAM), Al-Harbi noted that the revenues raised through VAT will be used by the Saudi government for infrastructure and development projects.
Additionally, he noted that the GAZT will take action against those who have still not registered for VAT, and is working with the ministry of commerce and investment to carry out inspections and identify irregularities in VAT’s implementation throughout the kingdom. More info
By Bernd Debusmann Jr arabianbusiness.com
