The Recovery Opportunity
The GCC (Gulf Cooperation Council) has introduced a VAT (Value Added Tax) system in the 6 Gulf countries: Bahrain, Kuwait, Oman, Saudi Arabia, Qatar and UAE. Saudi and UAE are the first to implement. Governments want to increase revenue by means of indirect tax.
Saudi Arabia’s Finance Minister announced on Monday 11 May that the country’s VAT rate would be increased from 5% to 15%. The government is seeking much-needed revenue to make up for the significant drop on oil prices as well as a coronavirus-driven economic downturn.
VAT IT now supports Domestic VAT recovery on local travel expenses in Saudi Arabia. Our product uses technology to process local business travel and entertainment invoices to ensure 100% compliance and increase input VAT recovery in your local return.
Download the free brochure to discover how VAT IT can assist your business with Domestic VAT recovery and compliance in Saudi Arabia.