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Housing rents to be exempt from VAT in Saudi Arabia

Value Added Tax (VAT) will not be applicable to housing rents and government services in Saudi Arabia

Saudi Arabia will be the first GCC member state to implement the 5% VAT next year.
Saudi Arabia will be the first GCC member state to implement the 5% VAT next year.

Value Added Tax (VAT) will not be applicable to housing rents and government services in Saudi Arabia.

According to the official Value Added Tax (VAT) twitter account on Sunday, some of the governmental services exempt from VAT will include passport and driver’s licence renewals.

The VAT account has recently been established to raise GCC VAT awareness which will be implemented in January 2018.

 

A document released on 15 October said that the Saudi tax authority has opened a VAT registration portal where tax-payers are required to register by 20 December, 2017.

Some large companies, such as those already registered for other Saudi Arabian tax purposes, will be automatically registered for VAT by GAZT and notified by e-mail.

Saudi Arabia will be the first GCC member state to implement the 5% VAT from January of next year.

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Construction Week - Issue 751
Oct 13, 2019