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FINANCIAL NEWS
All Saudi businesses with annual profits from SR375.000 covered by VAT
22 May 2017
(MENAFN) All private sector establishments that had annual profits of SR375.000 will be included in the VAT decision, while businesses with revenues of SR185.000 have the option to pay the tax.
Additionally, the system will overcome some wrong practices in the market and will reflect positively on the economy, while this tax fee comes as a deal between GCC states.
Moreover, GCC, especially KSA has been treated as a tax-free zone by investors over decades, while the adoption for the first time of any form of tax is a challenge for government.
Accordingly, Vision 2030 is showing the government’s keenness to work for the betterment of business community with transparent and performance oriented working environment.
MENAFN2205201700450000ID1095498388
MENAFN2205201700450000ID1095498388
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