LOC00:38
21:38 GMT
RIYADH, Dec 31 (KUNA) -- Saudi Arabia begins the implementation of value added tax (VAT) on Monday (tomorrow) by virtue of the GCC VAT agreement approved by member states in December 2015.
Saudi General Authority for Zakat and Income (GAZI) announced that the number of VAT-registered enterprises is about 90 thousand, according to local media.
Most of these facilities are ready to apply the VAT agreement, it said.
Coinciding with the entry of VAT into force, the Ministry of Commerce and Investment, in cooperation with GAZI, began regulatory campaigns at markets and commercial establishments in all provinces across the Kingdom.
Such campaigns aim at controlling irregularities and violations, and following up commodity and consumer prices.
GCC member states signed the Unified Selective Excise Tax and the Unified Value Added Tax (VAT) agreements with 5 percent tax on exported and imported commodities and services.
Each GCC country has the right to take local measures in order to put the agreement's provisions into force. (end)
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