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Saudi to levy 5% VAT on e-commerce transactions

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RIYADH: The Saudi authorities are planning to impose a new regulation concerning taxation on digital e-commerce transactions. The General Authority for Zakat and Tax (GAZT) announced plans to levy 5 per cent in Value Added Tax (VAT) on digital transactions with e-commerce shops. Saudi Arabia will become the first Gulf Cooperation Council (GCC) member state to implement to the 5 per ... Read More »

Saudi Arabia plans to maintain oil supplies in Jan at 6.9m bpd

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RIYADH: Saudi Arabia, the world’s top oil exporter, plans to maintain its crude oil shipments in January at 6.9 million barrels per day, an industry source familiar with the kingdom’s exports plans told Reuters. Oil demand is “robust and healthy” particularly in Asia, the source said. The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia agreed last month to extend ... Read More »

Saudi stock exchange progress, push monetary liquidity to rise


RIYADH:The balanced performance of Saudi stock exchange is expected to propel monetary liquidity for the aim of investment in listed firms during the coming period. The Saudi index closed Thursday’s trading at 7,085 points amid trading of monetary liquidity of SAR5.1 billion (USD1.36 billion), an enhanced liquidity compared to averages shown during the past three months. In a related matter, ... Read More »

No VAT on loans, ATM services, says Saudi tax authority


JEDDAH: The General Authority of Zakat and Tax (GAZT) on Wednesday confirmed that interest or lending fees charged with an implicit margin for finance will be exempt from value-added tax. The authority clarified that interest or lending fees charged on loans, credit cards, mortgages, finance leasing, hire purchase products and transformations are all exempted from the VAT. Officials of GAZT ... Read More »

Saudi property notes improvement after 5.4% Q3 decline

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RIYADH: Saudi Arabia’s property market was among the world’s poorest performers in the third quarter of this year, a study has reportedly revealed. Knight Frank’s Global House Price Index showed that Saudi Arabia was ranked 55th out of 56 markets analysed during Q3 2017.  Property prices in the kingdom dropped by 5.4% over the past year, even though “there are signs of an improving ... Read More »

Saudi Arabia explains invoicing rules for GCC VAT

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RIYADH: Saudi Arabia’s tax agency has released more guidance on the value-added tax, ahead of its introduction on January 1, 2018, focusing on invoicing obligations. The General Authority of Zakat and Tax (GAZT) said two types of invoices are outlined in the VAT Implementing Regulations, which is to govern the value-added tax regimes to be implemented in all Gulf Cooperation ... Read More »

Saudi Arabia and Russia reach compromise on oil pact: Kemp


RIYADH: Ministers from OPEC and their allies have agreed to extend their production pact all the way to the end of 2018 but with a review in June that will take into account market conditions and progress towards rebalancing. The outcome represents a successful compromise between de facto OPEC leader Saudi Arabia (which wanted to announce an extension throughout 2018) ... Read More »

Saudi to focus on industrial sector to boost growth


RIYADH: Saudi Arabia has launched a national industrial development and logistics programme for broader industrial sector growth, its minister of energy, industry and mineral resources said in Dubai on Tuesday. “We have already increased the capital for [the] Saudi industrial development fund from 40 to 65 billion Saudi riyals (Dh39.14 to Dh63.6 billion) and have set in motion… the creation ... Read More »

Saudi Arabia turns to public private partnerships for investment


RIYADH: Public Private Partnerships (PPPs) are increasingly being used to attract private investment into Saudi Arabia’s economy and particularly its real estate market, according to a new report from JLL and DLA Piper. The report – entitled ‘Public private partnerships: a new approach to financing real estate development in KSA’ – notes that a main driver of the current interest ... Read More »

Saudi VAT impact: Price hike ‘will push consumers to find ways to save money’


JEDDAH: The introduction of value-added tax (VAT) next year will directly impact the prices of commodities and services, analysts said. “The price increase will reduce the demand for goods, and this will have a negative effect on companies, most of which will likely take several measures to keep their business,” Khalid Al-Zaidi, a financial analyst, told Arab News. He hoped ... Read More »

Saudi Arabia to impose 5% VAT on fuel from January 1


RIYADH: The standard Value Added Tax (VAT) of five per cent will be applied to purchasing petrol, Saudi Arabia’s General Authority of Zakat and Tax (GAZT) has said. The confirmation was stated in a reply to an online question whether there would be a VAT rate for petrol. Last week, the authority said the local transport of passengers and goods ... Read More »

Saudi- Taif airport customs foils attempt to smuggle more than 3 kg of Heroin, Shabu


RIYADH: The Customs of Taif Airport has foiled an attempt to smuggle 3 kilograms and 300 grams of heroin and shabu found hidden with one of passengers coming to the Kingdom of Saudi Arabia through the airport. Director of the Customs Ahmed Al-Maliki said that the seizures were found in the smuggler’s bowels. Read More »

Saudi: Yemeni narcotics smuggler executed in Abha


  RIYADH: The Ministry of Interior said in a statement issued today that Hassan Mohammed Ali Hadi, a Yemeni national, was executed in Abha city in Asir Region today for smuggling a quantity of cannabis into the Kingdom of Saudi Arabia. The Ministry said that the General Court convicted the smuggler; the sentence was endorsed by Appeal and Supreme Courts, ... Read More »

Saudi businesses urged to register for VAT


  RIYADH: Saudi Arabia’s General Authority of Zakat and Tax (GAZT) has urged businesses with annual revenues over SR1 million ($266,300) to expedite their VAT registration process and ensure their readiness for its implementation. The Authority urged businesses to register through the official VAT website VAT.GOV.SA. More than 60,000 businesses have registered for VAT since the registration opening on August ... Read More »

Saudi Arabia to impose 5% VAT on fuel


    RIYADH: Saudi Arabia will apply the standard value added tax (VAT) of five per cent on fuel, the kingdom’s General Authority of Zakat and Tax (GAZT) has been quoted as saying. The confirmation was stated in a reply to an online question whether there would be a VAT rate for petrol, said a report in Gulf News. “The ... Read More »

Saudi Arabia decreased imports of Romanian barley by 49% yoy


  RIYADH: According to port data, over July-September 2017/18 Romania exported 781 KMT of barley to extra and non EU destinations, which was 20% lower than over the same period last season. Thus, over July-September 2017/18 Saudi Arabia returned the leading position in purchases of Romanian barley – 266.65 KMT (519 KMT over the same period last season). Though imports ... Read More »

Saudi Arabia to open Yemeni ports


  RIYADH: A Saudi envoy said on Monday afternoon in New York, that the Saudi-led military coalition fighting in Yemen will reopen some of the country’s ports and airports within hours, though a key aid port will not be opened until Riyadh succeed to curb weapons smuggling. The government-held ports in Aden, Mukala and Al-Mokha, as well as airports in ... Read More »

Saudi Arabia barley imports forecast lower in 2017-18


  RIYADH: Large carryover stocks from record high imports during the 2015-16 marketing year, coupled with an increase in consumption of processed livestock feed, have led to a projected decline in Saudi Arabia barley imports.Barley imports are now forecast at 7.8 million tonnes in 2017-18, down 13% from the official U.S. Department of Agriculture estimate of 9 million tonnes, according ... Read More »

Saudi KAEC inks project development agreements


  JEDDAH: Saudi-based King Abdullah Economic City said it has signed a series of agreements and partnerships with General Customs Authority and the Economic Cities Authority (ECA) to establish a deposit and re-export zone within the Jeddah facility and also build an auto racing circuit at Lagoona and Marina Dreams. KAEC is the largest privately-funded new city in the world ... Read More »

McDermott contract to help boost oil offshore Saudi Arabia


  RIYADH: Vague on specifics, a contract for oilfield services company McDermott International is tied to boosting oil production for offshore Saudi Arabia. McDermott in its release to the press said work would begin immediately for an unspecified Middle East customer for engineering, procurement, construction and installation services offshore in the Arabian Gulf. “This award signifies our long-standing position and ... Read More »