Saudi Looks To Pop Deficit With Fizzy Drinks Tax

Saudi Arabia is getting a jump on its fellow GCC states in introducing a ‘selective’ tax on several goods with effect from 10 June and will introduce value added tax (VAT) from 1 January 2018, the General Authority of Zakat and Tax announced on 27 May.

The selective tax will be levied by all GCC states according to a decision of the General Secretariat of the GCC, but Saudi Arabia is the first to set a firm date. It will target various items deemed to be harmful to health, including tobacco products and energy drinks, taxed at 100% of value, and fizzy drinks at 50% of value. The Zakat Authority will be responsible for collecting the selective tax and VAT to ensure that all taxpayers comply with the law. (CONTINUED - 597 WORDS)

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chart Saudi Reserves Fall To 6-Year Low Of $500bn At End-April. On Track For $428bn At End-2017 And To Run Out In 2021 At Current* Rate Of Drawdown (Sama Net Foreign Assets, $Bn End-Period)
chart Saudi Reserves Fall To 6-Year Low Of $500bn At End-April. On Track For $428bn At End-2017 And To Run Out In 2021 At Current* Rate Of Drawdown (Sama Net Foreign Assets, $Bn End-Period)