In the Next Two Years, Saudi Arabia Will Start Taxing It’s People

Saudi Value Added Tax (VAT): After huge expenses related to military activities coupled with a dip in the price of oil in the global market, Gulf Cooperation Council (GCC) made the decision to impose VAT.

In a decision to implement a radical shift in their policies, for the first time, 6 states in the Gulf decide to tax their citizens.

GCC is considered as a federation, albeit a loose one, that includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

According to the report in The Times, global investment funds which amounted to tens of billions in dollars have been withdrawn by Saudi Arabia in an effort to reduce its budget deficit.

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