iPhone | iPad
Android
Huawei
Match in Hyderabad coincides with festivals on the day, and large gatherings are expected around the city
KT APPDOWNLOAD
Saudi Arabia to levy 15% VAT on goods imported via online platforms
Dubai - On May 11, Riyadh had announced increasing VAT three-fold from five per cent to 15 per cent with effect from Wednesday, July 1.
The Saudi customs authority said in a tweet that this new rule will be applicable to all those products shipped on or after July 1, 2020.
On May 11, Riyadh had announced increasing VAT three-fold from five per cent to 15 per cent with effect from Wednesday, July 1. The kingdom would also suspend cost of living allowance from next month in order to shore up state finances, which have been battered by low oil prices and the coronavirus. The revised higher VAT rates will be applicable to all supplies of taxable goods and services in the country.
Saudi Arabia implemented five per cent VAT from January 2018 as part of wider GCC framework. The UAE, however, reiterated last month that it has no plans to hike VAT for now.
Anurag Chaturvedi, managing partner, Chartered House Tax Consultancy, explained that all imports on or after July 1 shall be subject to 15 per cent VAT.
"In case the online order placed before June 30, 2020 is delivered to the buyer after June 30, then 15 per cent VAT will apply on the selling transaction, whereas the seller should issue an additional tax invoice pertaining to the difference of the applicable tax due," said Chaturvedi.
He added that e-commerce companies should ensure to collect additional 10 per cent from the buyer if the products will be delivered to the buyer on or after July 1, 2020 because they have to pay 15 per cent VAT at the time of custom clearance of the goods.
waheedabbas@khaleejtimes.com
More news from
Several members of the Bahraini Defence Task Force were wounded while fulfilling their national duty, the statement said
Order is also accompanied by acquisition rights for 40 additional aircraft
In the face of staggering human and economic tolls, the global community cannot afford to turn a blind eye to the urgent crisis of AMR, particularly as its weight falls so cruelly on developing nations
This team will rely heavily on their two most experienced batters, David Warner and Steve Smith, for big totals
Dubai world congress for self-driving transport: Winners of $2.3 million challenge will be announced
The event, which will run for two days, has attracted about 2,000 participants from around the world
Company raises $290 million in share sale
