Saudi Shura Council passes Added Value Tax law

Saudi Arabia’s Shura Council, also known as the national Consultative Assembly, approved during its 45th ordinary session held today under the chairmanship of Vice-Speaker Dr. Mohammed bin Amin Al-Jeffry the added value tax draft.

The Council also underscored the necessity of activating the unified program for the citizen’s account before starting the application of the system, reported the Saudi state-owned news agency SPA. The Consultative Assembly is permitted to propose draft laws and forward them to the King, but only the King has the power to pass or enforce them.

On the other hand, Al-Shura Council called on the Ministry of Housing to expedite the delivery of housing products to citizens , emphasizing the removal of procedural obstacles from the option of providing direct loans through the activities of the Real Estate Development Fund, giving priority to lending to citizens and avoiding financing developers.