Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Wednesday 25 June 2025
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

the VAT

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

Themuslimchronicle, themuslimchronicleNo VAT on loans, ATM services, says Saudi tax authority288234/243
JEDDAH - Muslimchronicle
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 sharedRead more

Saudi businesses urged to get ready for VAT to begin in a month

Themuslimchronicle, themuslimchronicleSaudi businesses urged to get ready for VAT to begin in a month287314/85
RIYADH - Muslimchronicle
Businesses with annual revenues of more than SR1 million ($266,640) have been urged to hurry their value-added tax (VAT) registration process and ensure their readiness for its implementation in just 29 days, on Jan. 1, 2018. The General Authority for Zakat and Income Tax (GAZT) stressed the importance of visiting the VAT website vat.gov.sa, to check the procedures and requirements,Read more

Who should worry most about VAT in the UAE?

Themuslimchronicle, themuslimchronicleWho should worry most about VAT in the UAE?252449/83
Dubai - Arab Today
The GCC governments will face a combined fiscal deficit of about US$350 billion over the next five years, according to the IMF, which bases its estimate on an oil price of $56 per barrel. This means that unless a government finds non-oil revenue to plug its deficit, it will be forced to borrow. VAT is an important source of non-oilRead more

Questions over exemptions add to complexity of GCC-wide VAT

Themuslimchronicle, themuslimchronicleQuestions over exemptions add to complexity of GCC-wide VAT248442/83
Dubai - Arab Today
With less than a year to go before a GCC-wide value added tax (VAT) is levied, several uncertainties are creeping in over what type of items will be exempt ahead of its implementation. In the UAE, a federal tax authority has been created to deal with VAT, which will be 5 per cent, and which may also include excise taxesRead more

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