Category: Value Added Tax

Now VAT has been started in Kingdom of Saudi Arabia, United Arab Emirates and Bahrain to boost the non-oil income. Businesses are charging 5% VAT on their products and services but some products and services are exempted that includes public healthcare, exports, international transportation, residential rent etc. VAT implemented in…

VAT (Value Added Tax) is an indirect tax levied on all goods and services purchased and sold by companies, with some exceptions. VAT is applied in more than 160 countries worldwide as a reliable source of revenue for state budgets. VAT is levied at each stage of the supply chain…