VAT is a tax on the consumption of goods and services borne by the final consumer. Based on the self-assessment mechanism, VAT is collected by businesses at each stage of the production and distribution chain, with a credit for VAT incurred on inputs.
Saudi Arabia is ranked 10th out of the G20 countries for ease of paying taxes, a notable achievement for a country with a GDP of over $650bn. With due care and commitment to compliance, businesses can enjoy the advantages of the Kingdom’s tax system.
Nestled between two seas and two continents, Saudi Arabia stretches over 2.1m sq km, an area as large as Western Europe. Its diverse landscapes offer a wide variety of scenery; while its rich history, culture and significance in the Muslim religion attract visitors from around the world, making it one of the most visited countries in the world...
Why is health care a financially profitable opportunity for the private sector in Saudi Arabia?
With the largest economy and population in the GCC, Saudi Arabia has long been a key destination for regional and international business leaders. The meetings, incentives, conferences and exhibitions (MICE) segment of the tourism industry has been a mainstay of many of the Kingdom’s hotels and hospitality services. Under the National...
The National Transformation Programme (NTP) outlined the goal of increasing direct employment in the tourism sector in Saudi Arabia, aiming to raise the number of jobs from 830,000 to 1.2m by 2020. This would mean the proportion of nationals working in the sector rising from 27.8% in 2016 to 29.6% in the next four years.
Stay updated on how some of the world’s most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues.
Register now and also receive a complimentary 2-month licence to the OBG Research Terminal.
Register Here×