However, a new tax of 5 per cent – the Real Estate Transaction Tax – will be levied on property deals in place of the VAT
A consensus seems to be developing that tax regimes need to adopt a global approach to confront challenges posed by technological advances
The kingdom has hiked its VAT rate from 5 per cent to 15 per cent starting July 1
The UAE government levied a 5 per cent VAT on goods and services in January 2018
The steps taken to shore up revenue and rationalise spending are valued at about SAR100bn in total
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