GCC Countries to Apply a New VAT Rate
27-Sep-2017
RIYADH, ABU DHABI – A New VAT of 5% will be applied in Saudi Arabia and the United Arab Emirates as from January 1, 2018.
Accordingly, our invoices for all IP matters in Saudi Arabia and the United Arab Emirates that to be issued on or after the aforesaid date, will reflect the new VAT rate. In addition, all pending stages for the earlier instructed jobs which will be completed with issuance of related invoices on or after the above mentioned date shall be included with the tax.
We invite our clients to provide their filing, renewal and any other payment related instructions before December 31, 2017 to avoid, as much as possible, such additional fees of VAT on payments in 2018.
Meanwhile, the VAT Implementing Regulations in the remaining GCC countries namely; Bahrain, Kuwait, Oman, and Qatar are under issuance; and our clients will be notified of any further developments in due course.
For more information, please contact AGIP offices in Saudi Arabia at: ksa@agip.com and the United Arab Emirates at: uae@agip.com