Riyadh – Mubasher: The value added tax (VAT) will be imposed on all goods which will be sold by a person who is subject to the tax as of January 2018, General Authority of Zakat and Tax (GAZT) said on Wednesday.
GAZT denied that goods produced ahead of 1 January 2018 would not be subject to the tax.
The Kingdom will put VAT into effect by the beginning of 2018.
The VAT is composite tax which is applied on the differential between cost and selling prices of products, it is indirect, applied on production cost.
