Riyadh – Mubasher: Tax revenues of commodities that the selective tax was applied on them reached about SAR 8 billion, said Aleqtisadiah newspaper.
Selective tax revenues exceeded forecasts of the Saudi General Authority Of Zakat and Tax (GAZT), which had estimated receipts between SAR 5 billion and SAR 7 billion.
The value added tax (VAT) will be applied on the selective goods by 5% by the GAZT, starting from early 2018.
The number of companies, institutions, and retail outlets that the selective tax was applied on them reached 1,000, while importers and producers of these goods exceeded 150,000.
Saudi imports of tobacco and its derivatives decreased by 71% on the back of implementing the selective tax, said the Saudi Customs Authority.
On 11 June, the selective tax was applied on harmful goods with different ratios, of which 100% on tobacco and its derivatives, 100% onenergy drink beverages, and 50% on soft drinks.
