19.9 C
New York
Wednesday, August 17, 2022

Saudi Arabia to exempt medicines and medical equipment from VAT

Saudi Arabia to exempt medicines and medical equipment from VATSaudi Arabia to exempt medicines and medical equipment from VAT

RIYADH (Reuters) – Saudi Arabia will exempt certain medicines and types of medical equipment from the 5 percent value-added tax (VAT) it plans to impose in January, according to a statement carried by state news agency SPA on Saturday.

All other private health care services will be taxed at the standard rate, the statement said, citing directives issued by the General Authority of Zakat and Tax, the Ministry of Health and the General Authority for Food and Drug Affairs.

Saudi Arabia is imposing the VAT in coordination with other governments in the Gulf Cooperation Council as they seek new sources of revenue in a bid to close budget deficits caused by low oil prices.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,289FansLike
12,893FollowersFollow
748FollowersFollow
- Advertisement -

Latest Articles

Popular Articles