The reported figures on expected total revenues to generated from value-added tax (VAT) in Saudi Arabia are incorrect, Hamoud Al Harbi, director of the VAT project at General Authority for Zakat and Tax’s (GAZT), told Argaam.

 

“GAZT is an executive agency that implements rules and regulations, while policy makers are the ones who have the numbers,” he was quoted as saying.

 

Emirates News Agency (WAM) earlier quoted Al-Harbi as saying that the Kingdom expects to generate SAR 35 billion income from the VAT in 2018.

 

Saudi Arabia introduced the tax as of Jan. 1, 2018.

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