Crown Prince says 15% VAT to remain 5 years maximum, rules out income tax scheme

28/04/2021 Argaam

Crown Prince Mohammed bin Salman

Crown Prince Mohammed bin Salman said that imposing a 15% value-added tax (VAT) is an interim decision. “I know it is a painful decision, but it aimed to avoid bitter decisions,” he explained.

 

VAT at 15% will remain in effect for a maximum period of five years, the Crown Prince said.

 

He added that the Kingdom is not planning to impose an individual income tax.

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