Saudi Arabia will apply a value added tax (VAT) of 5 percent on gasoline starting Jan. 1 2018, the Kingdom’s General Authority of Zakat and Tax (GAZT) said on its official Twitter account, in response to a citizen’s inquiry.
The oil sector, oil derivatives, and local gas are subject to VAT, according to GAZT regulations.
Saudi Arabia and the United Arab Emirates will introduce a 5 percent VAT on Jan. 1 next year, as part of broader fiscal reforms across the region to reduce oil dependence and diversify sources of public revenue.
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Gasoline and Diesel Prices |
||
|
Commodity |
Before VAT (SAR) |
After VAT (SAR) |
|
Gasoline 95-octane |
0.90 |
0.945 |
|
Gasoline 91-octane |
0.75 |
0.788 |
|
Diesel |
0.45 |
0.473 |
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